This year in crypto, the industry experienced transformative developments, marked by significant achievements, regulatory shifts, and increasing mainstream adoption. It began in January with a landmark decision by the U.S. Securities and Exchange Commission (SEC) to approve spot Bitcoin Exchange-Traded Funds (ETFs) from institutions like BlackRock and Fidelity. This move gave traditional investors direct exposure to Bitcoin, significantly boosting its legitimacy and accessibility. By mid-year, the SEC approved spot Ethereum ETFs, integrating the second-largest cryptocurrency into mainstream finance and providing investors with more opportunities to participate in the expanding digital asset ecosystem. 

The 2024 U.S. presidential election spotlighted the cryptocurrency industry. President-elect Donald Trump, known for his pro-crypto views, secured victory in a closely watched election. His campaign emphasised the importance of innovation in digital assets, and his administration has already signalled intentions to foster a more crypto-friendly regulatory environment. This development has been met with optimism across the industry, with expectations that Trump’s policies will drive further institutional adoption and promote blockchain integration into the broader economy. 

Regulatory developments played a central role throughout 2024, shaping market dynamics and industry perceptions. Ripple secured a landmark legal victory against the SEC, clarifying the classification of certain cryptocurrencies and setting a precedent for other digital assets. Meanwhile, enforcement efforts saw Changpeng Zhao (CZ), CEO of Binance, serve a four-month prison sentence, and Sam Bankman-Fried (SBF), the former CEO of FTX, sentenced to 25 years for fraud. These cases highlighted the increasing scrutiny on industry leaders and underscored the need for greater transparency across the crypto space. 

Amidst these regulatory shifts, the industry also witnessed significant progress in July. The defunct Mt. Gox exchange began repayments to creditors in Bitcoin and Bitcoin Cash, reintroducing significant amounts of cryptocurrency into circulation after years of delay. This event sparked discussions around liquidity and its broader implications for the market. Around the same time, an African nation followed in El Salvador’s footsteps by adopting Bitcoin as legal tender. This move validated Bitcoin’s growing role as a tool for financial sovereignty and economic innovation, particularly in regions with limited access to traditional banking systems. 

Memecoins had a standout year in 2024, with several new tokens reaching billion-dollar market capitalisations. These assets captured widespread attention, dominating social media discussions and attracting retail investors looking to capitalise on the speculative excitement. While their values saw fluctuations throughout the year, memecoins highlighted the dynamic and innovative aspects of the crypto market, reflecting the evolving intersection of internet culture, community-driven projects, and finance. 

The year concluded with a historic milestone in December when Bitcoin’s price broke past the highly anticipated US$100,000 mark for the first time. This breakthrough was driven by increased demand from ETFs, institutional adoption, and renewed public interest. Events like Bitcoin’s halving earlier in the year, which reduced mining rewards and reinforced its scarcity, played a critical role in setting the stage for this price surge. Institutional players such as BlackRock and MicroStrategy also contributed to this moment, with the latter continuing its aggressive acquisition strategy under the leadership of Michael Saylor, solidifying its position as a corporate pioneer in the Bitcoin space. 

These developments showcase a year of significant progress, heightened adoption, and regulatory evolution. As 2025 approaches, the crypto community is not only reflecting on these milestones but also preparing for the opportunities and challenges ahead in shaping the global financial ecosystem. 

News circulating the block this week: 
 

• Russia legalises Bitcoin for use in foreign trade 

• Cryptopia distributes $225M to victims of its 2019 hack 

• Trump nominates Stephen Miran as head of the Economic Council 

• Hyperliquid sees outflows amid fears of North Korean hacking 

• ASIC sues Binance Australia over client misclassification claims 

• Nokia patent suggests move into digital asset encryption 

• Hawk Tuah memecoin creators face misconduct lawsuit 

• Israel approves six Bitcoin funds after regulatory review 

• Ether ETFs surpass $2.5B in inflows from investors 

• Montenegro rejects Do Kwon’s extradition appeal