2024 stood out as a year marked by transformation and growth for the cryptocurrency sector. With Bitcoin reaching historic highs and Ethereum making strategic moves to enhance institutional adoption, the industry secured a significant place in the financial world. Critical SEC approvals, global regulatory steps, and institutional investments turned 2024 into a pivotal year for the global transformation of the crypto market. Each month, shaped by unique dynamics, illuminated the future of financial technologies. Here are the most remarkable developments in cryptocurrencies in 2024:
January 2024
- Spot Bitcoin ETF Approval: The SEC officially approved spot Bitcoin ETFs, significantly boosting institutional investor interest.
- BTC Price Surge: Spot Bitcoin ETFs reached a trading volume of $3 billion, driving BTC's price to $49,000.
- SEC Hack Scandal: A hack on the SEC's Twitter account caused confusion among investors with the dissemination of false information.
February 2024
- Crypto Regulation Signal: Turkey’s Minister of Treasury and Finance, Mehmet Şimşek, announced that crypto regulations would soon be presented to parliament.
- BlackRock Breaks Records: BlackRock surpassed the 100,000 BTC threshold in its Bitcoin fund.
- Citibank’s Blockchain Move: Citibank adopted blockchain integration for tokenization projects by selecting the Avalanche (AVAX) network.
March 2024
- Bank Support for Spot ETFs: Major banks like Bank of America and Wells Fargo approved spot Bitcoin ETFs.
- Bitcoin Hits a New ATH: Bitcoin reached an all-time high of $69,000.
- SEC Pressure on Ethereum: The delay in the spot Ethereum ETF decision and the classification of Ethereum as a security sparked debates.
April 2024
- Bitcoin Halving: The block reward dropped to 3.125 BTC, increasing expectations of long-term supply scarcity.
- Hong Kong ETF Approvals: Hong Kong approved spot Bitcoin and Ethereum ETFs.
- Ripple Launches Stablecoin: Ripple announced new stablecoin projects via the XRP Ledger.
May 2024
- Ethereum Spot ETF Approval: Following Bitcoin, Ethereum also received approval for a spot ETF.
- Institutional Moves in Europe: BNP Paribas invested in BlackRock's spot Bitcoin ETF.
June 2024
- Gensler’s Ethereum Hint: The SEC hinted at potential positive decisions on Ethereum ETFs by the summer.
- Tax Agenda in Turkey: Discussions emerged about imposing taxes on crypto transactions.
July 2024
- Crypto Law in Effect: Turkey’s crypto asset law was published in the Official Gazette.
- Mt.Gox Repayments: Compensation to Mt.Gox victims began.
December 2024
- Bitcoin Surpasses $100,000: BTC reached a historic high of $108,000.
- Ripple Introduces RLUSD: Ripple launched RLUSD, a stablecoin backed by the US dollar.
- Crypto-Friendly Appointments by Trump: Paul Atkins was appointed SEC Chair, welcomed positively by the industry.
2024 will be remembered as a historic turning point in the regulatory and institutional acceptance of cryptocurrencies. With Bitcoin breaking the psychological barrier of $100,000 and projects like Ethereum rejuvenating institutional use cases, this year demonstrated that financial innovation had become mainstream. The year’s legal regulations, groundbreaking technological advancements, and new investment opportunities highlighted the dynamic nature of the sector. Proving that cryptocurrencies are not just an investment tool but also a cornerstone of the future financial ecosystem, 2024 emerged as a year of global adoption for the industry.
