Top Ten Important and Memorable Events in the Cryptocurrency Circle in 2024
The year 2024 is a significant turning point for the cryptocurrency industry, with major breakthroughs in regulation and market performance. The most exciting part is that Bitcoin has successfully broken through the 100,000 dollar mark, rising over 150% from the year's low of 40,000 dollars, drawing mainstream media attention back to the cryptocurrency market.
Foreign media (Cointelegraph), (CoinPost) recently compiled multiple important and memorable events in the cryptocurrency circle in 2024, (Crypto City) has summarized and organized the top 10 events in the crypto circle, let’s review this exciting year together!
Event One: Bitcoin and Ethereum ETFs Approved in the United States
On January 11, 2024, the SEC approved the first 11 applications for Bitcoin spot ETFs, including BlackRock. This breakthrough development allows investors to participate in investments through the traditional stock market without having to purchase Bitcoin directly.
However, a small incident occurred before the official approval when the SEC's official X (formerly Twitter) account was hacked, posting false news claiming that Bitcoin ETF had been approved, causing Bitcoin to briefly surge over 1,000 dollars, which was later confirmed to be the work of a 25-year-old man.
Additionally, the SEC further approved 6 Ethereum spot ETFs on July 23, making it the second cryptocurrency spot ETF approved in the United States, providing a new channel for traditional funds to enter the crypto space.
Event Review:
Milestone in the Crypto Circle! Bitcoin spot ETF has been passed; what will happen next?
Passed and created a milestone! Ethereum spot ETF approved by the SEC.
Event Two: Bitcoin's Fourth Halving
Bitcoin completed its fourth halving on April 20, 2024, reducing the block reward from 6.25 Bitcoins to 3.125 Bitcoins. This significant event, which occurs approximately every four years, mainly controls Bitcoin's inflation rate by reducing the speed of new coin issuance.
Since the '100-day countdown to halving' starting on January 13, Bitcoin has accumulated a rise of about 50%, but then faced a deep correction.
Event Review:
What is Bitcoin halving? What is the time cycle? Understanding the impact of Bitcoin halving at a glance.
Event Three: Trump Supports the Crypto Circle, Bitcoin Hits 100,000
Donald Trump, who has criticized Bitcoin multiple times in the past, publicly expressed support for the cryptocurrency industry for the first time during a campaign rally in May 2024. Regarding regulatory concerns from industry players, Trump promised to create a friendly environment, turning this still niche industry into a political talking point.
On November 5, the day of the U.S. election, Trump was successfully elected, and when the news of the vote counting was announced, it boosted the overall cryptocurrency market.
This surge lasted until early December, when Bitcoin first broke above 100,000 dollars, rising 2.36 times since the beginning of the year. Trump even posted on social media congratulating investors, hinting that this was related to his election.
Further Reading:
Crypto funds made a killing with 76%! Trump's election led to a major influx of institutional investment, sparking a digital asset frenzy.
Event Four: Binance Founder Returns from Imprisonment
Binance founder Zhao Changpeng (CZ) was previously sentenced to 4 months in prison for violating U.S. anti-money laundering laws. After being released on September 27, he immediately posted 'gm' (good morning) on X platform and later stated that he would take a break before planning his next steps, which include running a blockchain education project called Giggle Academy.
Further Reading:
Zhao Changpeng CZ speaks out after release! Promises long-term investment in 4 major sectors, and is preparing to write a book?
Event Five: Celebrity Coin Scandals Exposed
The blockchain analysis platform Bubblemaps has risen this year, specializing in exposing suspicious trades involving celebrity tokens. They have revealed multiple instances of insider pump and dump behaviors during token launches through on-chain data analysis, earning profits of up to millions of dollars.
These investigations led to a significant drop in the prices of several celebrity tokens, with some celebrities facing legal lawsuits.
Further Reading:
2024 Cryptocurrency Year-End Horror Story Collection! A summary of 69 ridiculous events, a review of celebrity coin fraud.
Event Six: German Authorities Massively Sold Bitcoin
The German Federal Criminal Police Office (BKA) began processing 50,000 Bitcoins on June 19, yielding a profit of 2.88 billion dollars.
Blockchain analysis platform Arkham data showed that when the BKA sold a large amount of Bitcoin through exchanges like Coinbase and Kraken, it temporarily caused Bitcoin to drop from 66,400 dollars to below 65,000 dollars.
While selling coins in Germany, the well-known bankrupt exchange Mt. Gox also started the compensation process in July. Although it did not directly cause a price drop, it still created panic in the cryptocurrency market.
Event Review:
This is a big loss! Germany's hasty sale of Bitcoin missed out on a profit of 1.3 billion dollars, and the U.S. also missed out on 16 billion dollars.
Event Seven: AI Robot Sparks New Wave of Token Craze
The AI robot 'Truth Terminal' recommended Goatseus Maximus ($GOAT) token in a post in October, and its market cap soared to 15 million dollars in just 4 days.
By mid-November, $GOAT reached a market cap of 1.3 billion dollars, but has since fallen back to around 442 million dollars.
Further Reading:
Looking to catch the next hundredfold coin? AI proxy coin narratives are hot, here are 6 tips to help you layout ahead of time.
Event Eight: GameStop Short-Squeeze Legend Returns
Keith Gill (online name Roaring Kitty), a key figure in the 2021 GameStop short-squeeze event, suddenly returned to X platform in May this year.
His mysterious post immediately triggered a market reaction, with GameStop shares surging 44% in pre-market trading and skyrocketing 110% after opening; related meme coins also rose sharply, with GameStop meme coin increasing over 550% and AMC meme coin soaring 1,200%.
Event Review:
The GameStop short-squeeze driver is back! 'These 3 meme coins' have surged over 1000%.
Event Nine: Significant Progress in Ripple Lawsuit
According to reports from (CoinPost), the lawsuit between Ripple and the SEC finally reached a verdict in August, with a federal district court imposing a fine of 125 million dollars on Ripple, far less than the SEC's original demand of 2 billion dollars, but the SEC filed an appeal in October.
However, due to rumors of Trump's impending inauguration and the current SEC chair's departure, external expectations are that Ripple's compliance progress in the U.S. may become smoother, which has also become a major benefit for Ripple ($XRP) this year.
Event Review:
XRP Plummets 11%! SEC Appeals Again in the Ripple Case, but the Enforcement Director Suddenly Resigns?
Event Ten: Trend of Companies Adopting Bitcoin Intensifies
After MicroStrategy set a precedent by adopting a Bitcoin reserve strategy, more and more companies began to consider holding Bitcoin as a hedge against inflation and currency devaluation. This trend has also spread to other countries, with the Japanese listed company MetaPlanet drawing attention.
Event Review:
The more Bitcoin falls, the more it buys? Japanese MicroStrategy increased its investment by 250 million yen; Nasdaq-listed companies are also FOMO-ing!
Looking ahead to 2025, (CoinPost) pointed out that with the U.S. approving cryptocurrency ETFs, Bitcoin halving, the Federal Reserve beginning to cut interest rates, and Trump's victory among other favorable factors, the market is generally optimistic about the performance of the cryptocurrency market in 2025. However, it is also important to pay attention to the uncertainties regarding the actual implementation of Trump's administration's cryptocurrency policies.
'2024 Cryptocurrency Circle is Exciting! A Summary of 10 Memorable Crypto Events as We Head Toward 2025' was first published on 'Crypto City'.
