Crypto Recap of 2024: Events That Made Crypto Headlines

2024 saw a host of advancements in the cryptocurrency sector, encompassing market patterns, probabilities, regulatory changes, and groundbreaking technologies. Notable events included Donald Trump’s win in the US presidential election, the detention of Binance‘s CZ, the ongoing SEC vs Ripple court case, and Bitcoin reaching $100K.

2024 was a significant year for cryptocurrencies. Not only did the final quarter witness an extraordinary surge in the crypto market, but numerous other groundbreaking incidents also took place, collectively shaping the industry and fostering wider acceptance in 2025.

In this summary, let’s delve into the significant happenings of the year 2024 that impacted both the market landscape and the participants, as well as their influence on cryptocurrencies, and a glimpse at what lies ahead in the crypto world.

1. Donald Trump Embraces Crypto

2024’s Talk of the Globe! The grand triumph of Donald Trump on November 5th, 2024, as U.S. Presidential candidate, left an enormous footprint within the Cryptocurrency sphere. Trump’s vision for America includes transforming it into the leading Bitcoin Mining hub globally and enforcing the mining of every single Bitcoin solely within the nation.

In response to the excitement following Trump’s election win on November 5, 2024, the price of Bitcoin soared to unprecedented heights, surpassing $100,000 for the first time. As Trump prepares to take office on January 20, 2025, speculation abounds about how this event might influence Bitcoin and other significant aspects of the cryptocurrency market.

2. SEC vs Ripple Case

In late 2020, the U.S. Securities and Exchange Commission initiated a legal dispute with Ripple. The reason for this action was that the SEC argued that Ripple had been offering the digital asset XRP without proper registration, alleging it to be an unregistered security.

In this instance, the case under scrutiny served as a significant point of interest across the cryptocurrency sector, given its possible impact on how digital assets would be governed within the United States. Ripple contended that XRP functions as a payment token, akin to Bitcoin, and should not be categorized as a security.

For approximately four years, Ripple has been working tirelessly to establish its innocence in court, using numerous legal strategies and decisions to guide the case’s progression. However, in October 2024, Ripple experienced a significant triumph. The court determined that XRP does not fall under U.S. securities law, thus invalidating the SEC’s allegations against them. This decision marked a pivotal moment, not just for Ripple, but for the entire cryptocurrency sector, offering long-awaited regulatory clarity.

As an analyst, I find myself in a position where I can confidently say that the recent court decision has proven beneficial for Ripple. The legal clarity surrounding XRP’s status has been established, and as a result, its value has experienced a significant surge, demonstrating investor confidence. Crucially, this ruling paves the way for Ripple to broaden its horizons in the realm of cross-border payment solutions, free from the constant specter of securities regulation. With more than 300 financial institutions already collaborating with Ripple, this legal triumph is anticipated to catalyze its global adoption at an accelerated pace.

3. Bitcoin hits $100K

On December 4, 2024, Bitcoin, the pioneering cryptocurrency, soared to a breathtaking $100,000, silencing every critic and disbeliever who had doubted its potential. Propelled by Donald Trump’s win in the U.S. Presidential elections, Bitcoin scaled new heights and its market volume outstripped all expectations.

When Bitcoin hit $100,000, many nations and businesses began competing to boost their Bitcoin holdings. Notably, Trump renewed his election pledge by proposing a U.S. Strategic Reserve for it, which could be seen as both a milestone for Bitcoin and a thought-provoking question about the potential influence of political events on decentralized finance (DeFi) markets.

4. CZ Arrested & Released

2024 saw the arrest of Changpeng “CZ” Zhao, co-founder and former CEO of Binance – currently the biggest cryptocurrency exchange worldwide. His arrest was due to allegations of violating the Bank Secrecy Act and money laundering during his time as CEO. In November 2023, CZ admitted guilt to these charges brought forth by the U.S. Department of Justice (DOJ). Initially sentenced to three years in prison, he later received probation following an appeal to his legal team. This arrest is a significant event in the ongoing investigation into prominent figures within the cryptocurrency realm.

5. Wazir X Hack

On July 18, 2024, a significant cyber attack occurred on WazirX’s multi-signature wallet, resulting in the loss of approximately $234.9 million worth of users’ cryptocurrency funds.

WazirX, a significant Indian cryptocurrency exchange, has experienced a substantial setback following a security breach that cost them approximately half their total worth, amounting to $234.9 million. This breach, flagged by Cyvers Alerts, underscores the vulnerability of crypto platforms to cyberattacks, raising concerns about both investors’ financial holdings and the need for enhanced security in the rapidly expanding cryptocurrency sector.

6. $QUANT Rugpull by 12-year-old

A 12-year-old individual has caused a stir within the cryptocurrency world after masterminding a “rug pull” scam involving a newly introduced digital token named QUANT. This token debuted on pump.fun, a platform where the boy witnessed its value surge by an astounding 260% in mere minutes of launch. Within barely an hour, he swiftly sold all his QUANT tokens, leaving investors who had just purchased them feeling deceived and stranded. The boy pocketed a whopping $30,000 through this scheme, which involved artificially boosting the token’s worth before cashing out.

To make matters worse, the juvenile cyber-intruder mockingly taunted his victims on the internet, publicly flaunting a rude gesture towards those unfortunate enough to be targeted by his scheme. This reckless behavior has ignited a storm of indignation and raised concerns about the absence of control and supervision in the world of cryptocurrencies.

7. DMM Bitcoin Hack

Towards the end of last year, it was announced that DMM Bitcoin, a significant bitcoin exchange in Japan, had experienced a significant cyber attack, resulting in an estimated loss of approximately $300 million worth of bitcoins.

As a researcher, I uncovered an alarming incident where a significant amount – approximately 48.2 billion yen ($300 million) or roughly 4,502,900 Bitcoins – was drained from the company’s digital wallet due to what they claimed as unauthorized access. This revelation underscores the mounting concerns about security breaches within cryptocurrency exchanges and highlights the critical need for robust safety measures in the crypto sector.

8. Bitcoin Halving

As a researcher delving into the world of cryptocurrencies, I’m currently observing an event that occurs every four years in the Bitcoin system – the halving. This concept reduces the incentive for validating transactions within the Bitcoin blockchain by half. The most recent reduction occurred on April 20, 2024, at block number 840,000, where the mining reward was lowered from 6.25 BTC to 3.125 BTC, as outlined in Satoshi Nakamoto’s white paper when creating this virtual currency.

The “halving event,” a crucial aspect of Bitcoin’s monetary policy and scarcity, is set to happen on April 17, 2028. This event will decrease the mining reward from its current level to approximately 1.5625 Bitcoins. This reduction in reward will slow down the pace at which new Bitcoins are produced.

As a crypto investor, I’ve observed that the 2024 Halving led to a significant consolidation within the Bitcoin mining sector, with governments and large corporations now wielding considerable influence in the field.

9. ETF Approval

2024 is anticipated to see a significant milestone for the crypto industry: the approval of a Bitcoin ETF. Exchange Traded Funds (ETFs) are a way to invest in Bitcoin without having to own it personally. The benefits of an approved ETF include essential safeguards such as demands for complete, fair, and honest disclosures from Bitcoin ETF creators towards investors.

In addition, these items will be stored and dealt with on recognized national stock markets, adhering to regulations designed to minimize fraudulent activities and market manipulation. Notably, however, the authorization does not cover cryptocurrency trading platforms due to numerous legal breaches of federal securities laws by some companies.

10. Craze of Telegram Games

By the year 2024, I found myself not just using Telegram as a regular messaging app, but as a thriving platform for the burgeoning crypto gaming sector, drawing in millions of gamers globally. The convenience of bots, groups, and non-intrusive chat options made it an ideal destination for mobile-first games. In 2024, total gaming revenues reached unprecedented heights, and Telegram’s chat-based games were a significant contributor to this growth as users gravitated towards more engaging and communal gaming experiences.

Games like NotCoin and Catizen on Telegram have been trailblazers in their genre, offering unique features such as a simple gameplay experience, the integration of blockchain technology, and compelling storytelling. For instance, NotCoin attracted an astounding 35 million active users daily by establishing a robust virtual economy using blockchain. Conversely, Catizen, which is free to play, has built a dedicated player community through organized events and seasonal campaigns, earning millions in the process.

Telegram offers an seamless blend of social interaction and engaging gaming features, positioning itself as a thriving hub for mobile entertainment. Businesses can leverage this platform to engage users effectively and expand at an accelerated pace, while also supporting the creation of innovative apps.

Summary

2024 has been a significant year for the cryptocurrency market, with numerous legal advancements, technological upgrades, and shifts in the crypto coin industry. Among these developments are Ripple’s triumph over the SEC, the growing acceptance of DeFi (Decentralized Finance), and the entrance of institutions into the market. These events aren’t merely isolated achievements but rather milestones on the path to a more harmonious and regulated ecosystem for investors and developers in the crypto world.

2025-01-08 17:26