The most noteworthy year! A look back at the historic moments of cryptocurrency in 2024
Embrace the new starting point of 2025.Author: flowie, ChainCatcher
Editor: Nianqing, ChainCatcher
The year 2025 is approaching, and looking back at the crypto developments of 2024, there are too many historic moments that deserve to be documented.
This year, the bullish trend in the crypto market was catalyzed by Wall Street giants, the U.S. elections, Bitcoin halving, and the Federal Reserve's interest rate cuts.
We witnessed historic moments such as the approval of Bitcoin and Ethereum spot ETFs, the White House welcoming its first "crypto president," Bitcoin surpassing $100,000, and Bitcoin-related stock MSTR joining the Nasdaq 100 index; we also faced dark moments with multiple market crashes caused by macro adjustments, resulting in the evaporation of tens of billions of dollars.
This year, meme coins targeted VC coins, and the altcoin season arrived late. Memes seemed to create new trends every day, but older altcoins led by Ethereum were repeatedly criticized. New gameplay and assets like TG/TON's mini-games, Pump.fun's one-click token issuance, and AI agents became popular, but opinions were divided. "The crypto market where no one takes over," "Who is making money in this cycle?" "Has anyone outperformed Bitcoin?" became hot topics.
ChainCatcher has compiled the major crypto events from the beginning to the end of the year, reflecting on the ups and downs of this year while welcoming and looking forward to 2025.
Approval of U.S. Bitcoin Spot ETF------"Institutional Bull" Begins
January 11
After a decade-long battle with U.S. regulators, at 12:00 AM Beijing time on January 11, the U.S. Securities and Exchange Commission (SEC) officially approved 11 Bitcoin spot ETFs, including those from BlackRock, Fidelity, Invesco, and Grayscale, allowing traditional and emerging capital to enter the cryptocurrency market through Bitcoin spot ETFs.
The approval of the U.S. Bitcoin spot ETF officially marked the end of the deep bear market for the crypto industry and initiated a new bull market.
Circle Submits IPO Application Again------New Progress for Crypto IPOs
January 11
USDC stablecoin issuer Circle was reported to have submitted an IPO application again. Previously, in 2021, Circle planned to merge with a SPAC for listing but failed. Three years later, Circle's new IPO application may lay the groundwork for crypto companies to push for IPOs.
"After Secretly Submitting IPO Application, Which Crypto Companies Might Go Public This Year?"
Bitcoin Crashes After Hitting New High------$1.2 Billion Evaporated
March 5
On March 5 at 11:05 PM, Bitcoin's price crossed the $69,000 mark, marking the latest historical high since the creation of Bitcoin's first block in January 2009. However, after reaching this peak, it quickly fell back, dipping below $60,000 at one point.
Data as of 9 AM on March 6 showed that over 310,000 traders were liquidated in 24 hours, totaling $1.19 billion.
"Bitcoin Crashes After Hitting New High, Over 300,000 Liquidated, $1.2 Billion Evaporated"
Ethereum Completes Cancun Upgrade------Layer 2 Enters Cost-Reduction Era
March 13
At 9:55 PM Beijing time on March 13, the Cancun upgrade (Cancun-Deneb) was officially activated on the Ethereum mainnet at block height 269568 after numerous test calls and development network tests. This is the largest upgrade since Ethereum's merge, marking the entry of Ethereum Layer 2 into a cost-reduction era.
"What Are Projects and Users Busy With During the Cancun Upgrade?"
Starbucks Terminates NFT Plan------Mass Adoption of NFTs Still Faces Challenges
March 16
Starbucks announced the termination of its Web3 customer loyalty program, Starbucks Odyssey, which was in the testing phase, on March 31. This program was launched by Starbucks in 2022 as its first foray into Web3. The exit of large traditional platforms like Starbucks from NFTs is not an isolated case, as the mass adoption of NFTs still faces significant challenges.
KuCoin Sued by U.S. Justice Department------Another Exchange Faces Scrutiny 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 charge carrying a maximum sentence of five years in prison. This is another lawsuit initiated by the U.S. Department of Justice against the founders of a crypto exchange following the case against Binance and its founder Changpeng Zhao.
"Facing U.S. Lawsuit and Expulsions from Multiple Regions, KuCoin's 'Two Years of Being Disliked'"
SBF Sentenced to 25 Years in Prison------FTX Fraud Case Enters Crypto History
March 28
SBF was tried in Manhattan federal court and was ultimately sentenced to 25 years in prison for defrauding billions of dollars, along with a requirement to pay a $11 billion fine.
First Meme Goes Viral on Pump.fun------One-Click Token Issuance Officially Enters Community View
April 5
Pump.fun is a one-click token issuance platform launched on the Solana chain in January, but it truly entered the crypto community's view around April. On April 5, the first meme TEST deployed on Pump.fun attracted attention due to some technical vulnerabilities, and it was later confirmed that this meme was deployed by the Pump.fun team. A large number of traders flocked to Pump.fun, and more meme coins began to emerge. The "one-click token issuance" model also spread from Solana to other public chains.
SEC Issues Wells Notice to Uniswap------Even Leaders Cannot Escape Regulatory Scrutiny
April 11
Uniswap founder Hayden Adams stated that Uniswap Labs has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating that the SEC plans to sue them. The native token UNI of the Uniswap platform plummeted from $11.2 to $8.9, with a short-term decline exceeding 20%.
"Facing SEC Lawsuit, UNI Drops Over 20%, Can Uniswap 'Pay to Avoid Disaster'?"
Bitcoin Completes Fourth Halving------But Its Impact Has Changed
April 20
On the morning of April 20, at block height 840000, Bitcoin completed its fourth halving. Halving has always been the biggest catalyst for bull markets, but this time, due to the maturity and complexity of the crypto industry, as well as factors like Bitcoin ETFs, the attention it received was "tepid."
"After Bitcoin Halving, Is a Bull Market Coming Again? Can History Repeat Itself?"
Hong Kong Virtual Asset ETF Approved------An Important Step for the Asian Crypto Market
April 24
The Hong Kong Securities and Futures Commission (SFC) has listed three fund companies—China Asset Management (Hong Kong), Bosera International, and Harvest Global Investments—approved for Bitcoin and Ethereum spot ETFs, with the recognition date being April 23, 2024. This is the first time such products have been launched in the Asian market.
Tornado Cash Developer Sentenced------Crypto Privacy Faces Challenges
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 detained for eight months.
The industry generally views this case as not only a watershed moment for DeFi regulation but also as a change in the trajectory of crypto privacy, creating a "chilling effect" on the global open-source community. The conviction of open-source software developers signifies that Web3 smart contract developers will be subject to traditional legal frameworks.
"Tornado Cash Developer Sentenced, Is 'Code is Speech' Dead?"
Notcoin Launches on Binance------Telegram Mini-Game Trend Officially Begins
May 16
The Telegram/TON mini-game Notcoin attracted widespread participation from over 35 million users within a few months and launched on Binance on May 16, driving the tap-to-earn model and the Telegram/TON mini-game trend.
Binance Adjusts Listing Strategy------Responding to the Proliferation of "High FDV + Low Circulation" Tokens
May 20
After the proliferation of "high FDV + low circulation" tokens sparked strong dissatisfaction within the crypto community, Binance announced a new public recruitment plan for listing projects on the evening of May 20, prioritizing support for small and medium-sized crypto projects. Binance invited quality teams and projects to apply for listings, including direct listings, launch pools, and megadrops. Subsequently, OKX and other exchanges also launched corresponding listing strategies.
FIT21 Bill Passed in U.S. House------Important Change in U.S. Legislators' Attitude
May 22
The "Financial Innovation and Technology Act of the 21st Century" (referred to as "FIT21") is the first bill attempting to comprehensively define how the U.S. should regulate the crypto market. On May 22, the FIT21 bill passed in the House with a vote of 279 to 136.
Although it is still uncertain whether the Senate will pass it, it has already proven that U.S. legislators' views on cryptocurrencies are changing, marking a "significant step" for the crypto industry.
"Is the SEC About to 'Step Aside'? U.S. House Passes FIT21 Bill, CFTC as Main Regulatory Body"
U.S. Ethereum Spot ETF Approved------The Boost to ETH's Rise Seems Weaker Than Expected
May 24
Around 5 AM on May 24, the U.S. Securities and Exchange Commission approved the 19b-4 forms for 8 Ethereum spot ETFs, with the issuers being Grayscale, Bitwise, iShares, VanEck, ARK & 21Shares, Invesco & Galaxy, Fidelity, and Franklin.
"U.S. SEC Finally 'Gives the Green Light', Ethereum Spot ETF Successfully Passes!"
SEC Ends Investigation into Ethereum 2.0------Another Crisis Averted
June 19
Ethereum infrastructure development company Consensys announced on social media that the enforcement department of the U.S. Securities and Exchange Commission (SEC) has notified them that it is ending its investigation into Ethereum 2.0. This means that the SEC will not bring charges claiming that ETH sales are securities transactions. "This 14-month investigation has finally come to a close, achieving a satisfactory outcome."
"Ethereum Wins Phase Victory in SEC Investigation, U.S. Regulatory Winds May Change"
Solana Launches Blinks Feature------New Entry for Web3 Mass Adoption
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 current website. This sparked enthusiastic discussions in the crypto field about linking Web2 and Web3 and mass adoption.
Crypto Market Plummets, Panic Sentiment Hits One-Year Low------Nearly $700 Million Evaporated
July 5
Multiple factors, including the massive compensation from MenTouGou and the German government's reduction of BTC holdings, caused the crypto market to plunge.
On July 5, BTC briefly fell below $54,000, hitting a low of around $53,200, marking a new low since February 26 of this year, with a maximum 24-hour decline exceeding 10%. The entire altcoin market also faced a major disaster.
In 24 hours, over $660 million was liquidated across the network, with Bitcoin contract positions dropping over 10% in 24 hours.
"BTC Drops About 10% in Two Days, Panic Sentiment Hits One-Year Low, Where Is the Market Bottom?"
Hong Kong Stablecoin Issuer "Sandbox" Unveiled------JD.com Becomes the Focus
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., Yuan Coin Innovation Technology Co., Ltd., and the joint application of Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and HKT.
JD Coin Chain Technology's parent company is JD Technology, and its active exploration of stablecoins may stimulate other domestic internet companies to revive their blockchain businesses, bringing more positive signals to the crypto industry.
Trump Participates in Bitcoin Conference------Promises Multiple Crypto Commitments
July 28
Amid great anticipation, Trump took to the main stage of the Bitcoin conference to deliver a keynote speech, promising to include Bitcoin in the national strategic reserve and to fire SEC Chairman Gary Gensler, among other crypto commitments after being elected.
In this significant hot topic, a dramatic battle for meme supremacy unfolded, with the biggest meme winner not being the Trump concept but rather Neiro, the new Shiba Inu from the owner of the original Doge prototype, Kabosu, with both upper and lower case memes going viral, vying for the top spot.
OpenSea Receives SEC Wells Notice------NFTs Face Additional Negative Factors
August 28
OpenSea CEO Devin Finzer stated that the company has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating that enforcement action may be taken.
Sony Launches L2 Network Soneium------New Power Injected into Web2 Giants
August 23
Japanese giant Sony Group, in collaboration with Singapore's Startale Labs, announced the launch of a Layer 2 network called Soneium on Ethereum, built using the OP Stack. On August 28, Soneium officially launched its public testnet and announced a developer incubation program. Shortly before, Sony also acquired the crypto exchange Amber Japan.
"A Look Back at Sony's 8-Year Web3 Layout"
Telegram Founder Arrested------Web3 Privacy Faces Challenges
August 24
On August 24, between 7:30 PM and 8:00 PM local time in France, Telegram founder Pavel Durov was arrested at Bourget Airport near Paris, as French investigators issued a search warrant regarding his violations of crypto messaging regulations, while French police also searched Durov's properties.
Global Financial Markets Plummet------A Panic-Inducing Black Monday
August 5
This can be described as one of the most panic-inducing Black Mondays in history, with global stock markets and the crypto market almost universally entering a state of plummet. BTC saw a 24-hour decline of over 10%. ETH's 24-hour decline exceeded 20%, effectively wiping out all gains made this year. The total liquidations across the network reached $788 million in 24 hours. DeFi's lending liquidation volume exceeded $320 million, setting a new high for the year at that time.
The reasons for the crash were multifaceted, including the unexpected interest rate hike by the Bank of Japan, weak economic data from the U.S., and escalating tensions in the Middle East, all of which drove global market risk aversion to a peak.
"BTC Drops Over 25% in 7 Days, ETH Wipes Out Yearly Gains, Is It Time to Buy the Dip?"
Friend.Tech Soft RUG------SocialFi Still Cannot Avoid Being a Flash in the Pan
September 9
The developers of the Web3 social network Friend.Tech relinquished control over the smart contract, and the platform has been shut down. Although the platform appeared to continue operating, the relinquishment of control made it nearly impossible to introduce new features. The withdrawal of contract ownership prevented new teams interested in adding features to the social platform from acquiring it.
"Once Top SocialFi Friend.tech Finally Shuts Down, Is SocialFi a False Proposition?"
Federal Reserve Announces Rate Cut------An Important Catalyst for the Bull Market Arrives
September 19
The Federal Reserve Board announced a 50 basis point reduction in the target range for the federal funds rate, lowering it to between 4.75% and 5.00%. This marks the first rate cut by the Federal Reserve since March 2020, following 11 consecutive rate hikes from March 2022 to July 2023, totaling an increase of 525 basis points to alleviate domestic inflation.
"The Shoe Has Dropped! Federal Reserve Cuts Rates, Is a Bitcoin Bull Market About to Begin?"
Changpeng Zhao Released from Prison------Binance Survives Major "Calamity"
September 28
Former Binance leader and co-founder Changpeng Zhao (CZ) was released from prison and later posted his first tweet after release on the X platform, saying "GM."
"The Totem of Crypto's Pain Period, CZ Returns, Can Confidence and Innovation Be Revived?"
Uniswap Launches Layer 2 Public Chain Unichain------Proprietary Application Chains Become a Trend
October 10
DeFi leader Uniswap Labs announced the launch of Unichain and its testnet, aiming to become a fast, decentralized Optimism superchain L2, facilitating cross-chain DeFi and liquidity. Following the announcement, the price of UNI continued to rise, with a 24-hour increase of 15%, briefly surpassing $8.
"Uniswap Is Also Building a Chain, Is UNI Finally Going to Be Empowered?"
AI Bot Self-Generates Meme Coin GOAT------The Beginning of the AI Meme Craze
October 12
An AI Bot called "Truth Terminal" (@truth_terminal) "self-talked" and came up with the name for a meme coin, GOAT, which subsequently went viral. a16z founder Marc Andreessen invested $50,000 worth of Bitcoin into it, marking it as the first AI-generated meme, sparking a wave of AI meme creation.
Stripe Acquires Bridge for $1.1 Billion------The Largest Acquisition in Crypto History
October 21
Payment unicorn Stripe has finalized an $1.1 billion acquisition of the stablecoin platform Bridge, marking the largest acquisition in the history of the crypto industry and Stripe's largest acquisition to date.
Trump Elected------The Birth of the First "Crypto President"
November 6
The most dramatic presidential election in U.S. history has finally concluded. According to real-time election data from Fox News, Trump defeated Harris with 67,121,735 votes to 62,142,405, successfully securing 277 electoral votes, surpassing the 270-vote threshold for victory, winning the 2024 U.S. presidential election.
Trump's continued lead and successful election helped BTC briefly surpass $75,000, setting a new historical high, and all sectors of crypto entered a period of widespread increase.
"The First 'Crypto President' Is Born! The Wheels of Crypto's Fate Have Started Turning"
SEC Chairman Gary Gensler Confirms Resignation------Crypto Regulation Set to Undergo a Turning Point
November 22
According to an official announcement, U.S. SEC Chairman Gary Gensler will leave office on January 20. Trump's presidential term will also begin on January 20. Shortly thereafter, Trump nominated Paul Atkins as SEC chairman.
"Iron-Fisted SEC Chairman Gary Gensler Finally Resigns as Trump Takes Office"
South Korea Imposes Martial Law, Crypto Market Plummets------Crypto Investors Become Victims
December 3
South Korean President Yoon Suk-yeol suddenly announced the implementation of "emergency martial law," causing Bitcoin prices on South Korea's largest trading platform Upbit to briefly plunge to $65,000.
Bitcoin Surpasses $100,000------A New Milestone and Starting Point
December 5
Bitcoin officially surpassed $100,000. Since Bitcoin Pizza Day, BTC has risen 40 million times, with Bitcoin's market cap exceeding $2 trillion, surpassing the market cap of silver and reaching one-tenth of gold's market cap. Bitcoin has been recognized and supported by multiple sovereign countries, including the U.S. and Japan. This process took Bitcoin only sixteen years, and $100,000 is just the starting point for Bitcoin.
"Bitcoin Surpasses $100,000! A New Milestone, A New Starting Point"
Bitcoin-Related Stock MSTR Joins Nasdaq 100 Index------Witnessing History Again
December 13
The Nasdaq officially announced the results of the annual restructuring of the Nasdaq 100 index, with MicroStrategy (MSTR) being added to the index, becoming one of the 75 largest non-financial companies on Nasdaq.
Bloomberg's senior ETF analyst Eric Balchunas stated that this move symbolizes a shift in the times. CoinDesk's senior analyst James Van Straten remarked that this is the second biggest news of 2024, second only to the approval of Bitcoin spot ETFs in the U.S.
"Witnessing History: Bitcoin-Related Stock MSTR Joins Nasdaq 100 Index"
