Unveiling 2024’s Hottest Crypto Buzz: The Top 5 Must-Read Stories!
2024 was nothing short of revolutionary for the cryptocurrency universe, a year that reshaped the digital asset landscape in ways we could only dream of.
With Bitcoin’s highly anticipated halving and the dynamic fusion of politics and blockchain, this year’s headlines were electrifying, capturing the attention of investors, institutions, and regulators across the board.
As we reflect on the year’s journey, it’s evident that cryptocurrencies have transitioned from a niche interest to a powerful player in the global financial arena.
As the curtain falls on 2024, let’s dive into the most popular crypto news stories that defined the year, highlighting the monumental events surrounding Bitcoin and Ether.
1. Bitcoin’s Latest Halving is Complete: Here’s What Went Down
The buzz around Bitcoin reached a fever pitch on April 19, 2024, at 8:10 p.m. EDT, when ViaBTC successfully mined block number 840,000, heralding the latest Bitcoin halving.
This pivotal moment slashed miners’ rewards from 6.25 Bitcoins to 3.125, marking yet another significant chapter in Bitcoin’s saga.
Post-halving, Bitcoin’s price held steady between $63,000 and $65,000, eventually nudging up 2.2% to $66,243 by April 22. In an impressive display, Bitcoin’s market cap skyrocketed by 142%, even momentarily eclipsing silver’s market cap in March.
Historically, Bitcoin halvings have triggered substantial price surges, but the 2024 event was particularly unique, coinciding with a surge in institutional interest driven by the approval of Bitcoin exchange-traded funds (ETFs) and a favorable macroeconomic backdrop.
However, miners felt the pinch as their block rewards dwindled, prompting a shift towards more efficient hardware to maintain profitability amidst rising production costs estimated at $37,856 per Bitcoin post-halving.
2. Bitcoin Hits Record High on Reserve Asset Speculation
On December 16, Bitcoin shattered all previous records, rocketing to an astonishing $107,554, spurred by speculation that President-elect Donald Trump might designate it as a U.S. reserve asset.
This meteoric rise followed Trump’s December 12 CNBC interview, where he outlined his vision for a strategic cryptocurrency reserve, citing the need for the U.S. to assert its dominance in the crypto realm. This wasn’t his first mention of such a plan, as we’ll explore in the next story.
Amidst a backdrop of robust institutional investment, digital asset inflows surged to $3.2 billion during the week of December 9-13, while Bitcoin ETFs globally amassed over $135 billion in assets, reflecting soaring demand.
On the national stage, governments enhanced their Bitcoin holdings, with the U.S. owning nearly 200,000 Bitcoins valued at over $20 billion during this record-setting moment.
Trump’s pro-crypto administration, bolstered by key appointments like David Sacks and Paul Atkins, fueled investor optimism in a market already buzzing with potential.
3. Crypto Market Abuzz with Rumors of Trump’s Bitcoin Reserve Announcement
Flashback to last July, just before the U.S. election: speculation soared when then-candidate Donald Trump delivered a game-changing keynote at a Bitcoin conference in Nashville, Tennessee.
Promising a radical overhaul of U.S. cryptocurrency policy should he reclaim the presidency, Trump declared his intention to position the United States as the “crypto capital of the planet” and proposed establishing a Bitcoin strategic reserve leveraging government-held cryptocurrencies.
This marked a striking departure from his previous skepticism towards digital assets, igniting investor enthusiasm and market volatility.
The idea of Bitcoin as a strategic reserve asset raises pivotal questions about its integration into national financial systems. While advocates view this as legitimizing Bitcoin as “digital gold,” skeptics warn of its inherent volatility and cybersecurity risks.
4. ASX Unveils First Bitcoin ETF as Crypto Takes Center Stage
In a groundbreaking move for Australia’s financial sector, the Australian Securities Exchange (ASX) introduced its inaugural Bitcoin exchange-traded fund (ETF) on June 20.
The VanEck Bitcoin ETF (ASX:VBTC) offers Australians an accessible gateway to Bitcoin’s price movements through traditional brokerage accounts.
Backed by an initial investment of AU$985,000 (US$657,000), this launch reflects the surging demand for digital asset investment options in Australia.
This trend aligns with global movements, as spot Bitcoin and Ether ETFs debuted in the U.S. in January and July, while Hong Kong opened trading for Bitcoin and Ether ETFs in April.
Bitcoin’s stellar performance throughout 2024 further fueled the ETF’s popularity, with its value nearly quadrupling since early 2023. Other firms in Australia, including BetaShares and DigitalX, followed suit, launching their own crypto ETFs.
5. Spot Ether ETFs Make Their U.S. Debut
After months of buzz and anticipation, the U.S. market welcomed nine spot Ether ETFs on July 23.
Trading on major exchanges like the New York Stock Exchange, Nasdaq, and the Chicago Board Options Exchange, these ETFs provide regulated exposure to Ether, the second-largest cryptocurrency by market cap.
The newly launched spot Ether ETFs include:
- Grayscale Ethereum Mini Trust (ARCA:ETH)
- Grayscale Ethereum Trust (ARCA:ETHE)
- Bitwise Ethereum (NYSE:ETHW)
- VanEck Ethereum (CBOE:ETHV)
- 21Shares Core Ethereum (CBOE:CETH)
- Invesco Galaxy Ethereum (CBOE:QETH)
- Fidelity Ethereum (CBOE:FETH)
- Franklin Ethereum (CBOE:EZET)
- iShares Ethereum Trust (NASDAQ:ETHA)
The SEC’s green light for these ETFs followed a stretch of regulatory uncertainty, with the commission previously expressing concerns about Ether’s classification and the complexities surrounding crypto staking.
However, after reviewing updated applications, the SEC approved these ETFs on May 23, a decision that spurred Ether’s price upward. Although their launch was slower than hoped, Ether ETFs ultimately attracted net inflows of $2.62 billion in 2024 as of December 30, according to Farside Investors.
Stay ahead of the game—follow us on @INN_Technology for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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