Interview: Bitget’s Gracy Chen on 2024 Crypto Market Trends and Potential Supercycle
As we bid adieu to 2023, the crypto industry stands at a pivotal juncture, having witnessed a myriad of events that have reshaped the landscape. In an exclusive conversation with Gracy Chen, the Managing Director of Bitget, we explore the highs and lows of the crypto industry in the past year, discuss the regulatory developments, and get a glimpse into the company’s strategies for the future.
Gracy Chen began by highlighting five pivotal events that defined the crypto industry in 2023. The bankruptcy of traditional banks such as Silicon Valley Bank and Signature Bank in March exposed the need for a more decentralized financial system.
The second milestone for the industry came when Ethereum’s consensus mechanism moved to Proof of Stake (PoS), driving the LSDFi TVL from $6B to $22B. The fourth major event was the BTC spot ETF applications in the United States from major asset managers like BlackRock and Grayscale, which could eventually bring in massive amounts of funds into Bitcoin, driving the industry forward, Chen noted.
The settlements of major lawsuits, including Binance paying a massive fine of $4.3 billion, SBF being found guilty of fraud and several other charges, Ripple winning an important battle against the SEC after it was sued for offering unregistered security in the form of XRP were among turning points for the industry, Chen noted. These settlements will help the industry move forward in terms of regulations and compliance, she added.
The last major event Chen talked about the surge in the Bitcoin ecosystem this year which will have long term opportunities for the industry.
These events, as Chen pointed out, underscore the growing demand for decentralized financial systems and mark critical points in the
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