As we enter 2025, it’s the perfect time to reflect on the year gone by and recall the moments that left a lasting impression on the crypto community. Itez team invites you to look back and say goodbye to the events that caused the most excitement, anticipation, and celebration in 2024.
In this review, the itez team has compiled the top 5 key events in the cryptocurrency industry that made 2024 such a memorable and impactful year.
Approval of Spot ETFs Based on Bitcoin and Ethereum 🔥
2024 began with a groundbreaking announcement for the cryptocurrency market — the U.S. Securities and Exchange Commission (SEC) approved applications for spot Bitcoin ETFs and granted permission for their listing on all registered national securities exchanges.
SEC ruling of January 10, 2024. Source: sec.gov
Spot Bitcoin ETFs revolutionised previous investment models in the crypto industry. Traditional ETFs, based on Bitcoin futures, were speculative in nature, betting on future prices, whereas the new ETFs directly purchase Bitcoin on the spot market. This new investment product thus ties investor interests directly to the current market price of the cryptocurrency.
That’s why this event was so highly anticipated and why the market saw it as a major shift in regulatory frameworks, signalling a change in how traditional financial systems view digital assets. As expected, the approval of spot Bitcoin ETFs attracted a much broader pool of investors, including institutional players.
In late May of the same year, the SEC also approved eight spot Ethereum (ETH) ETFs, including those proposed by BlackRock and Fidelity. In our review, we explained in detail what the approval of ETH ETFs means for Ethereum and the entire market.
In April 2024, Hong Kong also launched spot ETFs based on two cryptocurrencies, further expanding the acceptance of digital assets. The first approvals were given to asset management companies China Asset Management, Harvest Global Investments, Bosera Capital, and HashKey Capital Limited. With the approval of spot ETFs for the two leading cryptocurrencies, Hong Kong aimed to solidify its status as a global hub for digital assets.
Bitcoin Halving 🪙
On April 20, 2024, Bitcoin experienced its fourth halving event. After this, the network now creates 3.125 new coins every 10 minutes, instead of the previous 6.25. As the supply of BTC decreases post-halving, and the demand for the coin (theoretically) continues to rise or at least remains stable, this event traditionally drives the price of Bitcoin upwards.
Approximate Bitcoin halving schedule. Source: coinbeast
Historically, Bitcoin has hit new all-time highs some time after each of the previous halvings. The past halvings had a massive impact on Bitcoin’s price: in November 2012, it increased by around 1,800% in five months; in 2016, it grew by 3,000% over a year and a half; and in 2020, it rose by 600% in 11 months.
However, this year’s halving was special and differed significantly from previous ones. For example, it was the first halving event after the approval of spot Bitcoin ETFs, and also the first halving cycle where Bitcoin set a new all-time high before the event itself. On March 11, 2024, Bitcoin surpassed its previous peak of nearly $69,000, which had been reached on November 10, 2021. For more interesting facts about the 2024 Bitcoin halving, check out our special review.
The Search for Satoshi Nakamoto 👤
On October 8, 2024, HBO released Cullen Hoback's documentary "Money Electric: The Bitcoin Mystery." The journalist attempts to unravel the greatest mystery in the crypto world — uncovering the identity of Bitcoin's creator, Satoshi Nakamoto.
According to the filmmakers, the pseudonym of Satoshi Nakamoto was used by developer Peter Todd. Todd, a Canadian developer, has been actively involved in Bitcoin's development since 2010 and is known as one of the key participants in the project.
However, members of the crypto community found this conclusion quite amusing, especially considering that after the film’s release, Peter Todd himself publicly denied the claim, stating that he is not Satoshi Nakamoto.
The identity of Satoshi Nakamoto remains one of the greatest mysteries in the cryptocurrency industry. The list of potential candidates has included Nick Szabo, Hal Finney, Dorian Nakamoto, and Craig Wright, among others. From time to time, new names have been added, including Elon Musk.
We’ve gathered all the current information about who the crypto community believes could be Satoshi Nakamoto in a separate article. In it, we explore who might be the true creator of Bitcoin and why.
US Presidential Election 🇺🇲
Another major event on the list was the news from the world of big politics. Of course, we're talking about Donald Trump's victory in the US presidential election.
During the campaign, the politician positioned himself as a pro-crypto candidate. Among the most notable promises Trump made to the crypto community, itez team highlights ten key commitments, including:
- Restructure the SEC and remove its current head, Gary Gensler.
- Legalise cryptocurrency payments across the country.
- Create a Bitcoin reserve.
What stood out most to the crypto market was his last promise. As of the time of writing, the US government controls 207,189 Bitcoins worth $15.4 billion, or 0.987% of the total supply of the cryptocurrency. Trump has suggested halting the sale of BTC and instead using it to create a national Bitcoin reserve. In his view, this initiative could also help tackle the growing US national debt. To learn more about how the BTC reserve would work and what additional benefits it could bring to the country, read our special overview.
In general, Donald Trump only began actively supporting the crypto community in 2024. Some market players are sceptical of his statements, believing they are merely attempts to win over new supporters. To learn more about Trump's relationship with the crypto industry, check out our article.
Bitcoin Breaks Through $100,000 🤑
And finally, at the end of this year, on December 5th, Bitcoin broke through the psychologically significant $100,000 mark for the first time in history. Crypto community participants had been expecting BTC to reach $100,000 back in the previous cycle, after the 2020 halving.
Hourly chart of Bitcoin on the morning of December 5, 2024. Source: TradingView
There are several reasons behind this surge. One of them is the launch of spot BTC ETFs and the 2024 halving, which we discussed earlier. The introduction of a new financial product based on Bitcoin attracted fresh interest and new investments into the cryptocurrency, while the halving pushed the coin's price upwards by limiting the supply of new BTC entering the market. Another positive signal for Bitcoin came with the US presidential election victory of Donald Trump, who established himself as a friend of the crypto community, promising to implement a variety of pro-crypto initiatives.
Since then, the leading cryptocurrency has reached several new all-time highs. The latest ATH was recorded at $108,135 on December 17th. Since then, the BTC price has corrected, and as of the time of writing, Bitcoin is trading at $96,000. The market expects the cryptocurrency to experience another growth spurt after the New Year and Christmas holidays.
👀 Fun Fact! Earlier this year, itez team gathered analysts' predictions on how high Bitcoin could soar after the 2024 halving. You can check out these predictions via this link.
As time has shown, the analysts at Bernstein were the closest to the truth. They forecasted that by the end of 2024, BTC would reach around $90,000.
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This article is not investment advice or a recommendation to purchase any specific product or service. The financial transactions mentioned in the article are not a guide to action. It’s not intended to constitute a comprehensive statement of all possible risks. You should independently conduct an analysis on the basis of which it will be possible to draw conclusions and make decisions about making any operations with cryptocurrency.
