Author: flowie, ChainCatcher
Editor: Nianqing, ChainCatcher
As 2025 approaches, reflecting on the crypto developments of 2024 reveals numerous historic moments that deserve to be documented.
This year, the bullish trend in the crypto market was catalyzed by several factors, including Wall Street giants, the U.S. elections, Bitcoin halving, and the Federal Reserve's interest rate cuts.
We witnessed historic moments such as the approval of Bitcoin and Ethereum spot ETFs, the White House welcoming its first "crypto president," Bitcoin surpassing $100,000, and Bitcoin-related stock MSTR joining the Nasdaq 100 index; we also faced dark times marked by macro adjustments leading to significant market crashes and the evaporation of billions of dollars.
This year, meme coins targeted VC coins, and the altcoin season arrived late. Memes seemed to create new trends daily, but older altcoins, led by Ethereum, faced multiple challenges. New gameplay and assets like TG/TON's mini-games, Pump.fun's one-click token issuance, and AI agents became popular, but opinions were divided. "The crypto market with no one willing to take over," "Who is making money in this cycle?" "Have you outperformed Bitcoin?" became hot topics.
ChainCatcher reviews the major crypto events from the beginning to the end of the year, reflecting on the ups and downs while welcoming and looking forward to 2025.
Approval of U.S. Bitcoin Spot ETF - "Institutional Bull" Begins
January 11
After a decade-long battle with U.S. regulators, on January 11 at midnight Beijing time, the U.S. Securities and Exchange Commission (SEC) officially approved 11 Bitcoin spot ETFs, including those from BlackRock, Fidelity, Invesco, and Grayscale, allowing traditional and emerging capital to enter the cryptocurrency market through Bitcoin spot ETFs.
The approval of the U.S. Bitcoin spot ETF officially marked the end of the deep bear market for the crypto industry and initiated a new bull market.
Circle Submits IPO Application Again - New Progress for Crypto IPOs
January 11
USDC stablecoin issuer Circle has been reported to have submitted a new application for an IPO. Previously, in 2021, Circle planned to merge with a SPAC for listing, but it ended in failure. Three years later, Circle is applying for an IPO again, which may lay the groundwork for crypto companies to push for IPOs.
“After Secretly Submitting IPO Application, Which Crypto Companies Might Go Public This Year?”
Bitcoin Plummets After Hitting New High - $1.2 Billion Evaporated
March 5
On March 5 at 23:05, Bitcoin's price crossed the $69,000 mark, marking the latest historical high since the creation of Bitcoin's first block in January 2009. However, after reaching this new high, it quickly fell back, dipping below $60,000 at one point.
Data as of 9 AM on March 6 showed that over 310,000 traders were liquidated in 24 hours, totaling $1.19 billion.
“Bitcoin Plummets After Hitting New High, Over 300,000 Liquidated, $1.2 Billion Evaporated”
Ethereum Completes Cancun Upgrade - Layer 2 Enters Cost Reduction Era
March 13
On March 13 at 21:55 Beijing time, the Cancun upgrade (Cancun-Deneb) was officially activated on the Ethereum mainnet at block height 269568 after numerous test calls and development network tests. This is the largest upgrade since Ethereum's merge, marking the entry of Ethereum Layer 2 into a cost reduction era.
“What Are Projects and Users Busy With During the Cancun Upgrade?”
Starbucks Terminates NFT Plan - Large-Scale Application of NFTs Still Faces Challenges
March 16
Starbucks announced the termination of its Web3 customer loyalty program, Starbucks Odyssey, which was in the testing phase, on March 31. This program was launched by Starbucks in 2022 and marked its first foray into Web3. The exit of large traditional platforms like Starbucks from NFTs is not an isolated case, as the large-scale use of NFTs still faces significant challenges.
KuCoin Sued by U.S. Justice Department - Another Exchange Faces Scrutiny After Binance
March 26
The U.S. Justice Department 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," with each charge carrying a maximum sentence of five years in prison. This follows the case against Binance and its founder Changpeng Zhao, marking another lawsuit initiated by the U.S. Justice Department against crypto exchange founders.
“Facing U.S. Lawsuit and Expulsion from Multiple Regions, KuCoin's ‘Disliked’ Two Years”
SBF Sentenced to 25 Years in Prison - FTX Fraud Case Enters Crypto History
March 28
SBF was tried in Manhattan federal court and was ultimately sentenced to 25 years in prison for defrauding billions of dollars, along with a requirement to pay a $11 billion fine.
First Meme Goes Viral on pump.fun - One-Click Token Issuance Officially Enters Community View
April 5
Pump.fun is a one-click token issuance platform launched on the Solana chain in January, but it truly entered the crypto community's view around April. On April 5, the first meme TEST deployed on Pump.fun gained attention due to some technical vulnerabilities, and it was later confirmed that this meme was deployed by the Pump.fun team. A large number of traders flocked to Pump.fun, leading to the emergence of more viral meme tokens. The "one-click token issuance" model also spread from Solana to other public chains.
SEC Issues Wells Notice to Uniswap - Even Leaders Cannot Escape Regulatory Scrutiny
April 11
Uniswap founder Hayden Adams stated that Uniswap Labs has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating that the SEC plans to file a lawsuit against it. The native token of the Uniswap platform, UNI, plummeted from $11.2 to $8.9, with a temporary drop of over 20%.
“Facing SEC Lawsuit, UNI Drops Over 20%, Can Uniswap ‘Pay to Avoid Disaster’?”
Bitcoin Completes Fourth Halving - But Its Impact Has Changed
April 20
On the morning of April 20, at block height 840,000, Bitcoin completed its fourth halving. Halving has traditionally been the biggest catalyst for bull markets, but this time, due to the maturity and complexity of the crypto industry and factors like Bitcoin ETFs, it received relatively "cool" attention.
“After Bitcoin Halving Comes the Bull Market, Can History Repeat Itself?”
Hong Kong Virtual Asset ETF Approved - An Important Step for the Asian Crypto Market
April 24
The Hong Kong Securities and Futures Commission (SFC) has listed Bitcoin and Ethereum spot ETFs from three fund companies: Huaxia Fund (Hong Kong), Bosera International, and Harvest Global Investments, with recognition dates all set for April 23, 2024. This marks the first launch of such products 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 5 years and 4 months in prison in the Netherlands for laundering $2.2 billion on a cryptocurrency mixer platform. Pertsev had previously been detained for eight months.
The industry widely views this case as not only a watershed moment for DeFi regulation but also as a change in the trajectory of crypto privacy, creating a "chilling effect" on the global open-source community. The conviction of open-source software developers signifies that Web3 smart contract developers will be subject to traditional legal frameworks.
“Tornado Cash Developer Sentenced: Is ‘Code is Speech’ Dead?”
Notcoin Launches on Binance - The Trend of Telegram Mini-Games Officially Begins
May 16
The Telegram/TON mini-game Notcoin attracted over 35 million users in just a few months and launched on Binance on May 16, driving the tap-to-earn model and the trend of Telegram/TON mini-games.
Binance Adjusts Listing Strategy - Responding to the Prevalence of “High FDV + Low Circulation” Tokens
May 20
After the prevalence of “high FDV + low circulation” tokens caused strong dissatisfaction within the crypto community, on the evening of May 20, Binance announced a new public recruitment plan for listing projects, which will prioritize support for small and medium-sized cryptocurrency projects. Binance invites quality teams and projects to apply for listings, including direct listings, Launchpools, and Megadrops. Subsequently, OKX and other exchanges also launched corresponding listing strategies.
FIT21 Bill Passed in U.S. House of Representatives - Significant Change in U.S. Legislators' Attitude
May 22
The “Financial Innovation and Technology Act of the 21st Century” (abbreviated as “FIT21”) is the first bill attempting to comprehensively define how the U.S. should regulate the crypto market. On May 22, the FIT21 bill passed in the House of Representatives with a vote of 279 to 136.
Although it is still uncertain whether the Senate will pass it, it has already demonstrated a shift in U.S. legislators' views on cryptocurrencies, marking a significant step forward for the crypto industry.
“Is the SEC About to ‘Step Aside’? U.S. House Passes FIT21 Bill, CFTC as the Main Regulatory Body”
U.S. Ethereum Spot ETF Approved - The Boost to ETH's Rise Seems Weaker Than Expected
May 24
Around 5 AM on May 24, the U.S. Securities and Exchange Commission approved the 19b-4 forms for 8 spot Ethereum ETFs, with the eight issuers being Grayscale, Bitwise, iShares, VanEck, ARK & 21Shares, Invesco & Galaxy, Fidelity, and Franklin.
“U.S. SEC Finally ‘Gives the Green Light’, Ethereum Spot ETF Successfully Passes!”
SEC Ends Investigation into Ethereum 2.0 - Another Crisis Averted
June 19
Ethereum infrastructure development company Consensys announced on social media that the enforcement department of the U.S. Securities and Exchange Commission (SEC) has notified them that it is ending its investigation into Ethereum 2.0. This means the SEC will not bring charges claiming that the sale of ETH constitutes a securities transaction. This 14-month investigation has finally come to a close, resulting in a satisfactory outcome.
“Ethereum Wins Phase Victory in SEC Investigation, U.S. Regulatory Winds May Change”
Solana Launches Blinks Feature - New Entry 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 enthusiastic discussions in the crypto field regarding the connection and large-scale application of Web2 and Web3.
Crypto Market Plummets, Panic Sentiment Hits Nearly One-Year Low - Nearly $700 Million Evaporated
July 5
Multiple factors, including the massive compensation from the Menkou incident and the German government's reduction of BTC holdings, caused the crypto market to plunge.
On July 5 at noon, BTC briefly fell below $54,000, hitting a low of around $53,200, marking a new low since February 26 of this year, with a maximum drop of over 10% in 24 hours, leading to a large-scale disaster in the altcoin market.
In 24 hours, over $660 million was liquidated across the network, with the total Bitcoin contract positions dropping over 10% in 24 hours.
Hong Kong Stablecoin Issuer “Sandbox” Launched - JD.com Becomes the Focus
July 18
The Hong Kong Monetary Authority announced the first batch of three participating institutions in the “sandbox,” including JD Coin Chain Technology (Hong Kong) Limited, Yuan Coin Innovation Technology Limited, and a joint application by Standard Chartered Bank (Hong Kong) Limited, Animoca Brands Limited, and HKT.
Among them, JD Coin Chain Technology's parent company is JD Technology. JD's active exploration in stablecoins may stimulate other domestic internet companies to revive their blockchain businesses, bringing more positive signals to the crypto industry.
Trump Participates in Bitcoin Conference - Makes Multiple Crypto Commitments
July 28
Amid great anticipation, Trump arrived as scheduled to deliver a keynote speech at the Bitcoin conference, making several crypto commitments, including incorporating Bitcoin into the national strategic reserve and firing SEC Chairman Gary Gensler.
In this significant hotspot, a dramatic battle for meme supremacy unfolded, with the biggest meme winner not being Trump’s concept but rather the new Shiba Inu of Kabosu, the original Doge prototype. The similarly named memes exploded in popularity, vying for the top spot.
OpenSea Receives SEC Wells Notice - Additional Negative Factors for NFTs
August 28
OpenSea CEO Devin Finzer stated that the company has received a Wells Notice from the U.S. Securities and Exchange Commission (SEC), indicating potential enforcement action.
Sony Launches L2 Network Soneium - New Power Injected by Web2 Giant
August 23
Japanese giant Sony Group, in collaboration with Singapore's Startale Labs, announced the launch of a Layer 2 network called Soneium on Ethereum, built using the OP Stack. On August 28, Soneium officially launched its public testnet and announced a developer incubation program. Not long before, Sony also acquired the crypto exchange Amber Japan.
“A Look Back at Sony's 8-Year Web3 Layout”
Telegram Founder Arrested - Web3 Privacy Under Challenge
August 24
On the evening of August 24 (Saturday) between 7:30 PM and 8 PM local time in France, Telegram founder Pavel Durov was arrested at Bourget Airport near Paris. French investigators issued a search warrant regarding his violations related to encrypted messaging, while French police also searched Durov's property.
Global Financial Markets Plummet - A Terrifying Black Monday
August 5
This can be described as one of the most terrifying Black Mondays in history, with global stock markets and the crypto market nearly all falling into a massive downturn. BTC dropped over 10% in 24 hours. ETH fell over 20% in 24 hours, effectively erasing all gains made this year. Liquidations across the network reached $788 million in 24 hours. DeFi lending liquidations exceeded $320 million, setting a new high for the year at that time.
The reasons for the plunge were multifaceted, including the unexpected interest rate hike by the Bank of Japan, weak economic data from the U.S., and escalating tensions in the Middle East, all of which pushed global market risk aversion to its peak.
“BTC Drops Over 25% in 7 Days, ETH Erases Yearly Gains, Is It Time to Buy the Dip?”
Friend.Tech Soft RUG - SocialFi Still Cannot Avoid Being Short-Lived
September 9
The developers of the Web3 social network Friend.Tech relinquished control over the smart contract, and the platform has been shut down. Although the platform appeared to continue operating, the relinquishment of control has made it nearly impossible to introduce new features. The withdrawal of contract ownership has prevented new teams interested in adding features to the social platform from acquiring it.
“Once Top SocialFi Friend.tech Finally Shuts Down, Is SocialFi a False Proposition?”
Federal Reserve Announces Rate Cut - An Important Catalyst for the Bull Market Has Arrived
September 19
The Federal Reserve Committee announced a 50 basis point reduction in the target range for the federal funds rate, lowering it to between 4.75% and 5.00%. This marks the first rate cut by the Federal Reserve since March 2020, following 11 consecutive rate hikes from March 2022 to July 2023, totaling an increase of 525 basis points to alleviate domestic inflation in the U.S.
“The Shoe Drops! Federal Reserve Cuts Rates, Is a Bitcoin Bull Market About to Begin?”
Zhao Changpeng Released from Prison - Binance Survives Major “Crisis”
September 28
Zhao Changpeng (CZ), the former leader and co-founder of Binance, was released from prison and later posted his first tweet after release on the X platform saying “GM”.
“Crypto Growing Pains Totem CZ Returns, Can Confidence and Innovation Be Revived?”
Uniswap Launches Layer 2 Public Chain Unichain - A Trend Towards Proprietary Application Chains
October 10
DeFi leader Uniswap Labs announced the launch of Unichain and the launch of its testnet. Unichain aims to become a fast, decentralized Optimism superchain L2, serving as a chain for cross-chain DeFi and liquidity. Following the announcement, the price of UNI continued to rise, increasing by 15% in 24 hours and briefly surpassing $8.
“Uniswap is Also Building a Chain, Is UNI Finally Going to Be Empowered?”
AI Bot Self-Generates Meme Coin GOAT - The Beginning of the 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, which subsequently exploded in popularity. a16z founder Marc Andreessen invested $50,000 worth of Bitcoin into it, marking it as the first AI-generated meme, sparking a wave of AI meme creation.
Stripe Acquires Bridge for $1.1 Billion - The Largest Acquisition in Crypto History
October 21
Payment unicorn Stripe has finalized its acquisition of the stablecoin platform Bridge for $1.1 billion, marking the largest acquisition in the history of the crypto industry and Stripe's largest acquisition to date.
Trump Elected - The First “Crypto President” is Born
November 6
The most dramatic presidential election in U.S. history has finally concluded. According to live election data from Fox News, Trump defeated Harris with 67,121,735 votes to 62,142,405, successfully securing 277 electoral votes, surpassing the 270-vote threshold to win the 2024 U.S. presidential election.
Trump's continued lead and successful election have propelled BTC to briefly surpass $75,000, setting a new historical high, with various sectors of crypto entering a period of widespread growth.
“The First ‘Crypto President’ is Born! The Wheels of Crypto's Fate Have Started Turning”
SEC Chairman Gary Gensler Confirms Resignation - A Turning Point for Crypto Regulation Approaches
November 22
According to an official announcement, U.S. SEC Chairman Gary Gensler will leave office on January 20. Trump's presidential term will also begin on January 20. Shortly thereafter, Trump nominated Paul Atkins as the new SEC chairman.
“Iron-Fisted SEC Chairman Gary Gensler Finally Resigns as Trump Takes Office”
South Korea Imposes Martial Law, Crypto Market Plummets - Crypto Investors Become Victims
December 3
South Korean President Yoon Suk-yeol suddenly announced the implementation of "emergency martial law," causing Bitcoin prices on South Korea's largest exchange, Upbit, to briefly plunge to $65,000.
“Decoding the Martial Law in South Korea: A Political Rivalry That Tears Apart National Consensus”
Bitcoin Surpasses $100,000 - A New Milestone and Starting Point
December 5
Bitcoin officially surpassed $100,000. Since Bitcoin Pizza Day, BTC has increased by 40 million times, with its market capitalization exceeding $2 trillion, surpassing that of silver and reaching one-tenth of gold's market cap. Bitcoin has been recognized and supported by several sovereign nations, including the U.S. and Japan. This process took Bitcoin only sixteen years. The $100,000 mark is just the starting point for Bitcoin.
“Bitcoin Surpasses $100,000! A New Milestone, A New Starting Point”
Bitcoin-Related Stock MSTR Joins Nasdaq 100 Index - Witnessing History Again
December 13
The Nasdaq officially announced the results of the annual reorganization of the Nasdaq 100 Index, with MicroStrategy (MSTR) being added to the index, becoming one of the 75 largest non-financial companies on Nasdaq.
Bloomberg's senior ETF analyst Eric Balchunas stated that this move symbolizes a shift in the era. CoinDesk's senior analyst James Van Straten remarked that this is the second biggest news of 2024, second only to the U.S. listing of a Bitcoin spot ETF.
“Witnessing History: Bitcoin-Related Stock MSTR Joins Nasdaq 100 Index”
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