December 31st is not just the last day of the year, but it is one of the most important days in the cryptocurrency market. Over the years, this night has witnessed huge events and major movements, whether due to profit taking or reorganizing investment portfolios. Let's review together the most prominent events that happened on this night over the past 7 years, and also add what happened today on December 31, 2024.
2017 Big Madness
The end of 2017 was a historic year for crypto. Bitcoin touched the $20,000 barrier for the first time, but on December 31, investors began selling to lock in their profits, and the market saw a noticeable decline.
2018: The Great Crash
2018 was not a good year at all. Bitcoin crashed to $3,700 after losing more than 80% of its value due to a strong market correction. New Year's Eve was very cold because everyone was afraid to invest.
2019: Calm and Ready
In 2019, the market was relatively stable, and Bitcoin was around $7,200. Investors were preparing for a new bull run, so there was a lull in trading on New Year’s Eve.
2020: The beginning of the second boom
Corona turned the tables in 2020, and Bitcoin began to rise due to the increased demand for it as a safe haven. On New Year's Eve, the price was around $29,000, and this was the beginning of a huge bullish cycle in 2021.
2021: New Summit
In 2021, Bitcoin ended the year at $46,000 after hitting a high of $69,000 in November. But the market was beginning to feel pressure from hawkish central bank policies.
2022: Crypto Winter
2022 was a tough year, Bitcoin ended the year at $16,500 due to the bankruptcy of major platforms like FTX and crises of confidence in the market. New Year's Eve was full of fears.
2023: Recovering Wellness
In 2023, Bitcoin regained its strength and reached $28,000, amid positive news about greater institutional adoption and new investment funds.
2024: A Night Full of Ups and Downs
On the last day of 2024, the market was in a state of volatility due to the new European regulation on markets for crypto-assets (MiCA).
Most prominent movements
Bitcoin reached $92,711 after a 1.2% decline.
Ethereum $ETH : Down to $3,354 (-2.2%).
Ripple $XRP fell to $2.02 (-2.81%).
Binance Coin $BNB has maintained relative stability at $699.
The new laws have affected stablecoins such as USDT, which have been delisted from most EU exchanges, causing a clear market downturn.
Why tonight in particular?
Make profit
Investors like to clean up their accounts before the new year to ensure their profits.
rebalancing
Large institutions are restructuring their investment portfolios, and this is moving the market.
Increase trading
The movement is increasing due to people's optimism about the new year and the opportunities for profits.
Regulatory decisions
New Year's Eve is sometimes the starting point for new laws that affect the market.