Top Crypto Stories of 2024- Bitcoin, ETFs & Major Legal Moves
Top Crypto Stories of 2024– The crypto world was once again full of news and drama in 2024, as groundbreaking events, high-profile legal cases, and technological advancements made headlines throughout the year. Below, we’ve highlighted 12 of the most significant crypto stories of 2024, including Bitcoin ETFs, Sam Bankman-Fried’s prison sentence, and more.
1. SEC Approves Bitcoin Spot ETFs in the US
The U.S. Securities and Exchange Commission (SEC) made a groundbreaking move in January 2024 by approving multiple Bitcoin spot ETFs. This decision marked a milestone for the crypto industry and opened the door for institutional investors to gain exposure to Bitcoin. The ETFs, from major players like BlackRock, Fidelity, and Grayscale, began trading shortly after approval, with the combined funds attracting over $36 billion in net inflows.
As of 2024, BlackRock’s IBIT Bitcoin ETF led the market with $54 billion in assets under management (AUM), accounting for more than 70% of the market share by trading volume.
2. A $1.2 Million Bitcoin Mistake
In one of the year’s more bizarre stories, a user mistakenly sent 26.9 BTC—worth approximately $1.2 million at the time—to Bitcoin’s Genesis wallet. This wallet, associated with Bitcoin’s pseudonymous creator Satoshi Nakamoto, is unlikely to be accessible. The transaction, originating from a Binance-linked wallet, was accompanied by an unusually high transaction fee of $100.
As Coinbase director Conor Grogan put it: “Either Satoshi woke up and bought 27 bitcoin, or someone just burned a million dollars.”
3. Sam Bankman-Fried Sentenced to 25 Years in Prison
In March 2024, Sam Bankman-Fried, the former CEO of FTX, was sentenced to 25 years in prison for orchestrating one of the largest financial frauds in U.S. history. In addition to his prison term, Bankman-Fried was ordered to pay $11 billion in restitution. His appeal for a new trial in September 2024 was unsuccessful, and his former colleagues received varying sentences.
4. Dogwifhat’s Iconic Photo Sells as NFT for $4.3 Million
In a lighter crypto moment, the viral image of Achi, the dog behind the Dogwifhat memecoin, was sold as an NFT for $4.3 million in March. This event catapulted Dogwifhat to the top 50 cryptocurrencies, with a market cap exceeding $3 billion. The sale was followed by a fundraising campaign to display Achi’s image on the Las Vegas Sphere, though it has yet to materialize.
5. Bitcoin’s Fourth Halving Event
In April 2024, Bitcoin experienced its fourth halving event, reducing the block reward for miners from 6.25 BTC to 3.125 BTC. This event is part of Bitcoin’s fixed supply schedule, with rewards decreasing approximately every four years until the last Bitcoin is mined around 2140.
Billionaire Mark Cuban commented on the halving, noting the direct impact on miners’ revenue, while also exploring how artificial intelligence could influence the sector.
6. FBI Warns American Crypto Users
In April 2024, the FBI issued a warning to American cryptocurrency users, advising them to avoid using unregistered cryptocurrency services. The warning highlighted potential financial and legal risks for users dealing with services not registered as Money Services Businesses (MSBs) under U.S. law. The FBI emphasized that non-compliant services could result in loss of funds due to law enforcement action.
7. ZKsync’s Token Launch and Airdrop
ZKsync’s token launch in June 2024 was one of the most anticipated events of the year. ZKsync, a Layer 2 network built on Ethereum, reached a $1 billion market cap post-airdrop. It aims to improve Ethereum’s scalability while maintaining its decentralized ethos. Several other crypto projects, including EigenLayer and Polymarket, also launched tokens or airdrops this year.
8. Hamster Kombat: Telegram’s Latest Crypto Craze
Hamster Kombat, a game linked to Telegram’s clicker game phenomenon, became a major trend in 2024. With over 250 million users, the game’s founders revealed plans for a second token airdrop on the TON blockchain. The team hopes to educate users on blockchain and Web3, aiming for 1 billion participants by addressing issues like bot activity to maintain game integrity.
9. Norwegian Town vs. Bitcoin Mining
In one of the year’s quirkiest stories, residents of Stokmarknes, Norway, fought to shut down a local Bitcoin mining facility due to noise complaints. After three years of protests, the mining facility ceased operations in September. However, the residents’ joy was short-lived, as their energy bills surged by more than 20% as the local power company sought to recover lost revenue.
10. Mt. Gox Pushes Repayment Deadline to 2025
Mt. Gox, the infamous Bitcoin exchange that collapsed in 2014, extended its repayment deadline to October 31, 2025. The exchange had initially planned to start repaying creditors by 2024, but the delay has temporarily alleviated fears of Bitcoin selling pressure. Mt. Gox was responsible for losing 850,000 BTC in a major hack.
11. Donald Trump’s Pro-Crypto Election Stance
In the U.S. presidential election of November 2024, Donald Trump won against Kamala Harris, with his pro-crypto stance becoming a key factor. Trump’s campaign promises included making the U.S. a “bitcoin mining powerhouse,” creating a national strategic Bitcoin reserve, and repealing certain regulations like SAB 121. His victory sent Bitcoin prices soaring to new all-time highs.
12. MicroStrategy’s Bitcoin Buying Spree
MicroStrategy continued its massive Bitcoin buying spree in 2024, acquiring an additional 55,500 BTC for $5.4 billion in November. With a total of 444,262 BTC, the company’s holdings are worth over $42 billion. MicroStrategy has become one of the largest corporate Bitcoin holders, and its CEO, Michael Saylor, has made Bitcoin the company’s primary treasury reserve asset.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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