The Biggest Crypto Stories of 2024: From Russia Adopting Bitcoin to Floki's ETP Launch

The crypto market never sleeps, and the end of 2024 is no exception. Key developments across the globe are shaping the future of cryptocurrencies.

As 2024 draws to a close, the crypto world continues to witness groundbreaking developments that are shaping the future of digital currencies. From Russia embracing Bitcoin for international trade to Turkey introducing new cryptocurrency regulations, let's unpack the biggest stories that unfolded before January 2025.

Russia Adopts Bitcoin for International Trade

In a major move, Russia's Finance Minister has announced that Bitcoin will be used in the country's international trade transactions. This marks a significant step in Russia's adoption of cryptocurrency within its economic framework. By utilizing Bitcoin, Russia signals its intention to move away from traditional financial systems, highlighting how cryptocurrencies are reshaping global trade.

Bitcoin Market Volatility Hits Record Lows

Data from Glassnode reveals that Bitcoin's market volatility during this bull run has reached historic lows. While previous bull markets experienced sharp price swings, this cycle has been relatively stable. The most significant drop occurred on August 5, 2024, with a 32% decline. However, most pullbacks only saw a 25% drop from local highs.

The introduction of spot ETFs and growing institutional interest are driving a new wave of demand, stabilizing the market. Interestingly, many short-term holders are operating at a loss relative to their cost basis but are avoiding extreme unrealized losses.

Floki to Launch ETP for European Investors

Floki, initially known as a meme token, is making a move into the institutional market by launching an exchange-traded product (ETP) for European investors. Set to launch in early 2025, this ETP will track the FLOKI token, offering a new avenue for investment. If approved, Floki will join Dogecoin as one of the few meme tokens with institutional backing in Europe.

USDC Treasury Mints 50 Million USDC on Ethereum

In a notable transaction, the USDC Treasury has minted 50 million USDC on the Ethereum blockchain. This action, reported by Whale Alert, showcases the continued growth of stablecoins within the crypto ecosystem.