Ahmet Bedirhan Arvas 
In this article, we will tell you how the crypto market will be affected by the developments that will occur in 2024.
Hong Kong Ready for ETF Approval
The Securities and Futures Commission of Hong Kong has issued a statement indicating its readiness to evaluate applications for funds involving virtual assets. In this context, applications, including exchange-traded funds based on the spot trading of virtual assets, will be accepted.
Additionally, the Commission supports funds to directly invest in virtual asset tokens permitted for retail trading on eligible exchanges in Hong Kong and allows virtual asset futures trading on traditional, regulated futures exchanges.
Binance Year-End Report Is Released
Binance has released its year-end report for 2023, announcing that it has gained over 40 million new users and recorded nearly a 30% annual growth. By the end of 2023, Binance has reached 170 million registered users, providing trading opportunities for 431 assets across 1,785 trading pairs.
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The P2P platform currently supports 970 payment methods and 112 fiat currencies, with a yearly 18% increase in trading volume. Approximately $213 million has been spent on compliance and security measures. Binance holds licenses, registrations, and authorizations in 18 jurisdictions globally.
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Tether CEO Plans to Introduce New Products in 2024
Tether CEO Paolo Ardoino has announced that Tether has reached a market value of $91 billion and added over $4 billion in reserves in 2023.
Additionally, Tether has invested in various projects in the Bitcoin mining sector, including Holpunch, Synonym, Northern Data, and Tether Energy. The company plans to introduce new products in 2024 while continuing to strengthen its existing services.
What Will Happen Next Week?
As the final hours of 2024 approach, the Bitcoin market is anticipating a busy agenda. Approval for spot Bitcoin ETFs from the SEC is expected in the first week. According to reports, the SEC is expected to announce its decision on spot Bitcoin ETFs on January 2-3. The SEC had requested a re-submission of spot Bitcoin ETF applications before December 29, 2023.
However, if the SEC does not announce a decision within the expected timeframe on January 2-3, it will be required to make a decision by January 10. This is because the final decision day for ARK Invest’s spot Bitcoin ETF is January 10, 2024.