The creation of Bitcoin in 2009 led to the creation of other virtual currencies and subsequently, a cryptocurrency market currently valued at over $3 trillion.
In the past 15 years, the crypto industry has had defining moments that have shaped the market's state. For example, we had the launch of the first stablecoin — BitUSD — in 2014, giving a totally new meaning to crypto-based transactions.
We also saw bitcoin, a currency created out of software protocols, go from being worth less than a dollar to reaching values of up to $20,000.
From the innovations to the setbacks and even regulations, the growth of the crypto space has been fascinating. But like every year since 2009, 2024 has moments that played a role in the crypto industry.
Top 10 crypto events of 2024
The year 2024 is a big one for crypto. We saw bitcoin cross the $100,000 mark which enthusiasts have coveted for years. We also saw crypto regulation at play in different countries of the world.
However, one of the most significant crypto events of the year has to be the crypto President's — Donald Trump — win. His election win in the US led to bitcoin's jump to over $100,000 in valuation, sending the crypto market into a frenzy.
While the market recorded impressive wins, there were also some setbacks. In Nigeria, for example, there was a major clampdown on crypto businesses, especially Binance, which saw two of its employees detained for months.
In the same year, the company's CEO was sentenced to four months in prison in the US for allowing criminals to launder money on his platform.
Despite these issues, the company recorded the highest customer deposit — $23 billion — in 2024, the highest of any centralised crypto exchange in the world. ByBit has the second highest deposits at $8 billion.
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Similar wins and losses coloured the crypto market this year, however, major events were positive, and here are 10 of them.
Bitcoin crosses $100k
On December 4, 2024, one bitcoin was valued at $100,000, a significant moment for the crypto market because this is a price point many traders, crypto businesses, and even investors have anticipated for a long time.
The major reason for the huge bitcoin rally is Trump's victory in the US elections. The president-elect unequivocally stated his support for cryptocurrencies and promised to support the market's growth in the US.
However, Dan Coatsworth, an Investment Analyst at AJ Bell, London told Reuters that, "Smashing through the $100,000 level does not represent bitcoin going mainstream. It’s merely a psychological factor and ultimately just a number."
This could mean that the market rally from Trump's victory could slow down in 2025.
Sentencing of Binance CEO Changpeng Zhao
In April 2024, former Binance CEO Changpeng Zhao known popularly as CZ, was sentenced to four months in jail after he pleaded guilty to violating US laws against money laundering at the world's largest cryptocurrency exchange.
CZ paid a personal fine of $50 million while his company paid a hefty $4.3 billion fine.
The former CEO is the wealthiest person in the crypto space with a net worth of $57 billion and his sentencing came months after Sam Altman — another crypto billionaire — was also convicted for misusing customer deposits.
Thankfully, the sentencing did not cause Binance any setback as the company remains the top centralised crypto exchange in the world.
Approval of bitcoin and ethereum ETFs
The U.S. Securities and Exchange Commission (SEC) approved the first spot bitcoin exchange-traded funds (ETFs) in January 2024, followed by the approval of spot ethereum ETFs in July 2024.
The approval of bitcoin and ethereum ETFs means that people can invest in these cryptocurrencies through traditional stock market platforms, just like buying shares in a company.
This is a significant milestone because it brings cryptocurrencies closer to mainstream finance, making them more accessible to everyday investors and large institutions. It also signals greater trust and acceptance from regulators, which can encourage more people to invest.
The tap-to-earn craze
This year, the tap-to-earn craze swept through Nigeria. The trend was popularised by Telegram-based crypto games where people earn tokens by tapping their phone screens.
These games make it easy for people who are new to crypto to earn tokens. This is why Hamster Kombat, one of the most popular tap-to-earn games in 2024 got 100 million users three months after it launched in April 2024.
Busha and Quidax get Nigeria's first crypto exchange licence
This move signifies a significant step toward legitimizing and regulating cryptocurrency operations within the country.
By obtaining these licenses, Busha and Quidax are now recognized as legally compliant virtual asset service providers, enhancing investor confidence and fostering a safer environment for cryptocurrency transactions in Nigeria.
South Africa approves 138 crypto licences
By July 2024 South Africa's Financial Sector Conduct Authority (FSCA) had approved 138 crypto licences in South Africa.
This is another major move by an African country to regulate crypto and it will be interesting to see how regulators will move forward in 2025.
Trump's crypto allegiance
Trump, US President-elect who used to be opposed to the entire idea of cryptocurrency made a U-turn this year before the US elections. This year he pledged to establish the United States as the "crypto capital of the planet,"
His eventual win led to a major bull run as the market expects his administration to give room for crypto growth as opposed to the crypto clampdown by US SEC Char, Gary Gensler which he also promised to fire.
US SEC Chair Gary Gensler resigns
Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, announced his resignation in late 2024, stating that it will take effect on January 20, 2025, coinciding with the inauguration of President-elect Donald Trump. Gensler, who was appointed in 2021, is known for his strict enforcement actions, particularly targeting cryptocurrency companies, as he worked to bring digital assets under regulatory control and enhance investor protections.
His resignation is significant for the cryptocurrency space as it signals a potential shift in the SEC’s regulatory approach. President-elect Trump has expressed intentions to appoint a more crypto-friendly leader, likely Paul Atkins, a former SEC commissioner.
Mt. Gox repayment plan
Founded in 2019, Mt. Gox is one of the earliest crypto exchanges in the world. However, it collapsed in February 2014, suspended trading, closed its website, and filed for bankruptcy.
It was revealed that approximately 850,000 bitcoins, worth around $450 million at the time, had been stolen, likely due to a combination of hacking and mismanagement.
Interestingly, the company wants to start paying back investors that lost money on the platform. The trustee for the Mt. Gox bankruptcy estate, Nobuaki Kobayashi, said in a statement dated July 5, 2024, that it had begun making repayments in bitcoin.
These events combined have defined the experience of investors, crypto, businesses and even the state of crypto regulation in the world. In a notoriously unpredictable market, 2025 could be filled with even more events no one will see coming.
