The year 2024 has been transformative for the cryptocurrency industry, marked by significant events that have reshaped the landscape and influenced global financial markets. Here are some of the most pivotal crypto events of 2024.
1. Bitcoin surges past $100,000
In December 2024, Bitcoin achieved a historic milestone by surpassing the $100,000 mark. This surge was largely attributed to the election of President Donald Trump, who pledged to make the U.S. a leader in cryptocurrency. His administration's pro-crypto stance, including the nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission (SEC), fueled investor optimism and drove Bitcoin to new heights.
2. Approval of spot Bitcoin ETFs
The SEC's approval of spot Bitcoin exchange-traded funds (ETFs) in January 2024 marked a significant advancement for the crypto industry. This approval allowed investors to gain direct exposure to Bitcoin through traditional financial markets, increasing accessibility and legitimacy. The introduction of these ETFs contributed to heightened trading volumes and further mainstream adoption of cryptocurrencies.
3. Bitcoin halving event
In April 2024, Bitcoin underwent its scheduled halving event, reducing the block reward from 6.25 BTC to 3.125 BTC. This event decreased the rate at which new Bitcoins are created, leading to a supply reduction that historically precedes price increases. The halving generated significant interest from both retail and institutional investors, contributing to market dynamics throughout the year.
4. Regulatory developments in the U.S. and Europe
The year witnessed substantial regulatory advancements. In the U.S., the Financial Innovation and Technology for the 21st Century Act was advanced to the House of Representatives, aiming to provide regulatory clarity by delineating responsibilities between the Commodity Futures Trading Commission (CFTC) and the SEC. In Europe, the Markets in Crypto-Assets (MiCA) regulation came into effect on December 30, establishing a comprehensive framework for digital assets across the EU.
5. WazirX hack
In July 2024, the Indian cryptocurrency exchange WazirX suffered a significant security breach, resulting in the loss of approximately $234.9 million. The hack was attributed to the North Korean Lazarus Group and led to the suspension of the exchange's operations. This incident underscored the ongoing security challenges within the crypto industry and the need for robust protective measures.
6. Integration of cryptocurrency in major events
December 2024 saw the intersection of cryptocurrency and sports, with a high-profile golf event in Las Vegas awarding prize money entirely in cryptocurrency. The event, featuring prominent golfers like Rory McIlroy and Bryson DeChambeau, highlighted the increasing acceptance and integration of digital assets in various sectors beyond traditional finance.
7. Quantum computing concerns
Advancements in quantum computing, particularly Google's unveiling of its new quantum chip, Willow, raised concerns about the potential implications for cryptocurrency security. While current quantum computers are not yet capable of breaking Bitcoin's encryption, the rapid development in this field prompted discussions about the future-proofing of blockchain technologies against such threats.
8. Increased political engagement by the crypto industry
The cryptocurrency industry significantly increased its political engagement during the 2024 election cycle, investing substantial funds into political campaigns to advocate for favorable regulatory environments. This strategic involvement aimed to influence policy decisions and promote the adoption of digital assets within the traditional financial system.
Conclusion
The events of 2024 have demonstrated the resilience and adaptability of the cryptocurrency industry. From technological advancements to regulatory breakthroughs, these developments have not only propelled the industry forward but also highlighted the transformative potential of blockchain technology. As we move into 2025, the focus will likely shift toward addressing lingering challenges and building a more inclusive and secure crypto ecosystem. With its growing influence, the crypto space continues to redefine the future of finance and digital interaction.