The year 2024 has been a monumental one for the cryptocurrency industry, filled with dramatic shifts, major breakthroughs, and some shocking twists. Here’s a comprehensive roundup of the biggest crypto news that made headlines throughout the year.
Bitcoin ETF Approvals: A Milestone for the Industry
The year kicked off with a historic move for Bitcoin as the US Securities and Exchange Commission (SEC) granted approval for the first US-listed Bitcoin Exchange-Traded Funds (ETFs). This approval marked a pivotal moment for the world’s largest cryptocurrency, opening the doors to a broader range of investors who were previously hesitant to buy Bitcoin directly. In total, 11 Bitcoin ETFs were approved in the US, offering a simpler entry point into the crypto market for traditional investors. This development is expected to significantly influence the wider adoption of Bitcoin.
SBF Sentenced: The Fall of FTX’s Founder
In March, the crypto world was sent into a frenzy by the sentencing of Samuel Bankman-Fried (SBF), the disgraced founder of the cryptocurrency exchange FTX. Bankman-Fried received a 25-year prison sentence along with three years of supervised release and was ordered to pay $11 billion in forfeiture for his involvement in fraudulent schemes. The sentencing was a result of his conviction for misappropriating billions of dollars of customer funds. Despite his conviction, Bankman-Fried has appealed his 25-year sentence, leaving the legal saga far from over.
MicroStrategy’s Big Move: Nasdaq 100 Debut
Amidst the turbulence, MicroStrategy, the largest corporate holder of Bitcoin, made waves in the market by debuting on the Nasdaq 100 in 2024. This move solidified MicroStrategy’s profile as a major player in the world of Bitcoin, further blurring the lines between traditional finance and the crypto ecosystem. The company’s strategic involvement in cryptocurrency has set a precedent for other corporations considering similar investments.
Bitcoin Halving: Reduced Block Rewards
In April, Bitcoin’s third halving event of the year took place, reducing miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. This event had a significant impact on the network’s economic dynamics, although the drop in mining rewards was accompanied by a surprising decrease in average transaction fees. This halving event laid the foundation for a strong remainder of the year, with many anticipating a new price surge as a result of the reduced supply.
Ripple vs. SEC: Legal Battle Continues
One of the year’s most high-profile legal battles continued in 2024 with Ripple’s ongoing conflict with the SEC. In August, Ripple secured a major victory when the court ruled that it should only pay $125 million in fines, a far cry from the $2 billion originally sought by the SEC. However, the battle didn’t end there: in October, the SEC announced its intention to appeal the ruling, ensuring that the legal showdown between the two entities would continue into the next year. This ongoing legal saga has been closely watched by the entire crypto community.
Binance CEO Sentenced: Zhao’s Legal Troubles
In a surprising turn of events, Changpeng Zhao (CZ), the former CEO of Binance, was sentenced to four months in prison after pleading guilty to violating US money-laundering laws. Binance, the world’s largest cryptocurrency exchange, had faced increasing scrutiny throughout 2024, and this sentencing marked a significant move in the ongoing crackdown on crypto platforms that do not comply with regulations. This development underscores the importance of regulatory compliance for all crypto businesses.
WazirX Hack: $235 Million Stolen
In a major cybersecurity incident, Indian crypto exchange WazirX was hacked, resulting in the theft of $235 million worth of various cryptocurrencies. The breach led to the exchange freezing transactions and working with forensic experts and law enforcement agencies to trace the stolen funds. This hack served as a stark reminder of the risks associated with crypto trading and the importance of enhanced security measures to safeguard digital assets.
Trump’s Win Boosts Crypto Prices
The crypto market experienced a major surge following Donald Trump’s re-election as US President. His victory brought renewed optimism to the market, and cryptocurrencies saw sharp gains in the months that followed. The market was further influenced by the news that SEC Chairman Gary Gensler would step down, adding to the sense of regulatory change and potential relief for the crypto industry. This political shift has been seen as a positive development by many within the crypto sector.
Bitcoin Breaks $100,000: A New All-Time High
2024 concluded on a high note as Bitcoin achieved a new all-time high (ATH), surpassing the $100,000 price level for the first time. This was a much-awaited milestone, and with Trump’s takeover, Bitcoin is expected to soar even further. The achievement of this price point is a testament to Bitcoin’s resilience and growing acceptance as a mainstream financial asset.
