The year 2024 has proven to be monumental for the cryptocurrency industry, characterized by dramatic shifts, groundbreaking achievements, and unexpected turns. This article provides a comprehensive overview of the most significant crypto news that dominated headlines throughout the year.
Bitcoin ETF Approvals: A Milestone for the Industry
The year commenced with a historic breakthrough for Bitcoin as the US Securities and Exchange Commission (SEC) gave the green light to the first US-listed Bitcoin Exchange-Traded Funds (ETFs). This landmark approval represented a crucial milestone for Bitcoin, the world’s foremost cryptocurrency, as it opened the gateway for a diverse array of investors who had previously been reluctant to invest in Bitcoin directly. In total, 11 Bitcoin ETFs received approval in the US, providing traditional investors with a more straightforward entry point into the crypto market.
SBF Sentenced: The Fall of FTX’s Founder
March witnessed a seismic event in the crypto world with the sentencing of Samuel Bankman-Fried (SBF), the disgraced founder of the cryptocurrency exchange FTX. Bankman-Fried received a 25-year prison sentence, three years of supervised release, and was ordered to pay $11 billion in forfeiture due to his involvement in fraudulent activities. His conviction was linked to the misappropriation of billions of dollars in customer funds. Despite this conviction, Bankman-Fried has appealed the sentence, leaving the legal drama unresolved.
MicroStrategy’s Big Move: Nasdaq 100 Debut
Amidst the market turbulence, MicroStrategy, recognized as the largest corporate holder of Bitcoin, made significant waves by debuting on the Nasdaq 100 in 2024. This move further solidified MicroStrategy’s status as a key player in the Bitcoin arena, continuing to blur the lines between traditional finance and the burgeoning crypto ecosystem.
Bitcoin Halving: Reduced Block Rewards
April brought about Bitcoin’s third halving event of the year, reducing miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC. This event had a profound impact on the network’s economic dynamics, with the decrease in mining rewards coinciding with a surprising drop in average transaction fees. The halving event set the stage for a robust remainder of the year, with many predicting a new price surge on the horizon.
Ripple vs. SEC: Legal Battle Continues
One of the year’s most high-profile legal confrontations continued in 2024 with the ongoing feud between Ripple and the SEC. In August, Ripple achieved a significant victory when the court ruled that it should pay only $125 million in fines, a stark contrast to the $2 billion initially sought by the SEC. However, the battle did not conclude there; in October, the SEC announced its intention to appeal the ruling, ensuring that the legal showdown would extend into the following year.
Binance CEO Sentenced: Zhao’s Legal Troubles
In a surprising twist, Changpeng Zhao (CZ), the former CEO of Binance, received a four-month prison sentence after pleading guilty to violating US money-laundering laws. Binance, the world’s largest cryptocurrency exchange, faced heightened scrutiny throughout 2024, making this sentencing a significant development in the ongoing regulatory crackdown on non-compliant crypto platforms.
WazirX Hack: $235 Million Stolen
The year witnessed a major cybersecurity breach when Indian crypto exchange WazirX was hacked, resulting in the theft of $235 million worth of various cryptocurrencies. In response, the exchange froze transactions and collaborated with forensic experts and law enforcement agencies to trace the stolen funds. This incident served as a stark reminder of the risks associated with crypto trading and underscored the necessity for enhanced security measures.
Trump’s Win Boosts Crypto Prices
The crypto market experienced a substantial surge following Donald Trump’s re-election as US President. His victory injected renewed optimism into the market, leading to sharp gains in cryptocurrencies in the subsequent months. The market was further influenced by news of SEC Chairman Gary Gensler’s impending resignation, which added to the sense of regulatory change and potential relief for the crypto industry.
Bitcoin Breaks $100,000: A New All-Time High
The year 2024 concluded on a high note as Bitcoin achieved a new all-time high (ATH), surpassing the $100,000 price level for the first time. This milestone, eagerly anticipated by the crypto community, was seen as a testament to Bitcoin’s resilience and potential for further growth, particularly in light of the changing political landscape. As the industry looks to the future, Bitcoin’s impressive performance is expected to continue, offering exciting prospects for investors and enthusiasts alike.
