2024’s Game-Changing Moments: 10 Events That Transformed Crypto!
When Bitcoin burst onto the scene in 2009, it didn’t just create a digital currency; it ignited a revolution that has now given rise to an astonishing cryptocurrency market valued at over $3 trillion! That’s right—what started as an experiment in decentralized finance has evolved into a powerhouse that has transformed how we think about money.
Over the last 15 years, the crypto industry has been a rollercoaster ride filled with groundbreaking innovations and jaw-dropping events. Just take a look back at 2014 when the first stablecoin—BitUSD—hit the market, forever changing the landscape of crypto transactions.
And who could forget Bitcoin’s astounding journey? From a meager value of less than a dollar to soaring heights of $20,000! It’s been a wild ride, and as we approach 2024, we can’t help but reflect on the pivotal moments that have shaped this dynamic industry.
Top 10 Crypto Events of 2024
2024 has emerged as a landmark year for crypto enthusiasts. Bitcoin recently shattered the $100,000 barrier—an achievement long dreamed of by traders and investors alike! Alongside this monumental milestone, we witnessed various countries grappling with crypto regulations, signaling a new era of governance in the digital asset space.
But perhaps the most electrifying event of the year was the election of Donald Trump as the ‘crypto President.’ His victory sent Bitcoin soaring past the $100,000 mark, triggering an absolute frenzy in the crypto market!
However, the year wasn’t without its challenges. In Nigeria, a heavy crackdown on crypto businesses, particularly Binance, resulted in the detention of two employees for several months. Additionally, Binance’s CEO was sentenced to four months in prison for allowing money laundering on the platform. Yet, amidst these challenges, Binance still managed to achieve a staggering $23 billion in customer deposits—the highest of any centralized crypto exchange worldwide. ByBit followed suit with $8 billion in deposits.
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This year has seen its share of triumphs and trials, but the following events truly stand out as game-changers for crypto enthusiasts.
Bitcoin Crosses $100K
On December 4, 2024, Bitcoin achieved a historic milestone, reaching a whopping $100,000! This momentous occasion is one that traders and investors have eagerly awaited. The driving force behind this dramatic surge? Trump’s electoral victory, which came with a promise to champion cryptocurrency and stimulate market growth in the U.S.
Yet, investment analyst Dan Coatsworth from AJ Bell cautioned, “Smashing through the $100,000 level doesn’t mean Bitcoin is going mainstream—it’s just a psychological milestone.” This sentiment suggests that while the excitement is palpable, we might see a slow down in 2025.
Sentencing of Binance CEO Changpeng Zhao
April 2024 marked a turning point when Changpeng Zhao, the former CEO of Binance, was sentenced to four months behind bars after admitting to violations of U.S. money laundering laws linked to the world’s largest crypto exchange. Zhao, who is worth $57 billion, also faced a personal fine of $50 million, while Binance was hit with a staggering $4.3 billion penalty.
Despite this setback, Binance remains the leading centralized exchange globally, proving that the crypto giant is built to weather storms.
Approval of Bitcoin and Ethereum ETFs
In January 2024, the U.S. Securities and Exchange Commission (SEC) approved its first spot Bitcoin exchange-traded funds (ETFs), followed by Ethereum ETFs in July. This pivotal move allows everyday investors to buy into Bitcoin and Ethereum via traditional stock market platforms, making these digital assets more accessible and fostering greater trust from regulators.
The Tap-to-Earn Craze
This year, the tap-to-earn phenomenon took Nigeria by storm, powered by Telegram-based games where users earn tokens simply by tapping their screens. The excitement peaked with Hamster Kombat, which amassed an astonishing 100 million users within just three months of its April launch!
Busha and Quidax Get Nigeria’s First Crypto Exchange License
In a groundbreaking move, Nigeria’s SEC granted provisional licenses to Busha and Quidax in August 2024, a significant step in regulating and legitimizing cryptocurrency operations in the country. This development instills investor confidence and fosters a safer trading environment.
South Africa Approves 138 Crypto Licenses
By July 2024, South Africa’s Financial Sector Conduct Authority (FSCA) had granted 138 crypto licenses, showcasing the nation’s commitment to regulating this burgeoning industry. It will be fascinating to see how these initiatives shape the regulatory landscape in 2025.
Trump’s Crypto Allegiance
Once a skeptic of cryptocurrency, President-elect Trump made a bold 180°, declaring his intention to position the U.S. as the “crypto capital of the world.” His victory sent ripples across the market, leading to a robust bull run as the community anticipates a pro-crypto administration.
U.S. SEC Chair Gary Gensler Resigns
Late in 2024, SEC Chair Gary Gensler announced his resignation, effective January 20, 2025, coinciding with Trump’s inauguration. Known for his stringent enforcement of regulations against crypto companies, Gensler’s departure could signal a seismic shift in how the SEC approaches digital assets. Trump’s administration aims to appoint a leader who will champion the crypto sector.
Mt. Gox Repayment Plan
Founded in 2019, Mt. Gox was among the earliest crypto exchanges, but it collapsed in February 2014 after a catastrophic hack that saw around 850,000 bitcoins—worth $450 million at the time—vanish. Good news surfaced in July 2024 when the company announced plans for repayments to investors affected by the collapse!
These significant events have profoundly shaped the crypto landscape, impacting investors, businesses, and the regulatory framework worldwide. As we look ahead, brace yourself for 2025—it’s bound to bring surprises that could shake the very foundations of the crypto world!
