There is one day left until 2025. Looking back at 2024, many major events occurred, so let’s take a look together!
🔶Regulatory Dynamics
🔸US policy shift: After Donald Trump was elected president, he publicly stated the need to create a friendly regulatory environment for cryptocurrencies and nominated people like David Sacks to promote the development of the crypto industry, leading to a significant increase in Bitcoin prices.
🔸Hong Kong regulatory advancements: By the end of November 2024, ZhongAn Bank became the first bank in Asia to offer cryptocurrency trading services to retail users; on December 6, the Hong Kong SAR government published a draft bill for stablecoins. Additionally, the Hong Kong Securities and Futures Commission expedited the licensing of virtual asset trading platforms, and the Hong Kong Stock Exchange launched a virtual asset index series.
🔶Market Performance
🔸Bitcoin price hits a new high: On December 17, 2024, the price of Bitcoin reached $107,000, setting a new historical high, with a substantial increase of 28.2% from November 5 to December 12.
🔸Bitcoin and Ethereum ETFs approved: On January 10, the US Securities and Exchange Commission first approved a Bitcoin spot ETF; on July 22, it approved an Ethereum spot ETF, which boosted the development of the cryptocurrency market.
🔸Liquidation events: On November 12, Bitcoin prices fluctuated sharply, with a total of 250,000 liquidations in the cryptocurrency market within 24 hours, amounting to a total liquidation value of $838 million.
🔶Security Issues
🔸According to a Chainalysis report, funds stolen from cryptocurrency platforms due to hacking surged by 21% in 2024 compared to 2023, reaching $2.2 billion, of which 43.8% of the stolen cryptocurrency was due to private key leaks. Major hacking incidents occurred at exchanges such as Japan's DMM Bitcoin and India's Wazir X.
🔶Industry Development
🔸Mentougou repayment implementation: In 2024, the repayment plan of the Mentougou Bitcoin exchange entered the implementation stage, and the first batch of victims has gradually received partial compensation.
🔸CZ and SBF sentenced: Binance founder Zhao Changpeng was sentenced to 3 months in prison for failing to fulfill anti-money laundering and compliance obligations; FTX's former CEO Sam Bankman-Fried was sentenced to 20 years in prison for misappropriating customer funds.
🔸MicroStrategy is included in the NASDAQ 100 Index: MicroStrategy has been included in the NASDAQ 100 Index due to its large holdings of Bitcoin. As of December 22, it holds 444,262 Bitcoins, valued at approximately $27.7 billion.
🔸Ethereum completes Cancun upgrade: Ethereum successfully implemented the Cancun upgrade, introducing the EIP-4844 proposal, which reduced the costs of Rollup solutions and enhanced scalability and user experience.
This may just be part of the major events happening in 2024, and there are many more that will not be listed one by one! We are about to say goodbye to 2024 and welcome 2025! Hope that the market in 2025 advances steadily!
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