The crypto industry witnessed several developments in 2024 in terms of market trends and odds, regulations and emerging technologies and of course, politics. Whether it was the victory of Donald Trump in the US presidential elections in 2024, the imprisonment of CZ of Binance, or SEC vs Ripple case or Bitcoin hitting $100K.
Crypto mattered in 2024. While the market in Q4 of 2024 saw an unprecedented bull run in crypto, there were several other landmark events as well that shaped the sector, paving the way for further greater adoption in 2025.
So in this recap, we will focus on the major events in the year 2024 how these events have changed the market and the players involved, and what the future holds for cryptocurrencies.
1. Donald Trump Embraces Crypto
Talk of the town? No, Talk of the world! Donald Trump’s grand victory on 5th November 2024, for U.S. presidential elections has created a huge impact on the Crypto Community 2024. Trump has promised to make America “the Bitcoin Mining capital” of the world and to ensure that every single Bitcoin is mined in the country.
As a testimony to the euphoria around Trump’s victory, the price of Bitcoin shot up astronomically post-November 5, 2024, and crossed the $100,000 mark for the first time. Now, Trump is going to take oath on 20th January 2025, and the community can’t stop guessing about the implications of the event on Bitcoin and other important elements of the industry.
2. SEC vs Ripple Case
The legal saga between Ripple and the U.S. Securities and Exchange Commission (SEC) began in December 2020, when the latter filed a lawsuit against Ripple, claiming that the company had been selling XRP as an unregistered security.
This case became a focal point for the entire cryptocurrency industry, as its outcome had the potential to define how digital assets would be regulated in the U.S. Ripple defended XRP as a payment token, similar to Bitcoin, and argued that it should not be classified as a security.
For nearly four years, Ripple fought to clear its name, with various legal motions and rulings shaping the case’s direction. However, in October 2024, Ripple scored a major victory. The court ruled that XRP is not a security under U.S. law, effectively dismissing the SEC’s claims. This ruling was a turning point not only for Ripple but for the entire crypto industry, providing much-needed regulatory clarity.
The aftermath of the court decision was swift and positive for Ripple. XRP’s legal standing was solidified, and its price surged, reflecting investor optimism. More importantly, the ruling opened doors for Ripple to expand its cross-border payment solutions without the looming threat of securities regulation. With over 300 financial institutions already partnering with Ripple, this legal victory is expected to accelerate its adoption globally.
3. Bitcoin hits $100K
On December 4, 2024, Bitcoin, the first cryptocurrency, hit the astonishing mark of $100,000, shutting up every single sceptic and non-believer, who ever doubted the potential of this digital gold. Buoyed by the victory of Donald Trump in the U.S. Presidential elections, Bitcoin reached an all-time high and its market volume surpassed all imaginations.
As BTC reached the $100,000 mark, nations and corporations got in a race to increase their Bitcoin reserve and Trump reiterated his electoral promise of creating a U.S. Strategic Reserve for it. This again can be seen as a great achievement for Bitcoin as well as posing an interesting question regarding the impact political events might have on DeFi markets.
4. CZ Arrested & Released
Changpeng “CZ” Zhao the co-founder and Former CEO of the Binance – the largest cryptocurrency exchange to date – was arrested in 2024 for contravening the Bank Secrecy Act and money laundering. The charges, in this case, relate to his time as the CEO of the company.
CZ later stepped down in November 2023 after pleading guilty to charges levelled on him by the U.S. Department of Justice (DOJ). He was first convicted to 3 years imprisonment but after appealing to his defense lawyers he received a probation. His arrest is one of the milestones in the never-ending process of investigating large participants in the sphere of cryptocurrencies.
5. Wazir X Hack
WazirX suffered a $234.9 Million loss of users’ crypto funds in a massive cyber hack on one of its multi-sig wallets on July 18, 2024.
WazirX, a major Indian-based cryptocurrency exchange, has suffered a major blow that has seen it lose $234.9m; which is about half its total value – to a huge security breach.
This breach, detected by Cyvers Alerts, has brought to the limelight the issue of the susceptibility of crypto platforms to cybercriminals’ attacks. This not only affects the financial investment of the people but also emphasizes the importance of improved security in the cryptocurrency field experiencing rapid growth.
6. $QUANT Rugpull by 12-year-old
A 12-year-old boy has sent shockwaves through the cryptocurrency community after orchestrating a “rug pull” on a newly launched token. The token, named QUANT, was launched on the platform pump.fun, where the boy watched as its price skyrocketed by 260% within minutes of going live. In less than an hour, he dumped all his QUANT tokens, leaving traders who had just bought in high and dry.
The boy made a staggering $30,000 profit by artificially inflating the token’s value before cashing out.
Adding insult to injury, the young hacker taunted his victims online, posting a disrespectful gesture at those who fell victim to his exploit. This audacious act has sparked widespread outrage and raised questions about the lack of regulation and oversight in the cryptocurrency space.
7. DMM Bitcoin Hack
Late last year, DMM Bitcoin, one of Japan’s leading bitcoin exchanges, stated that the company had suffered a major hack and $300m in bitcoins had been stolen.
The leakage which the company blamed on unauthorized access into its digital wallet, unveiled a staggering 48.2 billion yen ($300 million) which is equivalent to 4, 502, 9 Bitcoins. It has been seen regarding the security breach risks looming large over the exchanges as well as the inherent necessity of safety measures in the crypto sector.
8. Bitcoin Halving
Bitcoin mining reward has now halved for the fourth time since the virtual currency’s creation as outlined in the coin’s white paper by Satoshi Nakamoto. Halving is a concept under which the incentive for adding Bitcoin transactions to a blockchain is cut in half. The last division took place on April 20, 2024, at block number 840,000 the mining reward was reduced to 3.125 BTC from 6.25 BTC.
This halving event is an important feature of the Bitcoin monetary policy and scarcity, and the next halving is predicted to occur on the 17th of April, 2028. At the current rate of halving, the mining reward would be halved to 1.5625 BTC which would further bring down the rate at which new Bitcoin is generated.
The 2024 Halving meant further consolidation of the Bitcoin mining sector which is now heavily dominated by governments and conglomerates.
9. ETF Approval
Experts have predicted that in 2024, Bitcoin ETF approval will be one of the highest points in the crypto industry. These exchange-traded funds (ETFs) are an approved method of trading in Bitcoin with no need to own the cryptocurrency directly. These enhancements relate to important safeguards that the approval entails, including requirements for full, fair and truthful disclosures from Bitcoin ETF sponsors to investors.
Furthermore, these products will be deposited and traded on registered national stock exchanges, in accordance with provisions aimed at more levels of fraud and market manipulation. However, the approval excludes crypto trading platforms as many of the companies continue to violate federal securities laws.
10. Craze of Telegram Games
By 2024, Telegram turned out to be, not only an application that is known as a simple messaging application but a platform for the highly popular crypto gaming industry that attracts millions of gamers in the world.
Getting bots, groups, and non-disruptive chat options all in one, Telegram has become a go-to platform for mobile-first games. Total gaming revenues set new records in 2024 and Telegram’s chat-based games enjoyed a portion of this growth as users shifted towards more interactive and communal forms of gameplay.
Games from Telegram like NotCoin and Catizen have paved the way for these kinds of games, through their simple approach, the usage of the blockchain feature and mastering storytelling.
For example, NotCoin had 35 million active users per day, etc., providing a viable virtual economy through the integration of the blockchain. On the other hand, free-to-play Catizen has created a strong and active player base from community events and seasonal promotions and earning $million.
Telegram is a harmonious combination of social contacts, plus convenient gameplay, it will soon become the world of mobile entertainment, where companies can communicate with users grow rapidly, and invest in the development of applications.
Summary
This year, particularly in 2024 has seen various legal developments, enhanced technologies and changes in the nature of the crypto coin market. Some of them include; Ripple’s victory over the SEC, Increased adoption of DeFi, Eand mergence of Institutions into the market.
This year’s activities are not just the acts that mark specific accomplishments but the stepping stones to achieving a more synchronized and better-policed culture of cryptocurrencies for investors and other developers.
