Is Crypto on the Cusp of a Bull or Bear Market? Using Consensus 2024 as a Barometer

As a seasoned crypto investor, I want to share my perspective on an intriguing topic that caught my attention in today’s news. Keep in mind that the opinions expressed below are mine alone and do not represent those of CoinDesk or its affiliates. I invite you to join me in exploring this fascinating world of digital currencies through the lens of The Node, a daily compilation of essential crypto news.

After the introduction of bitcoin exchange-traded funds this year, its price has not only matched but also exceeded its previous all-time high reached during the 2021 bull market’s peak. However, for an extended period, bitcoin has shown little movement, merely oscillating between gains and losses.

In general, there have been numerous encouraging advancements for cryptocurrencies over the past few months. The European Union, having passed MiCA last year, is now witnessing progress in its home crypto market. Additionally, other significant centers such as Hong Kong, the United Arab Emirates, and various Caribbean nations are also making strides with relevant legislation.

It appears that regulatory obstacles in the U.S. are gradually easing, allowing for potential progress. Last week, the House approved the Financial Innovation and Technology for the 21st Century Act (FIT21), which represents the farthest a crypto-centric bill has advanced legislatively to date. Additionally, the Securities and Exchange Commission (SEC) reversed its stance on Ether Exchange Traded Funds (ETFs).

The signs point to a potential explosive growth in the crypto market, but its ultimate direction remains uncertain at this time.

As a crypto investor, I’d describe my current outlook as cautiously optimistic. The Ethereum ETF approval marks a significant shift, but it alone won’t be enough to reignite the market.

As a researcher, I made an observation about the rate at which the coffee was absorbed, but I need more time to gather additional data before I can provide a definitive answer. In two days, I will have a more accurate assessment based on further analysis of this indicator.

Roberts’ coworker Steve Horvath similarly expressed this perspective, teasingly suggesting that the Consensus 2024 event could serve as an indicator of market opinion.

“Based on the crowd – no bear, no bull,” Horvath said.

As Micha Benoliel, co-founder and CEO of Nodle, I’ve observed a more hopeful outlook regarding recent regulatory developments. Previously, the heavy-handed approach of the Securities and Exchange Commission (SEC) towards crypto oversight has pushed several firms overseas and posed significant challenges for conducting business domestically. However, with these shifts, there is a growing expectation that the regulatory landscape may become more conducive to domestic operations in the crypto industry.

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If everything proceeds smoothly, Benoliel remarked, this development could potentially initiate a new bull market for cryptocurrencies given the U.S.’s position as the leading crypto market globally.

As the founder and CEO of the Association for Women in Crypto and a seasoned former Department of Justice prosecutor, I have had the opportunity to observe the crypto industry up close at various conferences. This year, I’m encouraged by what I’ve seen – signs of maturity abound.

“This year’s Consensus was a stark contrast to the previous one, according to Wick. The level of maturity was palpable in the discussions, the presentations, the sponsors, and the deliberate efforts to involve underrepresented groups, such as LGBTQ+ advocates at Web Q. Outreach initiatives were a significant addition this year. Wick believes that the industry’s longevity hinges on maturation and higher ethical standards. Consensus 2023 seemed to be a step in the right direction towards achieving these goals.”

It’s unclear if cryptocurrencies are on the brink of another bull or bear market, but let’s hope they have managed to learn from past mistakes to prevent a repeat of previous market downturns.