Author: flowie, ChainCatcher
Editor: Nianqing, ChainCatcher
2025 is coming, and looking back at the development of encryption in 2024, there are too many historic moments that deserve to be written about.
This year, the bull market in the crypto market was driven by multiple catalysts, including Wall Street giants, the U.S. election, Bitcoin halving, and the Federal Reserve’s interest rate cut.
We have witnessed historic moments such as the approval of the Bitcoin Ethereum spot ETF, the White House welcoming its first "crypto president", Bitcoin breaking through $100,000, and Bitcoin concept stock MSTR joining the Nasdaq 100 Index; we have also suffered multiple market plunges brought about by macro adjustments and dark moments when billions of dollars evaporated.
This year, memes surrounded VC coins, and the altcoin season came late. Memes seemed to be performing miracles every day, but old Altcoin led by Ethereum were repeatedly attacked. TG/TON earning games, Pump.fun one-click coin issuance, AI agents and other new gameplays and new assets were popular, but some people were happy and some were worried. "The crypto market that does not take over each other", "Who is making money in this cycle?" "Has it outperformed Bitcoin?" became the hottest topics.
ChainCatcher takes stock of the major crypto events from the beginning of the year to the end of the year, looking back on the ups and downs of this year while welcoming and looking forward to 2025.
US Bitcoin Spot ETF Approved – “Institutional Bull” Begins
January 11
After a decade-long game with US regulators, the U.S. Securities and Exchange Commission (SEC) officially approved 11 Bitcoin spot ETFs in the early morning of January 11, Beijing time. Traditional and emerging capital including BlackRock, Fidelity Funds, Invesco, and Grayscale entered the cryptocurrency market through Bitcoin spot ETFs.
The approval of the US Bitcoin spot ETF has officially allowed the Crypto industry to survive the deep bear market and usher in a new round of bull market.
Circle submits IPO application again - a new process for crypto IPO
January 11
Circle, the issuer of USDC stablecoin, has reportedly applied to go public again. Previously, Circle planned to merge with a SPAC company and go public in 2021, but it ended in failure. Three years later, Circle applied for an IPO again, which may lay the foundation for crypto companies to promote IPOs.
Bitcoin plunges after breaking new highs - $1.2 billion evaporated
March 5
At 23:05 on March 5, the price of Bitcoin surpassed the $69,000 mark, which was the latest historical high since the creation of the first Bitcoin block in January 2009. However, it quickly fell back after reaching a new high, and once fell below $60,000 during the trading session.
Data as of 9 a.m. on March 6 showed that more than 310,000 traders had their positions liquidated in 24 hours, with a total amount of US$1.19 billion.
Ethereum Completes Cancun Upgrade — Layer2 Enters the Fee Reduction Era
March 13
At 21:55 Beijing time on March 13, the Cancun upgrade (Cancun-Deneb) was officially activated on the Ethereum mainnet at block height 269568 after dozens of test calls and development network tests. This is the largest upgrade since the Ethereum merger, and Ethereum Layer2 has entered the era of fee reduction.
"As Cancun upgrades, what are the project owners and users busy with?"
Starbucks terminates NFT plan - NFT large-scale application still has a long way to go
March 16
Starbucks announced that its Web3 customer loyalty program Starbucks Odyssey, which was in the testing phase, was terminated on March 31. The program was launched by Starbucks in 2022 and was its first move into Web3. The departure of large traditional platforms such as Starbucks from NFT is not an isolated case, and the large-scale use of NFT still faces huge challenges.
KuCoin is sued by the U.S. Department of Justice - another exchange hit after Binance
March 26
The U.S. Department of Justice has charged KuCoin and its two founders, Chun Gan and Ke Tang, with "conspiracy to violate the Bank Secrecy Act and conspiracy to operate an unlicensed money transmission business." Each charge carries a maximum sentence of five years in prison. This is another case filed by the U.S. Department of Justice against the founders of a crypto exchage after the case of Binance and its founder CZ .
SBF Sentenced to 25 Years in Prison — FTX Fraud Case Goes Down in Crypto History
March 28
SBF was tried in Manhattan federal court and was ultimately sentenced to 25 years in prison for multi-billion dollar fraud and ordered to pay a fine of $11 billion.
The first meme on pump.fun goes viral — one-click coin issuance officially enters the community’s field of vision
April 5
Pump.fun is a one-click coin issuance platform launched on Solona Chain in January, but it really entered the crypto community's field of vision in April. On April 5, the first meme TEST deployed on Pump.fun was contacted by the community and the team due to some technical loopholes. It was later confirmed that the meme was deployed by the Pump.fun team. A large number of traders flocked to pump.fun, and then more magical memes fermented on Pump.fun. The "one-click coin issuance" model has also spread from Solana to other public chains.
SEC issues Wells warning to Uniswap - even the leading exchange cannot escape the clutches of regulation
April 11
Hayden Adams, the founder of Uniswap, said that Uniswap Labs has received a formal Wells Notice from the U.S. Securities and Exchange Commission (SEC), and the SEC plans to file a lawsuit against it. The native token UNI of the Uniswap platform plummeted from $11.2 to $8.9, a short-term drop of more than 20%.
"Sued by SEC, UNI fell more than 20%, can Uniswap "pay money to avoid disaster"? "
Bitcoin Completes Fourth Halving — But the Impact Has Changed
April 20
In the early morning of April 20, at block height 840,000, Bitcoin completed its fourth halving. Halving has always been the biggest catalyst for a bull market, but this time the halving has become less popular due to the maturity and complexity of the crypto industry and factors such as Bitcoin ETFs.
"Bitcoin will enter a bull market after halving. Can history shine into reality again?"
Hong Kong Virtual Asset ETF Approved — An Important Step for the Asian Crypto Market
April 24
The official website of the Hong Kong Securities and Futures Commission (SFC) has listed the Bitcoin and Ethereum spot ETFs of three fund companies, China Asset Management (Hong Kong), Bosera International and Harvest International, with the approval date of April 23, 2024. This is the first time such products have been launched in the Asian market.
Tornado Cash Developer Sentenced — Crypto Privacy Faces Challenges
May 14
Tornado Cash developer Alexey Pertsev, a 31-year-old Russian citizen, was sentenced to five years and four months in prison in the Netherlands for laundering $2.2 billion on a cryptocurrency mixer platform. Pertsev had previously been imprisoned for eight months.
It is generally believed in the industry that this case is not only a watershed in DeFi regulation, but will also change the course of crypto privacy and have a "chilling effect" on the global open source community. The open source software developer was found guilty, which also indicates that Web3 smart contract developers will be subject to traditional framework laws.
"Tornado Cash developer sentenced, is "Code is speech" dead?"
Notcoin is listed on Binance—— Telegram mini-game trend officially begins
May 16
The Telegram/TON mini-game Notcoin attracted extensive participation from more than 35 million users in just a few months, and was launched on Binance on the evening of May 16, driving the trend of the tap to earn model and the Telegram/TON mini-games.
Binance adjusts its listing strategy to deal with the rampant "high FDV + low circulation" tokens
May 20
After the rampant " high FDV + low circulation " tokens caused strong dissatisfaction in the crypto community, on the evening of May 20, Binance announced a new public recruitment plan for listing projects in response to this phenomenon , and will take the lead in supporting small and medium-sized cryptocurrency projects. Binance sincerely invites high-quality teams and projects to apply for listing, including direct listing, launchpools and Megadrops . Later, OKX and other exchanges also launched corresponding listing strategies.
FIT21 bill passed by the U.S. House of Representatives - important changes in the attitude of U.S. lawmakers
May 22
The Financial Innovation and Technology Act of the 21st Century (FIT21) is the first bill that attempts to comprehensively define how the U.S. should regulate the crypto market. On May 22, the FIT21 bill passed the House of Representatives by 279 votes to 136.
Although it is still uncertain whether the Senate will pass it, it has proved that U.S. lawmakers' views on cryptocurrencies are changing and the crypto industry has taken a "big step."
US Ethereum spot ETF approved - boost to ETH rise appears weaker than expected
May 24
At around five in the morning on May 24, the U.S. Securities and Exchange Commission approved the 19b-4 forms of eight spot Ethereum ETFs. The eight issuers were Grayscale, Bitwise, iShares, VanEck, ARK & 21Shares, Invesco & Galaxy, Fidelity, and Franklin.
"The U.S. SEC finally "gives the go-ahead", Ethereum spot ETF passes the hurdle successfully!"
SEC concludes investigation into Ethereum 2.0 — another crisis resolved
June 19
Ethereum infrastructure development company Consensys posted on social media that the U.S. Securities and Exchange Commission (SEC) Enforcement Division has notified them that it is ending its investigation into Ethereum 2.0. This means that the SEC will not bring charges that the sale of ETH is a securities transaction. "The 14-month investigation has finally come to an end, winning a satisfactory progress.
Ethereum wins a phased victory in the SEC investigation, and the US regulatory direction may change
Solana Launches Blinks — A New Entry Point for Large-Scale Web3 Applications
June 25
The Solana Foundation announced the launch of two new features, Solana Actions (transactions) and Solana Blinks (blockchain links), which will allow users to connect and send transactions without leaving the current website. This has sparked heated discussions in the crypto space about Web2 and Web3 links and large-scale applications.
Cryptocurrency plummets, panic sentiment hits a new low in nearly a year - nearly 700 million evaporated
July 5
Multiple factors, including the huge compensation in Mentougou and the German government's reduction of BTC holdings, have caused the crypto market to fall all the way.
At noon on July 5, BTC briefly fell below $54,000, reaching a low of around $53,200, a new low since February 26 this year. The maximum 24-hour decline exceeded 10%, and the entire Altcoin market was also in a major disaster.
Within 24 hours, the entire network’s liquidation exceeded US$660 million, and the total Bitcoin contract holdings in the entire network fell by more than 10% in 24 hours.
Hong Kong's "Sandbox" for Stablecoin Issuers is Released - JD.com's Entry Becomes the Focus
July 18
The Hong Kong Monetary Authority announced the first batch of three "sandbox" participating institutions, including JD CoinChain Technology (Hong Kong) Co., Ltd., Yuanbi Innovation Technology Co., Ltd., and joint applicants Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and Hong Kong Telecom Limited (HKT).
Among them, the parent company of JD Coin Chain Technology is JD Technology. JD’s active exploration of stablecoins may stimulate other domestic Internet companies to a certain extent to resume their blockchain business and bring more positive signals to the encryption industry.
Trump attends Bitcoin conference and makes many crypto promises
July 28
As expected, Trump arrived on the main stage of the Bitcoin conference and delivered a keynote speech, making many crypto promises after being elected, including incorporating Bitcoin into the national strategic reserves and firing SEC Chairman Gary Gensler.
Under this heavyweight hot spot, a dramatic battle for the meme king took place. The biggest meme winner was not the Trump concept, but the new Shiba Inu - Neiro, the owner of Kabosu, the prototype of Doge. Both uppercase and lowercase memes of the same name became popular, competing for the title of Dragon One.
OpenSea receives SEC Wells notice - NFT adds another negative factor
August 28
OpenSea CEO Devin Finzer said the company has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), suggesting that enforcement action may be taken.
Sony Launches L2 Network Soneium - New Power Injected into Web2 Giant
August 23
Sony Block Solutions Labs, a joint project between Japanese giant Sony Group and Singapore's Startale Labs, announced that it would launch a Layer 2 network called Soneium on Ethereum, built using OP Stack. On August 28, Soneium officially launched a public testnet and announced a developer incubation plan. Not long ago, Sony also acquired the crypto exchage Amber Japan.
"Counting Sony's 8-year Web3 layout"
Telegram founder arrested - Web3 privacy challenged
August 24
Telegram founder Pavel Durov was arrested at Le Bourget Airport near Paris between 7:30 and 8 p.m. local time on Saturday, August 24. French investigators issued a search warrant for his encrypted messaging violations, and French police also searched Durov's property.
The terrifying plunge in global financial markets - the terrifying Black Monday
August 5
It can be said to be the most panic-inducing Black Monday in history. Almost all markets, from global stock markets to cryptocurrency markets, were affected and all entered a major plunge mode. BTC fell by more than 10% in 24 hours. ETH fell by more than 20% in 24 hours, basically wiping out all gains this year. The total liquidation of the entire network in 24 hours reached 788 million US dollars. The lending liquidation volume on DeFi exceeded 320 million US dollars, setting a new high for the year at that time.
There are many reasons for the plunge. The unexpected interest rate hike by the Bank of Japan, weak economic data from the United States, and tense situation in the Middle East have all brought risk aversion in global markets to a peak.
Friend.Tech soft RUG - Social Fi is still a flash in the pan
September 9
The Web3 social network Friend.Tech has been shut down after its developers relinquished control of its smart contracts. While the platform will continue to operate, the relinquishment of control makes it nearly impossible to introduce new features. The revocation of contract ownership has prevented new teams interested in adding features to the social platform from acquiring the platform.
"Friend.tech, the former top social network, finally ran away. Is SocialFi a false proposition? "
The Federal Reserve announced a rate cut - an important catalyst for the bull market is here
September 19
The Federal Reserve Committee announced that it would lower the target range of the federal funds rate by 50 basis points to between 4.75% and 5.00%. This is the first time the Fed has cut interest rates since March 2020. Previously, in order to ease domestic inflation in the United States, the Fed raised interest rates 11 times in a row from March 2022 to July 2023, with a cumulative increase of 525 basis points.
"The shoe has dropped! The Fed cuts interest rates. Is the Bitcoin bull market about to begin?"
CZ released from prison - Binance survived a major "disaster"
September 28
CZ(CZ), the former leader and co-founder of Binance, was released from prison and later posted his first tweet “GM” on the X platform after his release.
"Crypto pain period totem CZ returns, can confidence and innovative vitality be restored?"
Uniswap releases Layer2 public chain Unichain——Own application chain becomes a trend
October 10
DeFi leader Uniswap Labs announced the launch of Unichain and the launch of the testnet. Unichain aims to become a fast, decentralized Optimism superchain L2 and a cross-chain DeFi and liquidity chain. After the announcement, the price of UNI continued to rise, with a 24-hour increase of 15%, once exceeding $8.
"Uniswap is also building a chain. Is UNI finally going to be empowered?"
AI Bot autonomously communicates and issues Meme coin GOAT—— The beginning of AI meme craze
October 12
An AI Bot called "Truth Terminal" (@truth_terminal) "talked to itself" and came up with a meme coin name GOAT. GOAT then became popular, and a16z founder Marc Andreessen invested $50,000 worth of Bitcoin for it. It is also regarded as the first meme released by AI, which has led to a craze for AI to release memes.
Stripe acquires Bridge for $1.1 billion — the largest acquisition in crypto history
October 21
Payment unicorn Stripe has finally finalized its acquisition of stablecoin platform Bridge for $1.1 billion, the largest acquisition in the history of the crypto industry and Stripe’s largest acquisition to date.
Trump Elected — The First “Crypto President” Birth
November 6
The most dramatic presidential election in American history has finally come to an end. According to real-time election data from Fox News, Trump defeated Harris, who received 62,142,405 votes, by 67,121,735 votes, and successfully won 277 electoral votes, exceeding the 270-vote threshold to win the 2024 US presidential election.
Trump's continued lead and successful election have helped BTC break through $75,000 to set a new all-time high, and all crypto sectors have entered a period of general growth.
The first "Crypto President" is born! The gears of encryption have turned.
SEC Chairman Gary Gensler Confirms Resignation - Crypto Regulation Definitely Sees a Turning Point
November 22
According to official announcements, Gary Gensler, Chairman of the US SEC, will leave office on January 20. Trump's presidency will also begin on January 20. Soon after, Trump nominated Paul Atkins as Chairman of the SEC.
"Tough SEC Chairman Gary Gensler finally resigns when Trump takes office"
South Korea's Martial Law, Crypto Market Dives — Crypto Investors Become Victims
December 3
South Korean President Yoon Seok-yeol suddenly announced the implementation of "emergency martial law", and the price of Bitcoin on Upbit, South Korea's largest trading platform, suddenly fell to $65,000.
"Decoding South Korea's Martial Law: A Political Rivalry that Rips Apart National Consensus"
Bitcoin breaks through $100,000 - a new milestone and a new starting point
December 5
Bitcoin officially broke through $100,000. Since Bitcoin Pizza Day, BTC has risen 40 million times, and the market value of Bitcoin has exceeded $2 trillion, surpassing the market value of silver and one-tenth of the market value of gold. Bitcoin is recognized and supported by many sovereign countries such as the United States and Japan. This process took Bitcoin only 16 years. And $100,000 is still the starting point of Bitcoin.
《Bitcoin breaks through $100,000! New milestone, new starting point》
Bitcoin concept stock MSTR joins the Nasdaq 100 index - witness history again
December 13
Nasdaq officially announced the results of the annual reorganization of the Nasdaq 100 Index. MicroStrategy (MSTR) will be added to the index and become one of the 75 largest non-financial companies on Nasdaq.
Eric Balchunas, senior ETF analyst at Bloomberg, said the move was symbolic of the changing times. James Van Straten, senior analyst at CoinDesk, said it was the second biggest news of 2024, second only to the U.S.-listed Bitcoin spot ETF.
"Witness history: Bitcoin concept stock MSTR joins the Nasdaq 100 Index"
