The Year of the Crypto: A Recap of the Major Events That Shaped the Industry in 2024

The crypto industry witnessed several developments in 2024 in terms of market trends and odds, regulations and emerging technologies and of course, politics.

2024 was a banner year for the cryptocurrency industry, with several major events shaping the market and paving the way for broader adoption. Here's a recap of the top 10 crypto moments that defined 2024:

1. Donald Trump's Pro-Crypto Stance: Following his victory in the U.S. presidential election, Donald Trump announced plans to make the U.S. "the Bitcoin mining capital of the world" and ensure every Bitcoin is mined in the country. This pro-crypto stance led to a surge in Bitcoin's price, crossing the $100,000 mark for the first time.

2. SEC vs. Ripple Case: After a four-year legal battle, Ripple scored a major victory when a court ruled that XRP is not a security under U.S. law, dismissing the SEC's claims. This landmark ruling provided much-needed regulatory clarity for the cryptocurrency industry.

3. Bitcoin Hits $100,000: On December 4, Bitcoin's price reached the astonishing milestone of $100,000, fulfilling the predictions of many crypto enthusiasts and cementing the cryptocurrency's status as a mainstream asset.

4. CZ's Arrest and Probation: Binance's former CEO, Changpeng "CZ" Zhao, was arrested in 2024 for violating the Bank Secrecy Act and money laundering during his tenure at the cryptocurrency exchange. After pleading guilty to the charges, CZ received a probation sentence, marking a significant event in the ongoing investigations into major players in the crypto sphere.

5. WazirX Hack: A cyberattack on one of WazirX's multi-sig wallets resulted in a loss of $234.9 million in users' crypto funds. This major blow to the Indian cryptocurrency exchange highlighted the susceptibility of crypto platforms to cybercriminal activities.

6. 12-Year-Old Orchestrates "Rug Pull": A 12-year-old boy managed to inflate the price of a newly launched token, QUANT, on platform pump.fun, before dumping all his tokens and making a quick profit of $30,000. This audacious act sparked outrage and highlighted the lack of regulation in the cryptocurrency space.

7. DMM Bitcoin Hack: Japanese cryptocurrency exchange DMM Bitcoin announced that it had fallen victim to a major hack, with 4,502.9 Bitcoins (approximately $300 million) being stolen from its digital wallet. This incident underscored the risks associated with cryptocurrency exchanges and the need for robust security measures.

8. Bitcoin Halving: Bitcoin's mining reward halved for the fourth time since the cryptocurrency's inception, as outlined in Satoshi Nakamoto's white paper. This event, known as the halving, saw the incentive for adding Bitcoin transactions to a block chain reduced by half.

9. ETF Approval: After years of anticipation, the U.S. Securities and Exchange Commission finally approved Bitcoin ETFs, allowing investors to indirectly trade in Bitcoin without owning the cryptocurrency directly. This approval came with several enhancements, including requirements for full, fair, and truthful disclosures from Bitcoin ETF sponsors to investors.

10. Telegram Games Surged: Telegram emerged as a surprising platform for the booming crypto gaming industry, with its bots, groups, and non-disruptive chat options making it ideal for mobile-first games. Games like NotCoin and Catizen paved the way for these types of games, boasting millions of active users and integrating blockchain features to create a thriving virtual economy.