2024 not only saw rapid growth in the industry, but also laid a clearer direction for the future.
The year 2024 was marked by unprecedented growth, controversy, and milestones. From Bitcoin ’s historic highs to transformative regulatory changes and high-profile legal disputes, the cryptocurrency space continued to evolve at an incredible pace. This year is destined to go down in history. 2024 not only saw rapid growth in the industry, but also laid a clearer direction for the future. Here are the most iconic events of 2024 and their impact on the future of cryptocurrency.
US Bitcoin ETF: A long-awaited milestone
In January 2024, the U.S. Securities and Exchange Commission (SEC) approved the first Bitcoin exchange-traded fund (ETF), marking a significant moment for cryptocurrencies. Bitcoin ETFs offer investors a safe, regulated way to invest in Bitcoin without holding it directly. As asset managers include Bitcoin ETFs in their products, institutional participation has surged, attracting a wider group of investors. The approval was widely seen as a major step for cryptocurrency toward mainstream adoption, signaling the U.S. government’s growing recognition of digital assets.
The launch of Bitcoin ETFs has also spurred innovation in the financial sector, with a range of blockchain products designed to meet institutional needs. Analysts see this development as a sign of the markets maturation, with the integration of traditional finance and the crypto industry accelerating. These ETFs have also helped mitigate some of the risks associated with cryptocurrencies, such as custody and security issues, making Bitcoin more attractive to conservative investors.
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Samuel Bankman-Frieds sentencing: Justice served
In March 2024, former FTX CEO Sam Bankman-Fried, SBF, was sentenced to 25 years in prison for fraud, and his cryptocurrency exchange FTX collapsed. He was convicted of fraud and mismanagement, and the verdict sent a clear signal that the crypto industry values accountability. The trial exposed systemic failures at FTX, a huge cryptocurrency exchange , including the misuse of customer funds and a lack of internal controls.
The sentencing marks one of the most notorious scandals in the cryptocurrency space and serves as a warning to other industry players. This case not only exposes the risks of the crypto industry, but also makes the public aware of the seriousness of the lack of regulation and compliance in the industry. Sas fall has become an opportunity to promote industry reform, allowing more platforms to re-examine their management and operation methods to ensure that investors rights are no longer easily infringed.
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Hong Kong launches first Bitcoin ETF: Asian market’s strong rise
In April 2024, Hong Kong launched Asias first spot Bitcoin and Ethereum ETFs, cementing its position as a global cryptocurrency hub. These ETFs provide investors in the region with a regulated and secure way to invest in cryptocurrencies, boosting confidence in digital assets. Hong Kongs proactive approach to crypto regulation provides a blueprint for other regions seeking to integrate blockchain technology into financial markets.
By balancing innovation and regulation, Hong Kong has set an example for other countries, demonstrating how to promote industry development while protecting the interests of investors. This move not only consolidates Hong Kongs position as an international financial center, but also allows more institutions to recognize the potential of the Asian market. Analysts generally believe that Hong Kongs successful experience will have a profound impact on the global cryptocurrency regulatory model.
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Bitcoin: Fourth Halving
In April 2024, Bitcoin experienced its fourth halving. The miners reward was reduced from 6.25 bitcoins per block to 3.125, making Bitcoin mining more difficult than ever before and further slowing the growth of Bitcoin supply. Historical data shows that each halving will cause the market to have strong value expectations due to the reduction in supply, thereby driving the long-term rise in Bitcoin prices.
Although the market did not change dramatically immediately after the halving, institutional investors have shown strong interest and regard Bitcoin as a scarce asset that can hedge inflation risks. The halving event once again strengthened Bitcoins status as digital gold and laid the foundation for a possible bull market in the future.
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After the halving: opportunities and challenges amid volatility
After the halving, Bitcoin prices have fluctuated significantly, and the dramatic ups and downs have brought both opportunities and risks to traders. Some market participants believe that this volatility reflects healthy market activity, but others worry about the possibility of a speculative bubble. In any case, the market performance during this period once again proves that Bitcoin, as a unique asset class, has economic dynamics different from traditional commodities and securities. Bitcoin halving not only reaffirms the value of its scarcity, but also further consolidates its special position in the global financial system.
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Ethereum ETF is launched: injecting new vitality into the market
Following the successful launch of the Bitcoin ETF, the US SEC approved the Ethereum ETF in July 2024. This approval not only broadens the options for institutional investors, but also enhances Ethereums position as a leading blockchain technology platform. As the worlds second largest cryptocurrency, Ethereum has always been favored by investors due to its smart contracts and decentralized finance (DeFi) application scenarios.
The launch of the Ethereum ETF provides investors with a safer and more convenient way to invest, while also further expanding the markets recognition of blockchain technology. This move allows more people to see that Ethereum is not only a digital asset, but also a key force in promoting a new generation of decentralized Internet.
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Zhao Changpeng released: A new chapter is about to begin
In September 2024, Zhao Changpeng, founder of cryptocurrency exchange Binance, was released after serving a four-month prison sentence. He was imprisoned for anti-money laundering violations, an incident that led to a significant change in the direction of Binances operations. After his release from prison, Zhao made it clear that he would not return to Binance and planned to devote his energy to other projects.
Despite leaving Binance, Zhao Changpengs influence in the cryptocurrency industry cannot be underestimated. He revealed that he has received multiple offers to sell Binance shares, but has not yet made a decision. For the entire industry, his future moves will become a far-reaching point of interest and may also bring new breakthroughs to the market.
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Do Kwon extradition case: a transnational legal game
The extradition case of Terraform Labs co-founder Do Kwon has reached a stalemate in 2024. After the Montenegrin Constitutional Court suspended the extradition decision, the United States also filed an extradition request, entwining his fate in a more complicated legal dispute.
This case highlights the difficulty of international judicial cooperation in the field of cryptocurrency. As blockchain technology goes global, such cases also remind people that how to pursue justice in a decentralized world will be a challenge that the industry needs to face.
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Fed rate cut: Bitcoin is back in favor
In 2024, the Federal Reserve announced two interest rate cuts in September and November to stimulate the economy. This policy adjustment has reduced the attractiveness of traditional assets, and crypto assets such as Bitcoin have once again attracted attention due to their anti-inflation characteristics. As investors are looking for alternative investments, the price of Bitcoin has risen rapidly after the interest rate cut, showing strong market appeal.
This phenomenon once again proves Bitcoins status as digital gold and also shows the increasingly close connection between the crypto market and the macro economy. Institutional investors interest in crypto assets has also grown significantly during this period, injecting more confidence and vitality into the market.
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FTX and Binance’s legal dispute: The war escalates
In November 2024, the cryptocurrency exchange FTX filed a lawsuit against another cryptocurrency exchange Binance and its former CEO Zhao Changpeng, demanding $1.8 billion in damages. The case revolves around Binances sale of its 20% FTX stake in 2021 for $1.76 billion. FTX claims that the payment was made using customer funds and was mismanaged by FTX and Alameda Research. The lawsuit accuses Binance of irresponsibility, claiming that the transaction exacerbated FTXs financial problems.
FTX also accused Zhao Changpeng of exacerbating its liquidity crisis and leading to the exchanges closure with public comments made in November 2022. Binance denied the allegations, calling them baseless and vowing to fight them in court. The legal dispute is not only part of FTXs post-bankruptcy recovery efforts, but also has the industry rethinking the rules of competition between crypto companies.
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Coinbase Stock Breaks Through $300
In November 2024, the share price of the US cryptocurrency exchange Coinbase exceeded the $300 mark, an achievement that once again ignited the markets confidence in the cryptocurrency industry. As a leading company in the cryptocurrency field, Coinbase has successfully overcome multiple challenges and continues to expand its market influence.
This milestone underscores the growing recognition of cryptocurrency companies in traditional financial markets and the importance of building trust through transparent operations and strong governance, setting an example for other companies in the industry.
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Bitcoin hits record high: driven by the Trump effect
In November 2024, the price of Bitcoin soared to a record high of $93,450. This milestone made the entire cryptocurrency market boil and was widely known as the Trump Pump. This rise was mainly due to the markets optimistic expectations of Trumps policies after his re-election as president. Trump promised to vigorously promote blockchain technology innovation and reduce taxes for cryptocurrency companies. These promises inspired market confidence and directly pushed the price of Bitcoin to new heights.
Not only Bitcoin, but the entire cryptocurrency market has also been affected by the Trump effect, with the prices of popular altcoins such as Ethereum and Solana also rising sharply. This phenomenon once again confirms Bitcoin s core position in the cryptocurrency market, and also has an important driving effect on market sentiment and liquidity.
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Post-election rally: Bitcoin sprints toward $90,000
Bitcoin s rally did not end with the Trump effect, but gained momentum after the election. With the active participation of institutional investors, the price of Bitcoin quickly rushed to the $90,000 mark. Many hedge funds and asset management companies are optimistic about the stable regulatory environment that the Trump administration may bring, and have begun to include Bitcoin in their portfolios.
This post-election rebound also led to strong performance in the altcoin market, with Ethereum , Solana and Cardano recording significant gains. This round of market conditions not only demonstrates the market’s sensitivity to political stability, but also shows that clear regulatory policies can effectively enhance investor confidence and promote further development of the overall industry.
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Trumps media group considers acquiring cryptocurrency exchange Bakkt
Reports indicate that Trump Media Technology Group (TMTG) will enter the cryptocurrency exchange field or consider acquiring the cryptocurrency exchange Bakkt. Trump, who was re-elected as president, is deeply involved in the cryptocurrency field through his holding TMTG. The Financial Times revealed that TMTG, which operates Truth Social, is finalizing the acquisition of all shares of Bakkt, although the specific valuation details have not yet been disclosed.
Speculation surrounding Trump’s support for digital assets has fueled market optimism as the price of Bitcoin surged to unprecedented levels, currently approaching $100,000. Reflecting the market’s enthusiasm, shares of Bakkt, which is backed by the Intercontinental Exchange, surged as the news broke. Not only is the move in line with Trump’s public support for cryptocurrencies ahead of his reelection campaign, it also signals a strategic consolidation of his presence in the cryptocurrency industry. Against the backdrop of these developments, the broader cryptocurrency market has experienced significant growth, including Ethereum and decentralized finance tokens, highlighting widespread excitement and the potential presented by Trump’s heightened focus on the digital asset space.
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Bitcoin breaks through $100,000: opportunities and challenges coexist
Bitcoin price has reached the target of breaking through $100,000 on December 5, and this momentum is mainly due to strong institutional support and expectations of a friendly regulatory environment in the United States. The increase in holdings by heavyweight institutions such as MicroStrategy has further ignited market confidence. Experts predict that if Bitcoins market share drops below 58%, it may usher in the altcoin season and drive the overall rise of the entire cryptocurrency market.
However, the market boom is also accompanied by potential risks. Analysts warn that Bitcoin may experience a top explosion phenomenon - a sharp correction after a rapid surge in prices. In addition, the Federal Reserves cautious attitude on interest rate cuts has also poured some cold water on the market, and investors have shown a more cautious attitude towards potential growth slowdowns. Although Bitcoin has broken through the $100,000 target, the road ahead is still full of uncertainty, and volatility risks cannot be ignored.
Summary: A year of change
The cryptocurrency industry has undergone tremendous changes in 2024. From Bitcoins all-time high, to major breakthroughs in ETFs, to high-profile legal cases, these events have not only reshaped the market landscape, but also pointed the way forward for future development.
Looking ahead to 2025, with the advancement of technology, the in-depth participation of institutional investment, and the gradual improvement of the regulatory environment, the cryptocurrency industry is expected to usher in a new cycle of prosperity. The key events in 2024 provide important references for the long-term development of the crypto industry and also provide new imagination space for the future of the global financial system.
