2024 has been a transformative year for the cryptocurrency industry—marked by explosive market movements, groundbreaking regulatory decisions, and pivotal legal developments. From the long-awaited approval of Bitcoin ETFs to historic price milestones and high-profile legal verdicts, the digital asset space matured significantly. This year didn’t just redefine crypto’s trajectory—it accelerated its integration into the global financial system.
U.S. Bitcoin ETF Approval: A Regulatory Watershed
In January 2024, the U.S. Securities and Exchange Commission (SEC) made history by approving the first spot Bitcoin exchange-traded funds (ETFs). This landmark decision marked a turning point in institutional adoption, offering investors a regulated, secure, and accessible way to gain exposure to Bitcoin without managing private keys or wallets.
The greenlight triggered a wave of institutional inflows, with major asset managers like BlackRock and Fidelity launching their own ETF products. Analysts hailed the move as a sign of growing legitimacy for digital assets, reinforcing Bitcoin’s position as a credible long-term store of value.
👉 Discover how ETF innovation is reshaping crypto investment strategies.
Beyond accessibility, Bitcoin ETFs helped mitigate traditional concerns around security and custody. By leveraging established financial infrastructure, these products lowered barriers for conservative investors and retirement funds—paving the way for broader mainstream acceptance.
The Fall of SBF: Accountability in the Spotlight
March 2024 brought a sobering moment for the industry when Sam Bankman-Fried (SBF), former CEO of FTX, was sentenced to 25 years in prison for fraud and conspiracy. The collapse of FTX—one of the world’s largest crypto exchanges—exposed systemic failures, including misuse of customer funds and a lack of internal controls.
This high-profile trial underscored the urgent need for transparency and accountability in decentralized finance. It served as a wake-up call for other platforms to strengthen compliance, adopt robust auditing practices, and prioritize user protection.
While the fallout eroded public trust temporarily, it also catalyzed positive change—spurring calls for clearer regulations and better governance across the sector.
Hong Kong Launches Asia’s First Spot Bitcoin and Ethereum ETFs
In April 2024, Hong Kong cemented its status as a forward-thinking financial hub by launching Asia’s first spot Bitcoin and Ethereum ETFs. These products provided regional investors with regulated access to leading cryptocurrencies, boosting confidence in digital assets.
Hong Kong’s balanced approach—encouraging innovation while enforcing strict compliance—set a benchmark for other jurisdictions. Its success demonstrated how thoughtful regulation can foster growth without compromising investor safety.
The move also signaled Asia’s rising influence in the global crypto economy, attracting institutional capital and positioning the region as a key player in blockchain finance.
Bitcoin’s Fourth Halving: Scarcity Meets Speculation
April also marked Bitcoin’s fourth halving event, reducing block rewards from 6.25 to 3.125 BTC. This programmed supply shock reinforced Bitcoin’s deflationary nature—often compared to digital gold due to its capped supply of 21 million coins.
Historically, halvings have preceded bull markets, and 2024 was no exception. While immediate price action remained muted, long-term investors viewed the event as a foundational moment for future appreciation.
With mining becoming more competitive and resource-intensive, smaller operators faced increased pressure—accelerating consolidation within the mining industry.
Ethereum ETF Approval: Expanding Institutional Access
Following Bitcoin’s success, the SEC approved spot Ethereum ETFs in July 2024. This decision validated Ethereum’s role not just as a cryptocurrency but as the backbone of decentralized applications (dApps), smart contracts, and DeFi protocols.
Ethereum ETFs opened new avenues for institutional participation, allowing traditional investors to tap into the growth of Web3 ecosystems without technical complexity.
👉 See how Ethereum’s ecosystem is evolving beyond finance into identity, gaming, and social platforms.
The approval also highlighted regulators’ growing understanding of blockchain technology’s broader utility—moving beyond speculation toward recognizing real-world use cases.
CZ’s Release: A New Chapter Begins
In September 2024, Changpeng Zhao (CZ), founder of Binance, was released after serving four months in prison for anti-money laundering compliance failures. Though he stepped down from leadership at Binance, his influence on the industry remains profound.
CZ has since indicated plans to focus on new ventures, including blockchain education and infrastructure projects. His departure prompted Binance to undergo significant governance reforms—enhancing transparency and compliance frameworks.
His future moves will be closely watched, as they may shape emerging trends in decentralized innovation.
Do Kwon’s Legal Battle: Jurisdictional Challenges in Crypto
The extradition case of Do Kwon, co-founder of Terraform Labs, remained unresolved throughout 2024. After being detained in Montenegro, multiple countries—including the U.S.—filed competing extradition requests.
This complex legal standoff highlighted the difficulties of enforcing laws across borders in a borderless digital asset landscape. It raised critical questions about international cooperation, investor protection, and how justice is administered in decentralized environments.
As blockchain networks operate globally, such cases emphasize the need for harmonized regulatory frameworks and cross-border legal protocols.
Fed Rate Cuts Fuel Crypto Momentum
In September and November 2024, the Federal Reserve cut interest rates twice in response to slowing economic growth. These cuts diminished returns on traditional safe-haven assets like bonds—driving capital toward alternative stores of value.
Bitcoin emerged as a top beneficiary, with prices surging amid renewed “digital gold” narratives. Institutional investors increasingly viewed crypto as an inflation hedge and portfolio diversifier.
This shift illustrated the growing correlation between macroeconomic trends and cryptocurrency performance—proving that digital assets are no longer isolated from global financial dynamics.
FTX Sues Binance: Legal Fallout Intensifies
In November 2024, FTX filed a $1.8 billion lawsuit against Binance and CZ over the 2021 sale of Binance’s 20% stake in FTX. The lawsuit alleged that proceeds were paid using customer funds from Alameda Research and accused Binance of exacerbating FTX’s liquidity crisis through public statements during its collapse.
Binance denied all claims, calling them baseless and vowing a vigorous defense. The case intensified scrutiny on inter-exchange relationships and ethical responsibilities during market distress.
Regardless of outcome, this legal battle will likely influence future standards for corporate conduct in the crypto space.
Coinbase Stock Surpasses $300: Confidence Rebuilt
Also in November, Coinbase stock crossed $300—a symbolic milestone reflecting renewed market confidence in regulated crypto platforms. As one of the few publicly traded crypto-native companies, Coinbase’s performance serves as a barometer for industry health.
Its success underscores the importance of compliance, transparency, and strong governance in earning investor trust—qualities that will define winners in an increasingly regulated environment.
Bitcoin Hits $93,450: The “Trump Effect” Ignites Markets
In late November 2024, Bitcoin surged to an all-time high of $93,450 following Donald Trump’s re-election victory. Dubbed the “Trump Pump,” this rally was fueled by pro-crypto campaign promises, including support for blockchain innovation and favorable tax policies for digital asset firms.
The momentum extended beyond Bitcoin—Ethereum, Solana, and other altcoins saw substantial gains as market sentiment turned bullish.
Trump’s media company, TMTG, further stoked speculation by exploring a potential acquisition of Bakkt, a regulated crypto exchange backed by Intercontinental Exchange (ICE).
👉 Explore how political shifts are shaping crypto adoption trends worldwide.
Post-Election Rally: Bitcoin Nears $100K
After the election, Bitcoin continued its ascent, approaching $100,000 by early December. Institutional demand surged as hedge funds and asset managers anticipated clearer regulatory guidance under the new administration.
MicroStrategy and other corporate treasuries expanded their Bitcoin holdings—reinforcing its status as strategic reserve assets.
Altcoins also gained traction, with analysts predicting a possible “altseason” if Bitcoin’s dominance drops below 58%.
FAQ: Your 2024 Crypto Questions Answered
Q: What caused Bitcoin’s price surge in late 2024?
A: A combination of ETF approvals, the halving event, Fed rate cuts, and pro-crypto political sentiment—especially post-Trump election—drove investor confidence and capital inflows.
Q: Are Ethereum ETFs as impactful as Bitcoin ETFs?
A: Yes. While Bitcoin ETFs focus on value storage, Ethereum ETFs highlight utility—validating smart contracts and decentralized applications as investable themes.
Q: How did CZ’s legal case affect Binance?
A: Binance underwent major compliance upgrades and leadership changes. Though it faced reputational damage, it maintained trading volume leadership through operational resilience.
Q: Will Do Kwon be extradited?
A: As of 2024, no final decision has been made. Multiple jurisdictions are involved, making it one of the most complex international crypto legal cases ever.
Q: Is Bitcoin hitting $100K sustainable?
A: Experts are divided. Strong fundamentals support long-term growth, but short-term volatility and macro risks mean corrections are possible.
Q: What does Hong Kong’s ETF launch mean for Asia?
A: It positions Hong Kong as a crypto gateway for Asia-Pacific investors and sets a model for regulated digital asset innovation in emerging markets.
Final Thoughts: A Year That Changed Everything
2024 was more than just a year of records—it was a year of reckoning, refinement, and rapid maturation. Regulatory clarity, institutional adoption, technological milestones, and legal accountability converged to shape a more resilient and integrated crypto ecosystem.
As we look ahead to 2025, the foundations laid this year suggest continued innovation, deeper market integration, and greater global influence for blockchain technology. The journey is far from over—but 2024 proved that crypto is here to stay.