U.S. Bitcoin spot ETF approved—'institutional bull' begins (January 11).
After a decade-long game of cat and mouse with U.S. regulators, the SEC finally approved several Bitcoin spot ETFs launched by traditional financial institutions, including BlackRock, Fidelity, and Invesco.
This historic decision marks the formal entry of institutional investors into the crypto market, injecting strong liquidity into the market and initiating a new round of bull market in the crypto industry.
Bitcoin plummeted after hitting a new high—$1.2 billion evaporated (March 5).
On March 5, 2024, Bitcoin broke the historical high of $69,000, but then experienced a sharp correction, with the price quickly falling back to around $60,000.
This wave of price fluctuations resulted in over 310,000 traders being liquidated, with total losses reaching $1.2 billion. The rapid rebound and sharp drop in the market highlighted the high volatility and investment risks of the crypto market.
Ethereum completed its upgrade—Layer 2 entered a cost-reduction era (March 13).
On March 13, 2024, Ethereum officially completed the Cancun upgrade (Cancun-Deneb), the largest technical update since Ethereum's 'merger'. This upgrade primarily optimized Layer 2 scalability solutions, reduced transaction fees, and enhanced the processing capacity of the Ethereum network, making the Ethereum platform more suitable for large-scale applications.
This upgrade will help Ethereum continue to maintain its leading position in the blockchain industry.
Bitcoin completed its fourth halving—but its influence has changed (April 20).
On April 20, 2024, Bitcoin completed its fourth halving in history, reducing the block reward from 6.25 BTC to 3.125 BTC.
Typically, Bitcoin halvings trigger the arrival of a bull market, but due to the maturity and complexity of the crypto market, as well as the launch of Bitcoin ETFs, the impact of this halving seems relatively 'quiet' compared to previous halving events, yet it still acted as a catalyst for the market.
Hong Kong's virtual asset ETF approved—a significant step for the Asian crypto market (April 24).
The Hong Kong Securities and Futures Commission approved Bitcoin and Ethereum spot ETFs launched by fund companies such as Huaxia Fund, Bosera International, and Harvest International for the first time, marking significant progress in crypto asset trading in the Asian market.
This initiative provides a new investment channel for Asian crypto investors and may become a key factor in driving the development of the crypto market across the Asia-Pacific region.
Crypto market crashes, panic sentiment hits a near-one-year low—another nearly $700 million evaporated (July 5).
On July 5, 2024, due to multiple factors, including unexpected interest rate hikes by the Bank of Japan and tensions in the Middle East, the crypto market entered a major downturn. Bitcoin briefly fell below $54,000, with a maximum decline of over 10%.
Market panic spread, leading to over $700 million in funds evaporating within 24 hours, while the loan liquidation volume on DeFi platforms also reached a new high for the year, reflecting the fragility of the crypto market amid global financial turmoil.
Trump participated in the Bitcoin conference—making multiple crypto commitments (July 28).
In July 2024, Trump delivered an important speech at the Bitcoin conference, promising to incorporate Bitcoin into the United States' strategic reserves and to fire the current SEC chairman Gary Gensler after being elected.
Trump's speech and commitments quickly attracted the attention of the crypto market, especially his active support for crypto assets, which boosted market sentiment for Bitcoin and other cryptocurrencies.
Trump elected—the first 'Crypto President' born (November 6).
The results of the 2024 U.S. presidential election were announced, with Trump successfully elected as President of the United States. His election had a direct impact on the crypto market, especially as Trump publicly stated he would incorporate Bitcoin into the U.S. strategic reserves and promised to fire current SEC chairman Gary Gensler.
Trump's crypto commitments injected new confidence into the market, pushing Bitcoin's price to briefly break historical highs.
Bitcoin broke $100,000—a new milestone and a new starting point (December 5).
Bitcoin first broke the $100,000 mark, setting a new historical high. This breakthrough signifies Bitcoin's further consolidation in the global financial market, with its market capitalization exceeding $2 trillion, surpassing that of silver, becoming one of the important asset classes globally.
Bitcoin's rapid growth also boosted the rise of other crypto assets, becoming a bellwether for the industry.
Bitcoin-related stock MSTR joins the Nasdaq 100 index—witnessing history again (December 13).
MicroStrategy (MSTR), a company with Bitcoin as its core asset, successfully joined the Nasdaq 100 index, becoming an important component of the index. This move not only indicates that Bitcoin-related stocks have gained more recognition from traditional finance but also further solidifies Bitcoin's position as an investment asset class.
Analysts believe that the impact of this event is second only to the approval of Bitcoin spot ETFs, marking the gradual establishment of crypto assets in mainstream financial markets.