The year 2024 has proven to be a transformative period for the cryptocurrency sector, marked by significant achievements, unexpected challenges, and a series of noteworthy events. From regulatory advancements to thrilling market milestones, let’s delve into the most impactful crypto news stories that captivated global attention throughout the year.
Bitcoin ETF Approvals: A Milestone for the Industry
2024 began with a groundbreaking moment for Bitcoin as the US Securities and Exchange Commission (SEC) sanctioned the first US-listed Bitcoin Exchange-Traded Funds (ETFs). This monumental approval represented a crucial step forward for the leading cryptocurrency, facilitating access for a wider range of investors who had previously been wary of purchasing Bitcoin directly. In total, 11 Bitcoin ETFs received the green light in the United States, providing traditional investors with a more straightforward entry point into the crypto market. This development not only broadened the investor base but also signaled growing acceptance of cryptocurrencies within mainstream financial systems.
SBF Sentenced: The Fall of FTX’s Founder
In March, the cryptocurrency community was taken aback by the sentencing of Samuel Bankman-Fried (SBF), the once-prominent founder of the FTX exchange. Convicted for his role in fraudulent activities involving billions of dollars of customer funds, Bankman-Fried faced a 25-year prison sentence, followed by three years of supervised release, and an $11 billion forfeiture order. Despite his conviction, Bankman-Fried has filed an appeal against his sentence, ensuring that this legal drama will persist, keeping the crypto world on edge as it unfolds.
MicroStrategy’s Big Move: Nasdaq 100 Debut
Amidst the year’s challenges, MicroStrategy, renowned as the largest corporate holder of Bitcoin, made headlines with its debut on the Nasdaq 100 in 2024. This milestone underscored MicroStrategy’s status as a formidable force in the Bitcoin landscape, further blurring the boundaries between conventional financial markets and the evolving cryptocurrency ecosystem. The company’s prominent position on the Nasdaq 100 not only elevated its market profile but also highlighted the increasing integration of digital assets into the broader financial landscape.
Bitcoin Halving: Reduced Block Rewards
April witnessed Bitcoin’s third halving event of the year, a significant occurrence that slashed miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. This reduction had profound implications for the network’s economic dynamics. Interestingly, the decrease in mining rewards coincided with a surprising drop in average transaction fees, offering a glimpse into the intricate balance between supply and demand within the Bitcoin network. The halving event also set the stage for an anticipated price surge, fueling optimism for the remainder of the year.
Ripple vs. SEC: Legal Battle Continues
Among the year’s most high-profile legal confrontations, Ripple’s ongoing battle with the SEC persisted into 2024. In August, Ripple achieved a significant legal victory as the court ruled that it should pay only $125 million in fines, a stark contrast to the initial $2 billion sought by the SEC. However, this triumph was short-lived, as the SEC announced its intention to appeal the decision in October, ensuring that the legal standoff between Ripple and the regulatory body would extend into the coming year. The outcome of this case is eagerly anticipated by industry observers, given its potential implications for the broader cryptocurrency regulatory landscape.
Binance CEO Sentenced: Zhao’s Legal Troubles
In a twist that shook the industry, Changpeng Zhao (CZ), the former CEO of Binance, was sentenced to four months in prison after admitting to violating US money-laundering laws. Throughout 2024, Binance faced increasing scrutiny from regulatory authorities, culminating in this significant development. CZ’s sentencing marked a pivotal moment in the ongoing efforts to enforce compliance among cryptocurrency exchanges, underscoring the heightened regulatory focus on ensuring adherence to established financial regulations.
WazirX Hack: $235 Million Stolen
In a major cybersecurity breach, Indian cryptocurrency exchange WazirX fell victim to a hack that resulted in the theft of $235 million worth of cryptocurrencies. The incident prompted the exchange to suspend transactions and collaborate with forensic experts and law enforcement agencies to track the stolen assets. This breach served as a stark reminder of the inherent security risks associated with cryptocurrency trading and emphasized the critical need for robust security measures to safeguard digital assets.
Trump’s Win Boosts Crypto Prices
The cryptocurrency market experienced a remarkable surge following Donald Trump’s re-election as US President. His victory instilled renewed optimism in the market, triggering sharp gains in cryptocurrency prices in the ensuing months. The market’s buoyancy was further amplified by the announcement of SEC Chairman Gary Gensler’s resignation, signaling potential regulatory shifts that could provide relief for the crypto industry. This confluence of political and regulatory changes contributed to a vibrant and dynamic market environment.
Bitcoin Breaks $100,000: A New All-Time High
As 2024 drew to a close, Bitcoin achieved a new all-time high, surpassing the $100,000 mark for the first time. This milestone was eagerly anticipated by investors and enthusiasts alike, symbolizing the growing acceptance and integration of Bitcoin into the financial mainstream. With Trump’s re-election providing a backdrop of optimism, Bitcoin’s trajectory is expected to continue its ascent, capturing the attention of both seasoned investors and newcomers to the cryptocurrency space.
