The most noteworthy year! A look back at crypto’s historic moments in 2024
Reprinted from chaincatcher
12/24/2024·4MAuthor: flowie, ChainCatcher
Editor: Nian Qing, ChainCatcher
2025 is coming. Looking back at the encryption development in 2024, there are too many historical moments that are worth writing about.
This year, many catalysts such as Wall Street giants, the U.S. election, the Bitcoin halving, and the Federal Reserve’s interest rate cuts were behind the bullish trend in the crypto market.
We have witnessed historic moments such as the approval of the Bitcoin Ethereum spot ETF, the White House ushering in the first "crypto president", Bitcoin breaking through 100,000 US dollars, and the Bitcoin concept stock MSTR joining the Nasdaq 100 index; we have also suffered from macroeconomic shocks. The adjustment brought about many dark moments when the market plunged and billions of dollars evaporated.
This year, memes have been encircling VC coins, and the copycat season has been late. Memes seem to be played out every day, but old altcoins led by Ethereum have been criticized many times. New ways of playing games and new assets such as the TG/TON point-earning mini-game, Pump.fun one-click coin issuance, and AI agent are all the rage, but some people are happy and some are worried. "The crypto market is disconnected from each other", "Who is making money in this cycle?" and "Is it outperforming Bitcoin?" once became the hottest topics.
ChainCatcher took stock of major crypto events from the beginning to the end of the year, looking back on the ups and downs of the year while welcoming and looking forward to 2025.
U.S. Bitcoin Spot ETF ****Approved—“Institutional Bull”
Starts****
January 11
After a decade-long battle with U.S. regulators, in the early morning of January 11, Beijing time, the U.S. Securities and Exchange Commission (SEC) officially approved 11 Bitcoin spot ETFs, including BlackRock, Fidelity Funds, Invesco, and Grey. Traditional and emerging capital, such as Dou, have entered the cryptocurrency market through Bitcoin spot ETFs.
The approval of the U.S. Bitcoin spot ETF has also officially allowed the Crypto industry to survive the deep bear and start a new round of bull market.
Circle submits IPO application again - new process of
encrypted IPO
January 11
Circle, the USDC stablecoin issuer, is reported to have applied to be listed again. Circle had previously planned to merge with a SPAC company in 2021 to go public, but it ended in failure. Circle applied for an IPO again after a lapse of three years, which may lay the foundation for encryption companies to promote IPOs.
****Bitcoin plunges after breaking new highs - $1.2 billion
evaporated****
March 5
At 23:05 on March 5, the price of Bitcoin crossed the $69,000 mark, which was the latest historical high since the creation of the first Bitcoin block in January 2009. However, it quickly fell back after reaching a new high, once falling below $60,000 during the session.
Data as of 9 a.m. on March 6 show that more than 310,000 traders were liquidated in 24 hours, totaling $1.19 billion.
****Ethereum completes Cancun upgrade - Layer 2 enters fee reduction
era****
March 13
At 21:55 on March 13, Beijing time, the Cancun-Deneb upgrade (Cancun-Deneb) was officially activated on the Ethereum mainnet at block height 269568 after dozens of test calls and development network tests. This is the largest scale since the merger of Ethereum. With the upgrade, Ethereum Layer 2 has entered the era of fee reduction.
" What are project parties and users busy with during the Cancun upgrade?" 》
Starbucks terminates NFT plan - large-scale application ****of
NFT**** still has a long way to go
March 16
Starbucks announced the end of its beta Web3 customer loyalty program Starbucks Odyssey on March 31. This plan is launched by Starbucks in 2022 and is its first foray into Web3. Large traditional platforms such as Starbucks are not alone in leaving NFT. The large-scale use of NFT still faces huge challenges.
****KuCoin sued by U.S. Department of Justice - another exchange hit
after Binance****
March 26
The U.S. Department of Justice charged KuCoin and its two founders, Chun Gan and Ke Tang, with "conspiracy to violate the Bank Secrecy Act and conspiracy to operate an unlicensed money transmission business," with each count punishable by up to five years. Imprisonment is another indictment launched by the U.S. Department of Justice against the founder of a crypto exchange after the case of Binance and its founder Changpeng Zhao.
" Sueded by the United States, expelled from many places, KuCoin was "disliked" for two years "
SBF sentenced to 25 years in prison - FTX ****fraud case
recorded in crypto history****
March 28
SBF was tried in Manhattan federal court and was eventually sentenced to 25 years in prison and ordered to pay a fine of $11 billion for multi-billion dollar fraud.
****The first meme on pump.fun became popular - one-click coin issuance
officially entered the community 's vision****
April 5
Pump.fun is a one-click currency issuance platform launched on the Solona chain in January, but it really entered the crypto community’s horizons probably in April. On April 5, the first meme TEST deployed on Pump.fun, due to some technical vulnerabilities, the community contacted the team and later confirmed that the meme was deployed by the Pump.fun team. A large number of traders poured into pump.fun, and subsequently updated The polytheism meme is fermented on Pump.fun. The “one-click coin issuance” model has also spread from Solana to other public chains.
****SEC issues Wells warning to Uniswap - even leading companies cannot
escape the clutches of regulation****
April 11
Uniswap founder Hayden Adams said that Uniswap Labs has received a formal Wells Notice from the U.S. Securities and Exchange Commission (SEC), and the U.S. SEC plans to file a lawsuit against it. UNI, the native token of the Uniswap platform, plummeted after hearing the news, falling all the way from US$11.2 to US$8.9, a short-term drop of more than 20%.
" Sued by the SEC, UNI fell by more than 20%. Can Uniswap "pay the money to avoid disaster"? 》
Bitcoin completes fourth halving – but influence has changed
April 20
In the early morning of April 20, at block height 840,000, Bitcoin completed its fourth halving. Halving has always been the biggest catalyst for the bull market, but this time the halving has received less attention due to the maturity and complexity of the encryption industry, as well as factors such as Bitcoin ETFs.
" Bitcoin will be a bull market after its halving. Can history reflect reality again?" 》
****Hong Kong Virtual Asset ETF Approved – An Important Step for Asia’s
Crypto Market****
April 24
The official website of the Hong Kong Securities and Futures Commission (SFC) has listed the Bitcoin and Ethereum spot ETFs of China Asset Management (Hong Kong), Boshi International and Harvest International. The approval dates are April 23, 2024. This is the first time such a product has been launched in the Asian market.
Tornado Cash Developer Sentenced – Crypto Privacy Challenged
May 14
Tornado Cash developer Alexey Pertsev, a 31-year-old Russian citizen, was sentenced to 5 years and 4 months in prison in the Netherlands for laundering $2.2 billion on a cryptocurrency mixer platform. Pertsev had previously been imprisoned for eight months.
It is generally believed in the industry that this case will not only be a watershed in DeFi regulation, but will also change the process of encryption privacy and have a "chilling effect" on the global open source community. Open source software developers were found guilty, and it also marked that Web3 smart contract developers will be subject to Constraints of traditional framework laws.
" Tornado Cash developer sentenced, "Code is speech" dead? 》
Notcoin is listed on Binance - Telegram ****mini-game
trend officially started****
May 16
The Telegram/TON mini game Notcoin attracted extensive participation from more than 35 million users in just a few months, and was launched on Binance on the evening of May 16th, driving the tap to earn model and Telegram/TON mini game trends.
****Binance adjusts its currency listing strategy to deal with the
rampant use of “high FDV + low circulation” tokens****
May 20
After " high FDV + low circulation " tokens became rampant and caused strong dissatisfaction in the crypto community, on the evening of May 20, Binance announced a new open recruitment plan for currency listing projects in response to this phenomenon , and will be the first to support small and medium-sized cryptocurrency projects. Binance sincerely invites high-quality teams and projects to apply for currency listing, including Direct Listing, Launchpools, Megadrops , etc. After OKX, other exchanges also launched corresponding currency listing strategies.
****The FIT21 bill passed the U.S. House of Representatives - an
important change in the attitude of U.S. lawmakers****
May 22
The Financial Innovation and Technology Act for the 21st Century ("FIT21") is the first bill that attempts to comprehensively define how the U.S. should regulate the crypto market. On May 22, the FIT21 bill passed the House of Representatives with a vote of 279 to 136.
Although it is still uncertain whether the Senate will pass it, it has proven that U.S. lawmakers’ views on cryptocurrencies are changing, and the crypto industry has taken a “big step.”
U.S. Ethereum spot ETF approved – boost to ETH ****rally
appears weaker than expected****
May 24
At around 5 a.m. on May 24, the U.S. Securities and Exchange Commission approved Form 19b-4 for eight spot Ethereum ETFs. The eight issuers are Grayscale, Bitwise, iShares, VanEck, ARK & 21Shares, Invesco & Galaxy, and Fidelity. , Franklin.
" The U.S. SEC finally "released" the Ethereum spot ETF successfully! 》
SEC ends investigation into Ethereum 2.0 – another crisis lifted
June 19
Ethereum infrastructure development company Consensys posted on social media that the enforcement department of the U.S. Securities and Exchange Commission (SEC) has informed them that it is concluding its investigation into Ethereum 2.0. This means that the SEC will not bring charges that the sale of ETH was a securities transaction. "This 14-month investigation has finally come to an end and achieved satisfactory progress.
" Ethereum wins a phased victory in SEC investigation, U.S. regulatory winds may change"
Solana launches Blinks function - ****a new entrance for
large-scale Web3**** applications
June 25
The Solana Foundation announced the launch of two new features, Solana Actions (transactions) and Solana Blinks (blockchain links), which will allow users to connect and send transactions without leaving the website they are currently on. It has caused heated discussions on Web2 and Web3 links and large-scale applications in the encryption field.
Cryptocurrency plummeted, panic hit a new low in nearly a year -another nearly 700 million evaporated
July 5
Multiple factors such as the start of huge compensation in Mentougou and the reduction of BTC holdings by the German government have caused the crypto market to plummet.
At noon on July 5, BTC briefly fell below US$54,000, reaching a low of around US$53,200, setting a new low since February 26 this year. The maximum decline in 24 hours exceeded 10%. The entire altcoin market was also a large-scale disaster market.
Within 24 hours, positions across the entire network exceeded US$660 million, and Bitcoin contract positions on the entire network fell by more than 10% in 24 hours.
****Hong Kong 's stablecoin issuer "sandbox" released - JD.com's entry
into the spotlight****
July 18
The Hong Kong Monetary Authority announced the first batch of three "sandbox" participating institutions, including JD Coin Chain Technology (Hong Kong) Co., Ltd., Yuanbi Innovation Technology Co., Ltd., as well as joint applicants Standard Chartered Bank (Hong Kong) Co., Ltd. and Ansu Group Co., Ltd. Company (Animoca Brands Limited), Hong Kong Telecommunications Limited (HKT).
Among them, the parent company of JD Coin Chain Technology is JD Technology. JD’s active exploration of stable coins may stimulate other domestic Internet companies to resume blockchain business to a certain extent and bring more positive signals to the encryption industry. .
****Trump attends Bitcoin conference – making multiple crypto
promises****
July 28
With much anticipation, Trump arrived on the main stage of the Bitcoin Conference as scheduled and delivered a keynote speech, promising to include Bitcoin in the national strategic reserve, fire SEC Chairman Gary Gensler, and many other post-election encryption promises.
Under this heavy hot topic, a dramatic meme king battle took place. The biggest meme winner was not the Trump concept, but the new Shiba Inu of the owner of Doge prototype Shiba Inu Kabosu - Neiro. Both uppercase and lowercase memes of the same name went viral. , fighting for Long Yi.
OpenSea Receives SEC Wells Notice – NFT
Adds More Negativity
August 28
OpenSea CEO Devin Finzer said the company has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), suggesting possible enforcement action.
Sony launches L2 network Soneium - ****injecting new power into
the Web2**** giant
August 23
Sony Block Solutions Labs, a joint project between Japanese giant Sony Group and Singapore's Startale Labs, said it will launch a Layer 2 network called Soneium on Ethereum, built using OP Stack. On August 28, Soneium officially launched the public test network and announced the developer incubation plan. Not long ago, Sony also acquired crypto exchange Amber Japan.
" A breakdown of Sony's 8-year Web3 layout"
Telegram founder arrested - Web3 ****privacy
challenged****
August 24
Telegram founder Pavel Durov was arrested at Le Bourget Airport near Paris between 7:30 and 8:00 pm on August 24 (Saturday), France local time. French investigators issued a notice regarding his encrypted message violations. A search warrant was issued, and French police also searched Durov's property.
****Global financial markets plummeted horribly - a scary Black
Monday****
August 5
It can be said to be the most frightening Black Monday in history. Almost no one from the global stock market to the cryptocurrency market was spared, and all entered a big plunge mode. BTC fell more than 10% in 24h. ETH fell by more than 20% in 24h, which has basically wiped out all gains this year. In 24 hours, the entire network was liquidated to US$788 million. The amount of loan liquidation on DeFi exceeded US$320 million, setting a new high for the year at the time.
There are multiple reasons for the plunge. The Bank of Japan's unexpected interest rate hike, weak economic data in the United States, and tensions in the Middle East have all caused risk aversion in global markets to reach its peak.
Friend.Tech Soft RUG – Social Fi
Still Can’t Avoid a Flash in the Pan
September 9
The developers of Web3 social network Friend.Tech have given up control of smart contracts and the platform has been shut down. While the platform appears to continue to function, the relinquishing of control makes the introduction of new features almost impossible. The revocation of contract ownership prevents new teams interested in adding features to the social platform from acquiring the platform.
****The Federal Reserve announces an interest rate cut - an important
catalyst for the bull market has arrived****
September 19
The Federal Reserve Board announced that it would lower the target range for the federal funds rate by 50 basis points to a level between 4.75% and 5.00%. This is the first time the Federal Reserve has cut interest rates since March 2020. In order to alleviate domestic inflation in the United States, the Federal Reserve raised interest rates 11 times in a row from March 2022 to July 2023, with a cumulative rate of 525 basis points.
" Boots Drop!" The Fed cuts interest rates, will the Bitcoin bull market begin? 》
****Changpeng Zhao is released from prison - Binance has overcome a major
"catastrophe"****
September 28
____ Changpeng Zhao (CZ), the former leader and co-founder of Binance, was released from prison and later posted "GM" on the X platform, his first tweet after his release from prison.
****Uniswap releases Layer 2 public chain Unichain - its own application
chain becomes a trend****
October 10
DeFi leader Uniswap Labs announced the launch of Unichain and its test network. Unichain aims to become a fast, decentralized Optimism super chain L2 and a cross-chain DeFi and liquidity chain. After the news was announced, the price of UNI continued to surge, with a 24-hour increase of 15%, once exceeding $8.
" Uniswap is also building a chain. Will UNI finally be empowered?" 》
AI Bot autonomously talks and issues meme currency GOAT—— The
beginning of AI meme craze
October 12
An AI Bot called "Truth Terminal" (@truth_terminal) "talked to himself" and came up with the name of a meme currency called GOAT. Then GOAT became popular. Marc Andreessen, the founder of a16z, gave it 50,000 US dollars worth of Bitcoin. It is also regarded as the first meme published by AI, which led to the craze of AI meme publishing.
****Stripe acquires Bridge for $1.1 billion - largest acquisition in
crypto history****
October 21
Stripe, a unicorn in the payment field, has finally finalized the acquisition of stablecoin platform Bridge for US$1.1 billion. This is the largest acquisition transaction in the history of the encryption industry and is also Stripe’s largest acquisition to date.
Trump is elected—the first “Crypto President” is born
November 6
The most dramatic presidential election in American history has finally come to a close. According to real-time election data from Fox News, Trump defeated Harris, who received 62,142,405 votes, by a margin of 67,121,735 votes. He successfully won 277 electoral votes, exceeding the 270 victory threshold and winning the 2024 US presidential election.
Trump's continued lead and successful election have helped BTC once exceed $75,000 and hit a record high, and various crypto sectors have entered a moment of general gains.
" The first "Crypto President" is born! The gears of crypto’s destiny have turned”
****SEC Chairman Gary Gensler Confirms Resignation - Encryption
Regulation Confirms a Turning Point****
November 22
According to an official announcement, US SEC Chairman Gary Gensler will resign on January 20. Trump's presidential term also begins on January 20. Shortly after, Trump nominated Paul Atkins as SEC Chairman.
" Strong-fisted SEC Chairman Gary Gensler finally stepped down when Trump took office"
____****Martial law in South Korea, crypto market plunges - crypto
investors become victims****
December 3
South Korean President Yoon Seok-yue suddenly announced the implementation of "emergency martial law", and the price of Bitcoin on Upbit, South Korea's largest trading platform, once plunged to $65,000.
****Bitcoin breaks through $100,000 – a new milestone and a new starting
point****
December 5
Bitcoin has officially exceeded US$100,000. Since Bitcoin Pizza Day, BTC has increased 40 million times, and the market value of Bitcoin has exceeded US$2 trillion, surpassing the market value of silver and one-tenth of the market value of gold. Bitcoin is recognized and supported by many sovereign countries such as the United States and Japan. This process took Bitcoin only sixteen years. And $100,000 is still the starting point for Bitcoin.
" Bitcoin breaks through $100,000!" New milestone, new starting point》
****Bitcoin concept stock MSTR joins Nasdaq 100 index - witness history
again**** ____
December 13
Nasdaq officially announced the results of the annual restructuring of the Nasdaq 100 Index. MicroStrategy (MSTR) will be added to the index and become one of the 75 largest non-financial companies on Nasdaq.
Eric Balchunas, senior ETF analyst at Bloomberg, said that this move is symbolic of the changing times. CoinDesk senior analyst James Van Straten said this is the second biggest news in 2024, second only to the US-listed Bitcoin spot ETF.
" Witness History: Bitcoin Concept Stock MSTR Joins Nasdaq 100 Index"
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