2024 will be remembered as a year of transformation and consolidation for the cryptocurrency ecosystem, which achieved important milestones, ranging from regulatory to technological.
While the Top 10 news stories of 2024 may vary depending on different perspectives, experts agree that these milestones have redefined the direction of the crypto market. According to journalist Colin Wu of Wu Blockchain, the year 2024 was characterized by events that not only boosted the value of leading cryptocurrencies like Bitcoin and Ethereum but also laid the groundwork for a more inclusive and decentralized future on the Web3.
Among the most notable events are the Approval of the first spot ETFs for Bitcoin in the United States, the Bitcoin price hits historic high above $100.000 Following Donald Trump's election victory and the approval of new financial products based on cryptocurrencies, and the resurgence of memecoins as a cultural and financial phenomenon.
These events, along with other important ones, shaped a year that will be remembered as a turning point for this sector characterized by its constant innovation.
What are the 10 most shocking news stories of 2024?
- Bitcoin spot ETFs approved
On January 10, 2024, the United States Securities and Exchange Commission (SEC) approved the first Bitcoin spot ETFs, allowing investors to access the leading cryptocurrency in a more regulated and direct manner, which in turn boosted its value and legitimacy in the market.
Bitcoin reached a price of over $47.000 after the regulatory approval of these investment funds. This news is considered one of the biggest milestones for Bitcoin and cryptocurrencies in 2024 and throughout their history.
Later in July, the SEC also gave Green light for Ethereum-based spot ETFs, which remains the second most capitalized cryptocurrency on the market. The approval of these financial products attracted billions of dollars in investments, democratizing access to cryptocurrencies.
- Ethereum completes Cancun upgrade
Dencun was successfully activated on the Ethereum mainnet in the era 269568, on March 13. This improvement introduced EIP-4844 (Proto-Danksharding), allowing blobs to be integrated into the network, significantly reducing transaction costs and improving the scalability and efficiency of the network, which benefited DeFi and gaming applications based on Layer 2 of this blockchain ecosystem.
- The arrival of the 4th Bitcoin halving
The fourth Bitcoin halving, which took place on April 19th 2024, marked a crucial milestone in the history of this cryptocurrency. This event Reduced the reward for mining blocks to 3,125 BTC, strengthening Bitcoin’s inherent scarcity and generating an unprecedented impact on its ecosystem.
Experts consider it the most significant halving of the network to date, especially given the critical period that Bitcoin has been going through since 2022 and the innovations that accompanied it, such as the Ordinals protocol. With this protocol, new possibilities for tokenization and ranking of satoshis were introduced, which adds an additional layer of interest and potential to the Bitcoin ecosystem.
In addition, other innovations followed this halving, such as Runes, which together with the inscription of Ordinals in satoshis, extended the use cases of Bitcoin, allowing the issuance of tokens and the creation of digital assets similar to NFTs on the most robust blockchain on the market.
- Changpeng Zhao sentenced to 4 months in prison
Changpeng Zhao, former CEO of Binance, was sentenced to serve a 4-month prison sentence after being found guilty of breaching anti-money laundering regulations. For the crypto community at large, this ruling highlighted the growing regulatory pressure exerted by the United States on crypto industry leaders to adhere to stricter regulatory standards.
In a parallel turn, Sam Bankman-Fried, former CEO of FTX, was also sentenced to prison on embezzlement charges, receiving a 20-year sentence. These cases not only reflect the vulnerability of cryptocurrency platforms under the law, but also emphasize the importance of transparency and compliance in the market.
- Mt. Gox Refunds Begin
After a decade of waiting, victims of the collapse of Mt. Gox, once the largest cryptocurrency exchange on the market, began to receive partial compensation in Bitcoin and Bitcoin Cash. This process marked a crucial step towards the resolution of one of the most emblematic cases in crypto history.
The Mt. Gox bankruptcy, which occurred in 2014 following a devastating hack, left thousands of investors without access to their funds and significantly impacted trust in cryptocurrency platforms. However, with the approval of the reimbursement plan, affected investors finally began to recover some of their lost assets.
- The resurgence of memecoins
According to Wu, while venture-backed tokens lost ground, memecoins like PEPE and WIF captured the market's attention, driven by community enthusiasm and speculation. Amidst this situation, memecoins gained an irresistible appeal for investors, especially those looking to take advantage of volatility and quick profit opportunities.
Wu also highlighted that the memecoin phenomenon highlighted the market’s ability to adapt and evolve in 2024. While venture-backed tokens faced challenges in a stricter regulatory environment, memecoins remained a symbol of innovation and creativity in the cryptocurrency space.
With their mix of humor, community, and speculation, these digital assets have managed to position themselves as a major force in the sector, proving that interest in cryptocurrencies can go beyond the financial and become a significant cultural phenomenon.
- The Fed resumed interest rate cuts
In September, the Federal Reserve lowered interest rates for the first time since 2022, which fueled a rally in financial markets, including the cryptocurrency market.
The rate cuts created a more favorable climate for risk assets, leading to an increase in investor confidence. In the crypto space, this monetary easing translated into a resurgence of interest in Bitcoin and other cryptocurrencies, which saw significant increases in their prices.
- Trump became the first pro-crypto president of the United States
Donald Trump won the last presidential election and, upon his return to the presidency, promised to establish regulatory policies favorable to technological innovation, including Bitcoin and cryptocurrencies.
His decision to appoint an “AI and Cryptocurrency Czar” as well as appointing a new SEC chairman who is in favor of implementing more flexible regulation and crypto innovation, marks a significant shift in the US stance towards this emerging sector. Trump has assured that he will do Something great with cryptocurrencies and that the nation will become the crypto capital of the world.
- Bitcoin surpassed $100.000
In December 2024, the price of Bitcoin broke the psychological barrier of $100.000 per unit, reaching a record price of $108.268, its current all-time high (ATH). This milestone not only cemented Bitcoin as a store of value asset but also underlined its growing adoption and maturity in the financial market.
Along with Bitcoin, Ripple's native cryptocurrency, XRP also started to recover. becoming the third most capitalized cryptocurrency in the market, displacing the stablecoin USDT to fourth place.
- MicroStrategy joins the Nasdaq-100 index
MicroStrategy, Michael Saylor's business intelligence firm known for its large Bitcoin accumulation, became the 40th largest company on the index, cementing its position as a bridge between traditional finance and cryptocurrencies.
MicroStrategy's current Bitcoin reserves amount to 446.400 BTC, worth more than $43.160 billion.
What to expect in 2025?
Taking a broader view of what happened in cryptocurrencies in 2024, experts anticipate that 2025 promises to be just as dynamic, with announcements that could redefine the crypto landscape. Among the most notable expectations is The possible creation of a strategic Bitcoin reserve by the United States, a move that would further legitimize the leading cryptocurrency as a reserve asset. In addition, global regulatory developments are expected that could facilitate institutional adoption.
On the technology front, Ethereum could continue its path to full scalability with further upgrades, while Bitcoin could see further integration of layer-2 solutions. Growth is also anticipated in the decentralized finance (DeFi) sector, further integration of stablecoins into traditional finance, and the development of practical applications for technologies such as artificial intelligence and the metaverse.
In short, the world of cryptocurrencies is constantly evolving, and each year brings with it new opportunities and lessons. However, for experts, what is certain is that cryptocurrencies are here to stay, and their impact on the global economy will continue to grow.
