As 2025 approaches, looking back at the crypto developments of 2024 reveals numerous historic moments that deserve to be documented.
This year, the bull market in the crypto market has been driven by multiple catalysts, including Wall Street giants, the US election, Bitcoin halving, and the Federal Reserve's interest rate cuts.
We witnessed the approval of Bitcoin and Ethereum spot ETFs, the White House ushering in the first 'crypto president', Bitcoin breaking through $100,000, and Bitcoin concept stock MSTR joining the Nasdaq 100 index, among other historic moments; we also experienced multiple market crashes and the evaporation of billions of dollars due to macro adjustments.
This year has seen a crackdown on meme VC coins, with altcoins arriving late. Memes seem to stage daily miracles, but the old altcoins led by Ethereum have been repeatedly attacked. New gameplay and assets like TG/TON games, Pump.fun one-click token issuance, AI agents, etc., have become popular, but some are happy while others are worried. 'The crypto market of mutual non-receipt', 'who is making money in this cycle?', 'have they outperformed Bitcoin?' have become hot topics.
ChainCatcher reviews major crypto events from the beginning to the end of the year, reflecting on the ups and downs of the year while welcoming and looking forward to 2025.
US Bitcoin spot ETF approved - the 'institutional bull' begins.
January 11
After a decade-long tug-of-war with US regulatory agencies, at 1:00 AM on January 11, Beijing time, the US Securities and Exchange Commission (SEC) officially approved 11 Bitcoin spot ETFs, including BlackRock, Fidelity, Invesco, Grayscale, and other traditional and emerging capital, allowing them to enter the cryptocurrency market through Bitcoin spot ETFs.
The approval of the US Bitcoin spot ETF has officially helped the Crypto industry move past a deep bear market and enter a new bull market.
Circle submits IPO application again - a new process for crypto IPOs.
January 11
USDC stablecoin issuer Circle has reportedly applied for re-listing again. Previously, in 2021, Circle planned to merge with a SPAC company for listing but failed. Three years later, Circle applies for an IPO again, which may lay the foundation for other crypto companies to push for IPOs.
Bitcoin plummets after reaching a new high - $1.2 billion evaporated.
March 5
On March 5 at 11:05 PM, Bitcoin prices crossed the $69,000 mark, marking the latest historical high since Bitcoin's first block was mined in January 2009. However, after reaching a new high, it quickly fell back, dipping below $60,000 at one point during trading.
As of 9 AM on March 6, data shows that over 310,000 traders were liquidated in 24 hours, totaling $1.19 billion.
Ethereum completes the Cancun upgrade - Layer 2 enters an 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, following dozens of test calls and network tests. This is the largest upgrade since the Ethereum merge, marking the entry of Ethereum Layer 2 into an era of reduced fees.
Starbucks terminates NFT program - large-scale application of NFTs still faces significant hurdles.
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 as its first foray into Web3. The exit of major traditional platforms like Starbucks from NFTs is not an isolated incident; the large-scale use of NFTs still faces significant challenges.
KuCoin causes the US Department of Justice to sue - another exchange following Binance faces scrutiny.
March 26
The US Department of Justice charged KuCoin and its two founders, Chun Gan and Ke Tang, with 'conspiracy to violate the Bank Secrecy Act and conspiracy to operate unlicensed money transmission businesses.' Each charge carries a maximum sentence of five years in prison, marking yet another case initiated by the DOJ against crypto exchange founders following Binance and its founder Zhao Changpeng.
SBF sentenced to 25 years in prison - the FTX fraud case enters crypto history.
March 28
SBF was tried in the Manhattan Federal Court, ultimately sentenced to 25 years in prison for billions of dollars in fraud, along with a $11 billion fine.
The first meme goes viral on pump.fun - one-click issuance of tokens officially enters the community's vision.
April 5
Pump.fun is a one-click token issuance platform launched on the Solana chain in January, but it truly entered the crypto community's vision around April. On April 5, the first meme TEST deployed on Pump.fun prompted the community and team to contact each other due to some technical glitches, confirming that this meme was deployed by the Pump.fun team. A large number of traders flooded into pump.fun, and subsequently, more exceptional meme projects fermented on Pump.fun. The 'one-click token issuance' model also spread from Solana to other public chains.
The SEC issued a Wells notice to Uniswap - even the leaders can't escape the regulatory claws.
April 11
Uniswap founder Hayden Adams stated that Uniswap Labs has received a formal Wells Notice from the US Securities and Exchange Commission (SEC), indicating that the SEC plans to file a lawsuit against them. The native token of the Uniswap platform, UNI, plummeted from $11.2 to $8.9, with a short-term drop exceeding 20%.
Bitcoin completes its fourth halving - but its influence has changed.
April 20
On the morning of April 20, at block height 840000, Bitcoin completed its fourth halving. Halving has historically been the largest catalyst for bull markets, but this time, due to the maturity and complexity of the crypto industry and factors such as Bitcoin ETFs, the level of attention has become 'tepid'.
Hong Kong virtual asset ETF approved - a significant step for the Asian crypto market.
April 24
The Hong Kong Securities and Futures Commission (SFC) has listed the Bitcoin and Ethereum spot ETFs from three fund companies: Huaxia Fund (Hong Kong), Bosera International, and Harvest Global Investments, with recognition dates all set for April 23, 2024. This is the first time such products have been launched 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 cryptocurrency mixer platforms. Pertsev had previously been detained for eight months.
The industry widely believes that this case is not only a watershed moment for DeFi regulation but will also change the trajectory of crypto privacy, creating a 'chilling effect' on the global open-source community, where open-source software developers being convicted signifies that Web3 smart contract developers will be subject to traditional legal constraints.
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, leading to the rise of the tap-to-earn model and the Telegram/TON mini-game trend.
Binance adjusts listing strategy - responding to the prevalence of 'high FDV + low circulation' tokens.
May 20
After widespread dissatisfaction in the crypto community regarding the prevalence of 'high FDV + low circulation' tokens, Binance announced a new public recruitment plan for listing new projects on May 20, prioritizing support for small and medium-sized crypto projects. Binance invites quality teams and projects to apply for listings, including direct listings, Launchpools, and Megadrops. Other exchanges, like OKX, have also introduced corresponding listing strategies.
The FIT21 bill was passed in the US House of Representatives - a significant change in the attitude of American legislators.
May 22
(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 was passed in the House of Representatives with 279 votes to 136.
While it is still uncertain whether the Senate will pass it, it has been proven that American legislators' views on cryptocurrency are changing, marking a 'big step' for the crypto industry.
The approval of the US Ethereum spot ETF - the push for ETH's rise seems weaker than expected.
May 24
Around 5 AM on May 24, the US Securities and Exchange Commission approved the 19b-4 forms for 8 spot Ethereum ETFs, with the eight issuers being Grayscale, Bitwise, iShares, VanEck, ARK & 21Shares, Invesco & Galaxy, Fidelity, and Franklin.
SEC ends investigation into Ethereum 2.0 - another crisis averted.
June 19
Ethereum infrastructure development company Consensys stated on social media that the US Securities and Exchange Commission (SEC) has notified them that it is ending its investigation into Ethereum 2.0. This means that the SEC will not bring charges claiming that ETH sales are securities transactions. This 14-month investigation has finally come to a close with a satisfactory outcome.
Solana launches Blinks feature - a new entry for large-scale Web3 applications.
June 25
The Solana Foundation announced the launch of two new features, Solana Actions (transactions) and Solana Blinks (blockchain links), allowing users to connect and send transactions without leaving the current website. This has sparked enthusiastic discussions in the crypto field regarding the connections and large-scale applications between Web2 and Web3.
A massive crypto crash, with panic sentiment hitting a new low in nearly a year - nearly $700 million evaporated.
July 5
The massive compensation in Mentougou, along with the German government's reduction of BTC holdings, has 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 a new low since February 26 this year, with a maximum drop of over 10% in 24 hours, and the entire altcoin market also experienced a major disaster.
Moreover, in just 24 hours, total liquidations across the network exceeded $660 million, with Bitcoin contract holdings dropping over 10% in 24 hours.
Hong Kong stablecoin issuer 'sandbox' is launched - JD enters the spotlight.
July 18
The Hong Kong Monetary Authority announced the names of the first three participants in the 'sandbox' program, including JD Coin Chain Technology (Hong Kong) Ltd., Yuan Coin Innovation Technology Ltd., as well as the joint application from Standard Chartered Bank (Hong Kong) Ltd., Animoca Brands Limited, and Hong Kong Telecommunications Limited (HKT).
The parent company of JD Coin Chain Technology is JD Technology. JD's active exploration in stablecoins may stimulate other domestic internet companies to revive blockchain businesses, bringing more positive signals to the crypto industry.
Trump participates in the Bitcoin conference - making multiple promises regarding cryptocurrency.
July 28
Amid widespread anticipation, Trump took to the main stage of the Bitcoin conference to deliver a keynote speech, making multiple promises regarding cryptocurrency, including incorporating Bitcoin into the national strategic reserve and firing SEC Chairman Gary Gensler.
In this heavyweight hotspot, a dramatic battle for meme supremacy occurred, with the biggest meme winner not being the Trump concept but rather the new Shiba Inu of Kabosu, the owner of the Doge prototype - Neiro. Both the capitalized and lowercase memes exploded in popularity, vying for the top spot.
OpenSea receives Wells Notice from SEC - adding negative factors to NFTs.
August 28
OpenSea CEO Devin Finzer stated that the company has received a Wells Notice from the US Securities and Exchange Commission (SEC), indicating that enforcement actions may be taken.
Sony launches L2 network Soneium - a new force injected by Web2 giants.
August 23
Japanese giant Sony Group and Singapore's Startale Labs announced a joint project, Sony Block Solutions Labs, which stated that they would launch a Layer 2 network called Soneium on Ethereum, built using OP Stack. On August 28, Soneium officially launched its public testnet and announced a developer incubation plan. Not long before, Sony had acquired the crypto exchange Amber Japan.
Telegram founder arrested - Web3 privacy faces challenges.
August 24
On August 24 at 7:30 PM to 8 PM local time in France, Telegram founder Pavel Durov was arrested at Bourget Airport near Paris, as French investigators issued a search warrant for his violations related to encrypted messaging, while French police also searched Durov's properties.
Global financial markets experience a terrifying crash - a panic-inducing Black Monday.
August 5
It can be said that this is the most terrifying Black Monday in history, with global stock markets and almost all cryptocurrency markets falling into a crash mode. BTC dropped more than 10% in 24 hours. ETH dropped more than 20% in 24 hours, nearly wiping out all gains for the year. The total liquidation across the network reached $788 million in 24 hours. The DeFi borrowing liquidation volume exceeded $320 million, setting a new high for the year.
The reasons for the crash are multifaceted, including the Bank of Japan's unexpected interest rate hike, weak economic data from the US, and rising tensions in the Middle East, all of which have pushed global market risk aversion to its peak.
Friend.Tech soft RUG - SocialFi still cannot avoid being a flash in the pan.
September 9
The developers of the Web3 social network Friend.Tech have relinquished control over the smart contracts, and the platform has been shut down. Though the platform appears to continue operating, the relinquishment of control has made introducing new features nearly impossible. The revocation of contract ownership has blocked potential new teams interested in adding functions to the social platform from acquiring it.
The Federal Reserve announces interest rate cuts - an important catalyst for the bull market has arrived.
September 19
The Federal Reserve Board announced a 50 basis point reduction in the target range for the federal funds rate, bringing it to between 4.75% and 5.00%. This is the first rate cut by the Fed since March 2020, after having raised rates 11 times from March 2022 to July 2023 to alleviate domestic inflation, totaling a cumulative increase of 525 basis points.
Zhao Changpeng released from prison - Binance overcomes 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 release on X platform saying 'GM'.
Uniswap launches Layer 2 public chain Unichain - a trend for self-owned application chains.
October 10
DeFi leader Uniswap Labs announces the launch of Unichain and goes live on the testnet, aiming to become a fast, decentralized Optimism superchain L2, facilitating cross-chain DeFi and liquidity. Following the announcement, the UNI price continued to rise, increasing by 15% in 24 hours, briefly surpassing $8.
AI Bot autonomously dialogues to release meme coin GOAT - the beginning of the AI meme craze.
October 12
An AI Bot called 'Truth Terminal' (@truth_terminal) independently came up with a meme coin name GOAT. Subsequently, GOAT became a hit, with a16z founder Marc Andreessen investing $50,000 worth of Bitcoin into it, marking it as the first AI-released meme and sparking a trend of AI-generated memes.
Stripe acquires Bridge for $1.1 billion - the largest acquisition in crypto history.
October 21
The unicorn in the payment sector, Stripe, ultimately confirmed an acquisition of the stablecoin platform Bridge for $1.1 billion, marking the largest acquisition transaction in the history of the crypto industry, and also Stripe's largest acquisition to date.
Trump elected - the first 'Crypto President' is born.
November 6
The most dramatic presidential election in American history has finally come to a close. According to Fox News' real-time election data, Trump defeated Harris with a lead of 67,121,735 votes to 62,142,405 votes, successfully obtaining 277 electoral votes, exceeding the 270-vote threshold to win the 2024 US presidential election.
Trump's continued lead and successful election helped BTC briefly break through $75,000, setting a historical high, with various sectors of crypto entering a phase of widespread growth.
SEC Chair Gary Gensler confirmed his resignation - crypto regulation is set to undergo a transformation.
November 22
According to official announcements, SEC Chair Gary Gensler will leave office on January 20. Trump's presidential term will also begin on January 20. Shortly thereafter, Trump nominated Paul Atkins as SEC Chair.
Martial law in South Korea leads to a major crash in the crypto market - crypto investors become victims.
December 3
South Korean President Yoon Suk-yeol suddenly announced the implementation of 'emergency martial law', causing Bitcoin prices on the largest trading platform Upbit to briefly plummet to $65,000.
Bitcoin breaks through $100,000 - a new milestone and starting point.
December 5
Bitcoin officially breaks through $100,000. Since Bitcoin Pizza Day, BTC has increased by 40 million times, and Bitcoin's market value has surpassed $2 trillion, exceeding that of silver and being one-tenth of gold's market value. Bitcoin has been recognized and supported by multiple sovereign countries including the US and Japan. This process took Bitcoin just sixteen years. And $100,000 remains the starting point for Bitcoin.
Bitcoin concept stock MSTR joins the Nasdaq 100 index - witnessing history again.
December 13
The 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 of 2024, following the approval of the US Bitcoin spot ETF.
