Top 5 Most-popular Crypto Stories of 2024

1. Bitcoin's Latest Halving is Complete, Here's What Happened

The highly anticipated Bitcoin halving occurred on April 19, 2024, at 8:10 p.m. EDT, when ViaBTC mined block number 840,000.

This milestone reduced the block reward for miners from 6.25 Bitcoins to 3.125, marking another pivotal moment in Bitcoin’s history.

While Bitcoin's price remained relatively stable post-halving, trading between US$63,000 and US$65,000, the cryptocurrency showed a modest 2.2 percent gain by April 22, reaching US$66,243.

Over the past year, Bitcoin's market cap has surged by 142 percent, briefly surpassing that of silver in March.

Historically, Bitcoin halvings have led to significant price rallies. However, the 2024 halving was unique in its context, coinciding with increased institutional interest fueled by the approval of Bitcoin exchange-traded funds (ETFs) and a favorable macroeconomic environment.

Halving events also impact miners significantly since they cut block rewards, reducing profitability. Crypto miners ramped up their operations with more efficient hardware to maintain profitability, even as production costs were estimated to rise to US$37,856 per Bitcoin post-halving.

2. Bitcoin Reaches New Record High on Reserve Asset Speculation

Bitcoin soared to an unprecedented high of US$107,554 on December 16, fueled by speculation that US President-elect Donald Trump plans to designate it as a US reserve asset.

The surge followed Trump’s December 12 interview on CNBC, where he shared his vision for a strategic cryptocurrency reserve. Highlighting concerns over international dominance in the crypto space, Trump emphasized that the US must act decisively to prevent other nations from gaining an edge. This was not the first time he mentioned this plan, as we discuss in the next entry.

This interview came alongside a trend of strong institutional investment. Digital asset inflows reached US$3.2 billion during the week of December 9 through 13, while the global market for Bitcoin ETFs also expanded, managing over US$135 billion in assets amid heightened demand.

Globally, governments have been increasing their Bitcoin holdings, with the US owning nearly 200,000 Bitcoin valued at over US$20 billion at the time of the new high.

Trump’s pro-crypto administration, including key appointments like David Sacks and Paul Atkins, has added to crypto investors' confidence in the market.

3. Crypto Market Buzzing on Rumor Trump Will Announce Bitcoin as Strategic Reserve Asset

Looking back before the US election, speculation reached fever pitch last July when candidate and former US President Donald Trump delivered a keynote address at a Bitcoin conference in Nashville, Tennessee.

The Republican presidential nominee used the platform to promise sweeping changes to US cryptocurrency policy if elected for a second term.

In his speech on July 27, Trump pledged to establish the United States as the "crypto capital of the planet" and announced plans for a Bitcoin strategic reserve utilizing the government’s existing cryptocurrency holdings.

The announcement marked a major shift from his earlier criticism of digital assets, fueling investor enthusiasm and market volatility.

The prospect of Bitcoin as a strategic reserve asset has raised significant questions about its integration into national financial systems. While proponents see it as a step toward legitimizing Bitcoin as "digital gold," critics point to the asset's volatility and cybersecurity concerns as major hurdles.

4. ASX Welcomes First Bitcoin ETF as Crypto Soars in Popularity

In a landmark move for Australia’s financial markets, the Australian Securities Exchange (ASX) launched its first Bitcoin exchange-traded fund (ETF) on June 20.

The VanEck Bitcoin ETF (ASX:VBTC) provides Australians with a simplified way to gain exposure to Bitcoin’s price movements through traditional brokerage accounts.

The launch, backed by an initial investment of AU$985,000 (US$657,000), caters to the increasing demand for digital asset investment options in the region.

This followed global crypto trends, with spot Bitcoin and Ether ETFs in the US launching in January and July respectively, while Hong Kong permitted the trading of ETFs for Bitcoin and Ether in April.

Bitcoin's strong performance throughout 2024 further bolstered interest in the ETF. At the time of the launch, Bitcoin had nearly quadrupling in value since early 2023. Other Australian firms such as BetaShares and DigitalX have since launched their own crypto ETFs.

5. Spot Ether ETFs Make US Debut

After months of anticipation, the US market witnessed the launch of nine spot Ether ETFs on July 23.

These ETFs, which are now trading on major exchanges such as the New York Stock Exchange, Nasdaq and the Chicago Board Options Exchange, provide regulated exposure to Ether, the second-largest cryptocurrency by market capitalization.

The newly launched spot Ether ETFs were:

• Grayscale Ethereum Mini Trust (ARCA:ETH)
• Grayscale Ethereum Trust (ARCA:ETHE)
• Bitwise Ethereum (NYSE:ETHW)
• VanEck Ethereum (CBOE:ETHV)
• 21Shares Core Ethereum (CBOE:CETH)
• Invesco Galaxy Ethereum (CBOE:QETH)
• Fidelity Ethereum (CBOE:FETH)
• Franklin Ethereum (CBOE:EZET)
• iShares Ethereum Trust (NASDAQ:ETHA)

The SEC’s approval of these ETFs came after regulatory uncertainty, with the commission previously expressing concerns about Ether’s classification and the complexities of crypto staking.

However, the SEC gave the green light to these ETFs on May 23, following the filing of updated applications, and this decision contributed to a surge in Ether’s price.

While they had a slower start than analysts expected, Ether ETFs ultimately saw net inflows of US$2.62 billion in 2024 as of December 30 according to data from Farside Investors.