The cryptocurrency industry in 2024 has been a year of unparalleled growth, controversies, and milestones. From Bitcoin’s historic highs to transformative regulatory changes and high-profile legal battles, the crypto space has continued to evolve at a breakneck pace. With a combination of market enthusiasm, technological advancements, and legal scrutiny, the year showcased the resilience and adaptability of the blockchain ecosystem. Below is a comprehensive look at the pivotal events that shaped the crypto industry in 2024.

Table of Contents

Bitcoin ETFs in the U.S.: A Long-Awaited Milestone

SBF’s Sentencing: Justice Served

Hong Kong’s Crypto ETFs: Asia Steps Up

Bitcoin Halving: The Road to Scarcity

Post-Halving Effects: Volatility and Speculation

Ethereum ETFs: Expanding the Horizons of Investment

Changpeng Zhao’s Release: Moving Beyond Binance

Do Kwon’s Extradition: The Saga Continues

Federal Reserve Rate Cuts: Fueling the Crypto Fire

FTX vs. Binance: A Legal Showdown

Coinbase Stock Breaks $300 Barrier

Bitcoin’s All-Time High: Riding the Trump Pump

Post-Election Rally: Bitcoin Nears $90,000

Donald Trump’s Media Group Considers Acquisition of Crypto Exchange Bakkt

Bitcoin ETFs in the U.S.: A Long-Awaited Milestone

In January 2024, the SEC approved the first Bitcoin exchange-traded funds (ETFs), marking a pivotal moment for the cryptocurrency industry. These ETFs provided a secure and regulated way for investors to gain exposure to Bitcoin without the complexities of direct ownership. Institutional participation surged as asset managers incorporated Bitcoin ETFs into their offerings, attracting capital from a broader range of investors. This approval was widely seen as a step toward mainstream adoption, signaling the U.S. government’s growing acceptance of digital assets.

The introduction of Bitcoin ETFs also sparked innovation across the financial sector, with new blockchain-based products designed to meet institutional needs. Analysts hailed the development as a sign of the market’s maturity, as traditional finance and crypto continued to converge. The ETFs also helped mitigate some of the perceived risks associated with cryptocurrencies, such as custody and security concerns, making Bitcoin more accessible to cautious investors.

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SBF’s Sentencing: Justice Served

In March 2024, former FTX CEO Sam Bankman-Fried, SBF was sentenced to 25 years in prison for his role in the collapse of the crypto exchange. His conviction on charges of fraud and mismanagement sent a clear message about the importance of accountability in the crypto industry. The trial revealed systemic failures at FTX, formerly one of the biggest cryptocurrency exchanges, including the misuse of customer funds and poor internal controls.

The sentencing marked the end of one of crypto’s most infamous scandals, serving as a cautionary tale for other industry players. It also highlighted the need for stronger governance and regulatory frameworks to protect investors and ensure market integrity. For many, Bankman-Fried’s downfall was a turning point in the push for greater transparency and compliance.

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Hong Kong’s Crypto ETFs: Asia Steps Up

Hong Kong launched Asia’s first spot Bitcoin and Ether ETFs in April 2024, cementing its role as a global crypto hub. These ETFs offered investors in the region a regulated and secure way to invest in cryptocurrencies, boosting confidence in digital assets. Hong Kong’s proactive approach to crypto regulation provided a blueprint for other jurisdictions seeking to integrate blockchain technology into their financial markets.

The success of these ETFs attracted both regional and international investors, highlighting Asia’s growing influence in the cryptocurrency space. Hong Kong’s efforts demonstrated the potential for regulatory frameworks that balance innovation with investor protection. Analysts praised the region’s ability to foster a thriving ecosystem, even amid global uncertainty surrounding digital assets.

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Bitcoin Halving: The Road to Scarcity

April 2024 marked Bitcoin’s fourth halving, an event hard-coded into its protocol to ensure scarcity. The halving reduced block rewards from 6.25 BTC to 3.125 BTC, effectively limiting the rate at which new Bitcoin enters circulation and increased the difficulty of Bitcoin Mining. Historically, halvings have been associated with price surges, as the reduced supply often coincides with increased demand. While Bitcoin’s immediate post-halving price movements were modest, many analysts predicted that the long-term effects would support a sustained bull market. This event reaffirmed Bitcoin’s deflationary nature, attracting institutional investors seeking stable, inflation-resistant assets.

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Post-Halving Effects: Volatility and Speculation

The period following the halving saw heightened volatility in Bitcoin Price, with sharp fluctuations creating opportunities and risks for traders. Some viewed this volatility as a sign of healthy market activity, while others expressed concerns about speculative bubbles. Regardless, the post-halving period reaffirmed Bitcoin’s position as a unique asset class with its own economic dynamics, distinct from traditional commodities and securities.

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Ethereum ETFs: Expanding the Horizons of Investment

In July 2024, the SEC expanded its approval to include Ethereum ETFs, allowing investors to access the second-largest cryptocurrency through regulated financial products. These ETFs opened the door for institutional players who were previously hesitant to invest in Ethereum, despite its dominant role in decentralized finance (DeFi). The approval boosted Ethereum’s adoption, further solidifying its position as a leader in blockchain technology.

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Changpeng Zhao’s Release: Moving Beyond Binance

In September 2024, Changpeng Zhao, the founder of Binance, one of the major crypto exchange, was released from a four-month prison sentence following his guilty plea to anti-money laundering violations. During his incarceration, Binance’s operations were overseen by new leadership, with Zhao expressing no intention of returning to the company after his release. In an interview, he stated, “I don’t think I want to go back,” marking a definitive end to his seven-year tenure as Binance’s leader. His departure signals a significant shift for the company, as it adapts to evolving regulatory challenges under fresh leadership.

Despite stepping away from Binance, Zhao’s influence in the cryptocurrency world remains considerable. During his time in prison, his net worth increased by $12 billion, driven by the Trump pump and Bitcoin’s record-breaking rally. Zhao has also indicated an openness to new ventures, receiving multiple offers to sell his controlling stake in Binance. However, he has yet to act on these offers, stating that he is “happy to review every offer” but has not made any moves. Zhao’s next steps remain a topic of speculation within the industry, as his expertise and prominence could shape new projects outside of Binance.

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Do Kwon’s Extradition: The Saga Continues

The extradition of Do Kwon, co-founder of Terraform Labs, remains mired in legal uncertainty after Montenegro’s Constitutional Court temporarily suspended his extradition to South Korea in October 2024, pending a review of his appeal. This suspension followed the Montenegrin Justice Ministry’s initial decision to approve Kwon’s extradition, which had been contested amid competing claims from the United States and South Korea. Both nations are seeking to prosecute Kwon for his alleged involvement in the collapse of the Terra ecosystem. The Constitutional Court’s intervention has added complexity to the already contentious legal battle, highlighting the challenges of navigating international jurisdiction in high-profile cryptocurrency cases.

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Federal Reserve Rate Cuts: Fueling the Crypto Fire

The Federal Reserve implemented two major rate cuts in 2024, first in September and then in November, to stimulate economic growth. These policy changes had a profound impact on the cryptocurrency market, as lower interest rates made traditional savings instruments less appealing. Investors increasingly turned to Bitcoin, viewing it as a hedge against inflation and economic uncertainty. The September rate cut ignited a surge in Bitcoin prices, while the November cut amplified the bullish sentiment.

Bitcoin’s reaction to the Fed’s moves underscored its growing integration into the broader financial system. As institutional investors sought alternative assets to diversify their portfolios, Bitcoin emerged as a compelling choice. These developments highlighted the interconnectedness of macroeconomic policy and cryptocurrency markets, further validating Bitcoin’s role as digital gold.

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FTX vs. Binance: A Legal Showdown

In November 2024, the former major crypto exchange FTX filed a lawsuit against Binance, a major crypto exchange and its former CEO Changpeng Zhao, demanding $1.8 billion in damages. The case centers around a 2021 transaction where Binance sold its 20% stake in FTX for $1.76 billion. FTX claims that this payment was made using customer funds that FTX and Alameda Research had mishandled. The lawsuit accuses Binance of acting irresponsibly and alleges that this transaction contributed to FTX’s financial troubles.

FTX also blames Zhao for making public statements in November 2022 that worsened its liquidity crisis, leading to the exchange’s downfall. Binance has dismissed the allegations, calling them unfounded, and has vowed to challenge them in court. This lawsuit is part of FTX’s efforts to recover money for its creditors after its bankruptcy. As the legal proceedings unfold, the outcome could set important precedents for how disputes are handled in the cryptocurrency exchange and industry.

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Coinbase Stock Breaks $300 Barrier

November 2024 was a milestone for Coinbase, a US crypto exchange, as its stock price surpassed $300, reflecting renewed investor confidence. Coinbase’s focus on compliance and innovation helped it weather regulatory challenges while expanding its product offerings. Its ability to adapt underscored its resilience in a rapidly evolving industry.

The milestone highlighted the growing acceptance of cryptocurrency exchanges in traditional financial markets. It also underscored the importance of building trust through transparent operations and strong governance, setting an example for other players in the space.

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Bitcoin’s All-Time High: Riding the Trump Pump

In November 2024, Bitcoin hit a record-high price of $93,450, an event that electrified the entire crypto market. The surge, widely referred to as the “Trump pump,” was fueled by Donald Trump’s re-election and investor optimism about his administration’s crypto-friendly policies. Trump had promised to support blockchain innovation and cut taxes for crypto companies, which excited investors and drove Bitcoin prices to new heights.

The broader market also benefited from the Trump pump, with altcoins like Ethereum and Solana experiencing significant price gains. The event highlighted how Bitcoin often serves as the anchor of the cryptocurrency market, driving sentiment and liquidity across the ecosystem.

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Post-Election Rally: Bitcoin Nears $90,000

Bitcoin’s post-election momentum didn’t stop with the Trump pump. The cryptocurrency soared further, nearing the $90,000 mark as institutional investors jumped into the rally. Hedge funds and asset managers saw the potential for a stable regulatory climate under Trump’s leadership and began adding Bitcoin to their portfolios. Trading volumes reached record highs during this period, showcasing heightened enthusiasm among both institutional and retail investors.

Altcoins such as Ethereum, Solana, and Cardano also experienced significant gains during this period, reflecting the broader market’s response to renewed confidence in the sector. The rally further demonstrated how political stability and regulatory clarity can drive market confidence and growth.

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Donald Trump’s Media Group Considers Acquisition of Crypto Exchange Bakkt

Trump Media and Technology Group (TMTG) is making significant strides in the crypto exchange space, with reports indicating advanced talks to acquire Bakkt, a crypto exchange. This potential purchase comes amidst a booming digital asset market, coinciding with President-elect Trump’s re-election and his deepening involvement in cryptocurrencies through his majority ownership of TMTG. The Financial Times disclosed that TMTG, the operator of Truth Social, is finalizing an all-share deal with Bakkt, although specific valuation details remain undisclosed.

As Bitcoin price surges to unprecedented levels, currently nearing $100,000, the speculation around Trump’s support for digital assets has fueled market optimism. Following the news, Bakkt’s shares, supported by Intercontinental Exchange, surged significantly, reflecting the market’s enthusiasm. This move not only aligns with Trump’s vocal advocacy for cryptocurrencies leading up to his re-election but also marks a strategic consolidation of his presence within the crypto industry. Amidst these developments, the broader cryptocurrency market has experienced remarkable growth, with Ethereum and decentralized finance tokens also witnessing substantial upticks, underlining the widespread excitement and potential Trump’s renewed crypto focus brings to the digital asset landscape.

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Conclusion: A Year of Transformation

The events of 2024 have reshaped the cryptocurrency industry, marked by unprecedented market movements, groundbreaking regulatory milestones, and high-stakes legal confrontations. From Bitcoin’s Trump pump and all-time high to the approval of Bitcoin and Ethereum ETFs, this year showcased the sector’s potential for growth and innovation. Legal battles involving figures like Sam Bankman-Fried, Changpeng Zhao, and Do Kwon underscored the importance of accountability and compliance in a rapidly evolving space.

As the crypto world looks ahead to 2025, the lessons of 2024 will continue to shape its trajectory. With increasing institutional participation, advancing technology, and a maturing regulatory landscape, the cryptocurrency industry is poised for even greater growth. This year’s events have not only reaffirmed the resilience of digital assets but also highlighted their potential to redefine global finance in the years to come.

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