Highlights of a Turbulent Year in the Cryptocurrency World in 2024

The year 2024 is a transformative year for the cryptocurrency sector, marked by significant developments and notable fluctuations. Major events such as the approval of Bitcoin exchange-traded funds (ETFs) and Donald Trump's re-election have created strong momentum in the market, helping Bitcoin break through the $100,000 mark and capturing over 70% of the market share. Bitcoin has solidified its reputation as 'digital gold,' while new Layer-1s like Ethereum and Solana show growth, but opinions on them are mixed.

The emergence of decentralized infrastructure (DePIN) and the powerful role of artificial intelligence have been recognized, with stablecoins becoming the most popular choice in trading. The political influence of cryptocurrencies has also become evident, with major candidates benefiting from the support of the cryptocurrency community, while Europe has implemented the first comprehensive regulatory framework, MICA.

The selection process for CoinDesk's 'Most Influential People' list includes the top 10 and top 40 winners to honor individuals who played a key role in shaping the year's trends and achievements. Organizations advocating for the cryptocurrency industry, such as the Cedar Innovation Fund, are calling on U.S. lawmakers to oppose Caroline Crenshaw's restoration of her qualifications at the U.S. Securities and Exchange Commission (SEC). They launched a digital campaign claiming that Crenshaw is 'more anti-crypto' than SEC Chair Gary Gensler, particularly regarding policies on publicly traded Bitcoin spot funds.

The Senate Banking Committee is expected to vote on her nomination soon. Crenshaw was initially nominated and confirmed by Trump in 2020, and if confirmed again, she could serve until at least June 2029. Cedar has received substantial financial backing from the cryptocurrency industry, including a large political action committee (PAC) called Fairshake, which has provided significant funding to crypto-friendly candidates in the 2024 elections, although a Cedar spokesperson denies any connection between Cedar and Fairshake.