As 2025 approaches, reflecting on the developments in crypto in 2024 reveals many historic moments worth documenting.
This year, the bull run in the crypto market was catalyzed by Wall Street giants, the US elections, Bitcoin halving, and the Federal Reserve's rate cuts.
We witnessed the approval of Bitcoin and Ethereum spot ETFs, the arrival of the first 'Crypto President' at the White House, Bitcoin breaking $100,000, and Bitcoin concept stock MSTR joining the NASDAQ 100 index, among other historic moments; we also suffered through multiple market crashes and dark moments with billions of dollars evaporating due to macro adjustments.
This year, the meme attack on VC tokens came late. Memes seem to play out spectacularly every day, but the old altcoins led by Ethereum have faced multiple challenges. New gameplay and assets such as TG/TON’s point-earning mini-games, Pump.fun's one-click issuance, and AI agents have become trendy, but opinions are divided. The questions 'Which part of the crypto market is not interconnected?', 'Who is making money this cycle?', and 'Have you outperformed Bitcoin?' have become hot topics.
ChainCatcher reviewed major crypto events from the beginning to the end of the year, reflecting on the ups and downs of the year while welcoming and anticipating 2025.
US Bitcoin spot ETF approved - 'institutional bull' begins.
January 11
After a decade-long game of cat and mouse with US regulators, at 12:01 AM on January 11, the SEC officially approved 11 Bitcoin spot ETFs, including traditional and emerging capital from BlackRock, Fidelity, Invesco, and Grayscale, allowing them to enter the cryptocurrency market via Bitcoin spot ETFs.
The approval of the US Bitcoin spot ETF officially allowed the crypto industry to move past a deep bear market and usher in a new round of bull markets.
Circle submits IPO application again - a new process for crypto IPOs.
January 11
USDC stablecoin issuer Circle is reported to have applied to go public again. Previously, Circle planned to merge with a SPAC to go public in 2021, but that ended in failure. Three years later, Circle is applying for an IPO again, which could lay the groundwork for crypto companies to push for IPOs.
Bitcoin plummets after breaking a new high - $1.2 billion evaporated.
March 5
On March 5 at 11:05 PM, the price of Bitcoin crossed the $69,000 mark for the first time since its genesis block was created in January 2009. However, after reaching a new high, it quickly retreated, briefly falling below $60,000 during trading.
As of 9 AM on March 6, data showed that over 310,000 traders were liquidated in 24 hours, totaling $1.19 billion.
Ethereum completes the Cancun upgrade - Layer 2 enters the era of reduced fees.
March 13
At 9:55 PM on March 13 Beijing time, the Cancun upgrade (Cancun-Deneb) was officially activated on the Ethereum mainnet at block height 269568 after dozens of test calls and network testing. This is the largest upgrade since Ethereum's merge, marking the entry of Ethereum Layer 2 into the era of reduced fees.
Starbucks terminates NFT plans - large-scale application of NFTs remains challenging.
March 16
Starbucks announced the termination of its Web3 customer loyalty program, Starbucks Odyssey, which was in the testing phase, on March 31. This program was launched by Starbucks in 2022, marking its first foray into Web3. The exit of large traditional platforms like Starbucks from NFTs is not an isolated case; the large-scale use of NFTs continues to face significant challenges.
KuCoin faces a lawsuit from the US Department of Justice - another exchange faces scrutiny after Binance.
March 26
The US Department of Justice charged KuCoin and its two founders, Chun Gan and Ke Tang, with 'conspiring to violate the Bank Secrecy Act and conspiring to operate an unlicensed money transmission business', with each charge carrying a maximum penalty of five years in prison. This is yet another case initiated by the US Department of Justice against the founders of a crypto exchange following the Binance case.
SBF sentenced to 25 years in prison - the FTX fraud case enters the history of crypto.
March 28
SBF was tried in Manhattan federal court and was ultimately sentenced to 25 years in prison for defrauding billions of dollars, with a fine of $11 billion.
The first meme gained popularity on pump.fun - one-click issuance of coins officially entered the community's view.
April 5
Pump.fun is a one-click coin issuance platform launched on the Solana chain in January, but it truly entered the crypto community's view around April. On April 5, the first meme TEST deployed on Pump.fun sparked a large influx of traders into the platform, followed by more popular meme projects fermenting on Pump.fun. The 'one-click issuance' model has spread from Solana to other public chains.
The SEC issued a Wells notice to Uniswap - even the leaders are not escaping regulatory claws.
April 11
Uniswap founder Hayden Adams stated that Uniswap Labs has received a formal Wells Notice from the SEC, indicating that the SEC plans to file a lawsuit against them. The native token of the Uniswap platform, UNI, plummeted, falling from $11.2 to $8.9, with a drop exceeding 20% at one point.
Bitcoin completes its fourth halving - but the impact has changed.
April 20
On the morning of April 20, at block height 840000, Bitcoin completed its fourth halving. Halving has always been the biggest catalyst for a bull market, but this time the attention has cooled due to the maturation and complexity of the crypto industry, as well as factors like Bitcoin ETFs.
Hong Kong's virtual asset ETF approved - an important step for the Asian crypto market.
April 24
The Hong Kong Securities and Futures Commission (SFC) has listed three fund companies - Huaxia Fund (Hong Kong), Bosera International, and Harvest International - on their official website for spot ETFs of Bitcoin and Ethereum, with recognition dates all set for April 23, 2024. This is the first launch of such products in the Asian market.
Tornado Cash developer sentenced - crypto privacy faces challenges.
May 14
Tornado Cash developer Alexey Pertsev, a 31-year-old Russian citizen, was sentenced to 5 years and 4 months in prison in the Netherlands for laundering $2.2 billion on the cryptocurrency mixer platform. Pertsev had previously been detained for eight months.
It is widely believed in the industry that this case is not only a turning point for DeFi regulation but will also alter the progress of crypto privacy, producing a 'chilling effect' on the global open-source community, as open-source software developers are found guilty, marking that Web3 smart contract developers will be subject to traditional legal frameworks.
Notcoin goes live on Binance - the Telegram mini-game trend officially begins.
May 16
The Telegram/TON mini-game Notcoin attracted over 35 million users in just a few months and went live on Binance on May 16, driving the tap-to-earn model and the Telegram/TON mini-game trend.
Binance adjusts its listing strategy - responding to the prevalence of 'high FDV + low circulation' tokens.
May 20
After strong discontent in the crypto community regarding the prevalence of tokens characterized by 'high FDV + low circulation', Binance announced a new public recruitment plan for listing projects on the evening of May 20, prioritizing support for small and medium-sized crypto projects. Binance invites quality teams and projects to apply for listing, including direct listings, launch pools, and mega drops. Subsequently, other exchanges like OKX also launched corresponding listing strategies.
The FIT21 bill passed in the US House of Representatives - a significant change in the attitude of US legislators.
May 22
(The 21st Century Financial Innovation and Technology Act) (referred to as 'FIT21') is the first bill attempting to comprehensively define how the US should regulate the crypto market. On May 22, the FIT21 bill passed in the House of Representatives with a vote of 279 to 136.
Although it is uncertain whether the Senate will pass it, it has been proven that American legislators' views on cryptocurrency are changing, and the crypto industry has taken a "big step forward."
The approval of the US Ethereum spot ETF - the impetus for ETH's rise seems weaker than expected.
May 24
Around 5 AM on May 24, the SEC approved 8 spot Ethereum ETFs' 19b-4 forms, with eight issuers including Grayscale, Bitwise, iShares, VanEck, ARK & 21Shares, Invesco & Galaxy, Fidelity, and Franklin.
SEC ends the investigation into Ethereum 2.0 - another crisis averted.
June 19
Ethereum infrastructure development company Consensys announced on social media that the SEC's enforcement division has notified them that it is concluding its investigation into Ethereum 2.0. This means the SEC will not bring charges claiming that ETH sales are securities transactions. This 14-month investigation has finally come to a satisfactory conclusion.
Solana launches the Blinks feature - a new entry for large-scale Web3 applications.
June 25
The Solana Foundation announced the launch of two new features, Solana Actions (trading) and Solana Blinks (blockchain links), which will allow users to connect and send transactions without leaving the current website. This has sparked enthusiastic discussions in the crypto field regarding the links and large-scale applications of Web2 and Web3.
A massive cryptocurrency crash created panic, bringing emotions to a near one-year low - nearly $700 million evaporated again.
July 5
Multiple factors such as large compensation in Mentougou and the German government's reduction of BTC holdings have caused the crypto market to plummet.
At noon on July 5, BTC briefly fell below $54,000, hitting a low of around $53,200, marking the lowest point since February 26 of this year, with a maximum 24H drop exceeding 10%. The entire altcoin market also experienced a major disaster.
In the past 24 hours, liquidations across the network exceeded $660 million, and the total Bitcoin contract holdings saw a drop of over 10% in 24 hours.
Hong Kong stablecoin issuer's 'sandbox' is established - JD's entry becomes the focus.
July 18
The Hong Kong Monetary Authority announced the first batch of three participating institutions in the 'sandbox', including JD Coin Chain Technology (Hong Kong) Co., Ltd., Yuan Coin Innovation Technology Co., Ltd., and the jointly applied Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and Hong Kong Telecommunications Limited (HKT).
JD's parent company, JD Technology, is actively exploring stablecoins, which may stimulate other domestic Internet companies to revisit blockchain businesses, bringing more positive signals to the crypto industry.
Trump participated in the Bitcoin Conference - making multiple crypto commitments.
July 28
Amidst much anticipation, Trump took to the main stage at the Bitcoin Conference to deliver a keynote speech, promising to include Bitcoin in national strategic reserves and to fire SEC Chairman Gary Gensler, among other crypto commitments after being elected.
In this major hotspot, a dramatic battle for meme kings occurred, with the biggest meme winner not being the Trump concept, but rather the new Shiba Inu, Neiro, owned by the owner of the original Shiba Inu, Kabosu - both the name and the capitalized meme exploded in popularity, competing for the top spot.
OpenSea receives a Wells notice from the SEC - NFTs face additional negative factors.
August 28
OpenSea CEO Devin Finzer stated that the company has received a Wells Notice from the SEC, suggesting potential enforcement action.
Sony launched the L2 network Soneium - a new force injected by a Web2 giant.
August 23
Japanese giant Sony Group and Singapore's Startale Labs announced a joint project called Sony Block Solutions Labs, stating that they will launch a Layer 2 network named Soneium on Ethereum, built using the OP Stack. On August 28, Soneium officially launched its public testnet and announced a developer incubation program. Shortly before this, Sony also acquired the cryptocurrency exchange Amber Japan.
Telegram founder arrested - Web3 privacy faced challenges.
August 24
On August 24 at around 7:30 PM to 8 PM local time in France, Telegram founder Pavel Durov was arrested at Bourget Airport near Paris. French investigators issued a search warrant regarding his violations of encrypted messaging regulations, while French police also searched Durov's properties.
Global financial markets experience a terrifying plunge - a panic-inducing Black Monday.
August 5
It can be said to be the most panic-inducing Black Monday in history; global stock markets and even the cryptocurrency market were not spared, all entering a mode of severe decline. BTC's 24h drop exceeded 10%. ETH's 24h drop exceeded 20%, essentially wiping out all gains made this year. Total liquidations across the network reached $788 million. DeFi's lending liquidation volume exceeded $320 million, setting a new annual high at that time.
There are multiple reasons for the crash, including the unexpected rate hike by the Bank of Japan, weak economic data from the US, and escalating tensions in the Middle East, all of which led global markets to peak in risk-averse sentiment.
Friend.Tech soft RUG - SocialFi still cannot avoid being a flash in the pan.
September 9
Developers of the Web3 social network Friend.Tech relinquished control over the smart contract, and the platform has been shut down. Although the platform seems to continue operating, the relinquishment of control has made it almost impossible to introduce new features. The contract ownership revocation has prevented a new team intending to add features to the social platform from acquiring it.
The Federal Reserve announced a rate cut - an important catalyst for the bull market is here.
September 19
The Federal Reserve Board announced a 50 basis point reduction in the target range for the federal funds rate to between 4.75% and 5.00%. This marks the first rate cut by the Federal Reserve since March 2020, following 11 consecutive rate hikes from March 2022 to July 2023, totaling a 525 basis point increase.
Zhao Changpeng released from prison - Binance survives a major 'calamity'.
September 28
Binance's former leader and co-founder Zhao Changpeng (CZ) was released from prison and later posted his first tweet after being released on the X platform, saying 'GM'.
Uniswap launched the Layer 2 public chain Unichain - self-owned application chains are becoming a trend.
October 10
DeFi leader Uniswap Labs announced the launch of Unichain and went live on the testnet. Unichain aims to become a fast, decentralized Optimism superchain L2, becoming a chain for cross-chain DeFi and liquidity. After the announcement, the price of UNI continued to rise, with a 24-hour increase of 15%, briefly breaking $8.
AI Bot independently generates a meme coin, GOAT - the beginning of the AI meme trend.
October 12
An AI Bot named 'Truth Terminal' (@truth_terminal) 'spoke to itself' and came up with the name for a meme coin, GOAT. Subsequently, GOAT exploded in popularity, with a16z founder Marc Andreessen investing $50,000 worth of Bitcoin in it, marking it as the first AI-generated meme, sparking a wave of AI meme creation.
Stripe acquires Bridge for $1.1 billion - the largest acquisition in crypto history.
October 21
Stripe, a unicorn in the payment sector, ultimately finalized its acquisition of the stablecoin platform Bridge for $1.1 billion, making it the largest acquisition transaction in crypto history and also the largest acquisition to date for Stripe.
Trump elected - the first 'Crypto President' is born.
November 6
The most dramatic presidential election in US history has finally concluded. According to Fox News real-time election data, Trump defeated Harris by a margin of 67,121,735 votes to 62,142,405 votes, successfully securing 277 electoral votes, surpassing the 270-vote threshold to win the 2024 US presidential election.
Trump's continued lead and successful election have propelled BTC to briefly break $75,000 to reach a historic high, with all sectors of cryptocurrency entering a period of widespread increase.
SEC Chairman Gary Gensler confirmed his resignation - a turning point for crypto regulation is set to arrive.
November 22
According to official announcements, SEC Chairman Gary Gensler will resign on January 20. Trump's presidential term will also begin on January 20. Soon after, Trump nominated Paul Atkins as SEC chairman.
South Korea imposes martial law, and the crypto market plunges - crypto investors become victims.
December 3
South Korean President Yoon Suk-yeol suddenly announced the implementation of 'emergency martial law', causing Bitcoin prices on South Korea's largest trading platform Upbit to briefly plunge to $65,000.
Bitcoin breaks $100,000 - a new milestone and starting point.
December 5
Bitcoin officially breaks $100,000; since Bitcoin Pizza Day, BTC has risen 40 million times, with Bitcoin's market cap exceeding $2 trillion, surpassing silver's market cap and equaling one-tenth of gold's market cap. Bitcoin has been recognized and supported by several sovereign countries, including the US and Japan. This process took Bitcoin only sixteen years. However, $100,000 remains just the starting point for Bitcoin.
Bitcoin concept stock MSTR joins the NASDAQ 100 index - witnessing history once again.
December 13
NASDAQ officially announced the results of the annual restructuring of the NASDAQ 100 index, with MicroStrategy (MSTR) being added to the index, becoming one of the 75 largest non-financial companies on NASDAQ.
This is the second largest news in 2024, second only to the approval of the US Bitcoin spot ETF.
