12 days of crypto: a dozen moments of 2024

You may not be celebrating the festive season but there is never a reason needed to write a festive-themed crypto article so Learn Crypto brings you a mini-special on this final week of 2024.

We’ve talked about so much, and learnt so much in Academy, from the evolution of digital currencies as volatile assets to transformative currencies, to the staggering technological advancements and regulatory recognition around the world.

But there have been some momentous events, as well as some notable milestones that might have fallen under the radar.

Learn Crypto examines twelve moments that have defined the cryptosphere in 2024, symbolising both the positive strides and the challenges ahead.

Day 1: Bitcoin Surpasses $100,000

Say what you will, but 2024 will be remembered as the year that Bitcoin hit the psychological price mark of $100,000 on 4 December.

As we’ve written, this milestone was driven by a combination of factors, including increased institutional investment, positive regulatory developments, and growing acceptance of cryptocurrencies as a legitimate form of payment. The surge sparked renewed interest in the entire crypto market, encouraging both seasoned traders and newcomers to get involved.

Advocates touted this achievement as a validation of Bitcoin's status as digital gold, further solidifying its place in the financial landscape. Critics continued to say that this was the latest unsustainable rally…

Day 2: Devcon Returns

The Woodstock of crypto went mysteriously quiet for two years but returned with a vengeance in Bangkok in November 2024. 

Participants to the sold out even heard from Ethereum developers and researchers who discussed the upcoming Pectra upgrade, L2 interoperability solutions, Ethereum’s scaling roadmap, and more.

Dozens of mini-events known as “Community-led Sessions” focused on topics such as defensive acceleration, blockchain gaming, and coding.

Ethereum may not be hitting new ATHs, but it reminded everyone it was very much alive.

Day 3: $300M Lost in Exchange Hack

It’s 2024. Crypto hacks should be getting less frequent, right? Well, there were several huge exchange hacks this year, but the unlucky winner of the biggest hack was Japanese exchange DMM Bitcoin in May, which lost some BTC 4,500 to North Korean hackers.

Just as Japan was shrugging off the Mt Gox scandal too…

Day 4: US Government Proposes Comprehensive Crypto Regulation

In April 2024, the United States government unveiled a comprehensive regulatory framework for the cryptocurrency industry. This proposal aimed to clarify the legal status of digital assets, establish guidelines for initial coin offerings (ICOs), and implement consumer protection measures.

The announcement was met with mixed reactions: while many industry stakeholders welcomed the clarity and legitimacy that regulation could bring, others expressed concerns about potential overreach and stifling innovation. Nevertheless, this regulatory groundwork was seen as a pivotal moment for the future of cryptocurrencies in the US.

Day 5: Another Nakamoto Bites the Dust

In October 2024, HBO released a documentary entitled “Money Electric: The Bitcoin Mystery”. Director Cullen Hoback made an astonishing claim, revealing who he thought was the true person behind Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

We all knew it wasn’t him, of course, but a lot of people did, until Peter Todd himself, the subject of the documentary, denied all the allegations. 

Day 6: Bitcoin Spots an ETF

January 2024 kicked off crypto in a strong way, with the US SEC approving the first ever Bitcoin exchange-traded funds (ETFs).

While ETFs have been around for a while, these spot ETFs made it legal and easy for everage Joe in the US to buy Bitcoin without actually buying Bitcoin, while enjoying consumer protections from regulations.

This approval was widely seen as a step toward mainstream adoption, signaling the U.S. government’s growing acceptance of digital assets.

Day 7: FTX Boss Gets Prison

March 2024 was a watershed moment for the crypto industry. Sam Bankman-Fried, the former CEO of FTX, was sentenced to 25 years in prison. His conviction for fraud and mismanagement sent shockwaves through the market, underscoring the critical importance of accountability. The trial shone a harsh light on systemic failures at FTX, once a titan among cryptocurrency exchanges. Misuse of customer funds and poor internal controls were exposed, revealing the dark underbelly of what was once a trusted name in crypto.

This sentencing closed the chapter on one of the most notorious scandals in crypto history, serving as a stark warning to others in the industry. It highlighted the pressing need for stronger governance and regulatory frameworks to protect investors and ensure the integrity of the market. For many, Bankman-Fried’s downfall marked a pivotal point in the ongoing quest for greater transparency and compliance in the crypto world.

We won’t mention that a presidential pardon from the outgoing Biden is rumoured…

Day 8: Bitcoin Halving: Embracing Scarcity

April 2024 marked Bitcoin’s fourth halving, a pivotal event embedded in its protocol to maintain scarcity. This halving cut block rewards from 6.25 BTC to 3.125 BTC, reducing the pace at which new Bitcoins are introduced and increasing the complexity of mining them. Historically, halvings have been linked to price surges due to the interplay of reduced supply and heightened demand.

Although Bitcoin's immediate price movements post-halving were relatively modest, many analysts forecast that the long-term impacts would support a sustained bull market. They were right.

Day 9: Changpeng Zhao Doesn’t Want Back In

FTX got jail, Binance got out. In September 2024, Changpeng Zhao, the founder and ex-CEO of Binance, one of the world's leading crypto exchanges, was released from a four-month prison sentence after pleading guilty to anti-money laundering violations. During his time away, Binance was steered by new leadership, with Zhao making it clear he had no plans to return.

Zhao did tell Bloomberg that "I don't think I want to go back," signalling a definitive end to his seven-year reign at Binance.

Day 10: Fed  Rate Cuts Fuel the Crypto Fire

In 2024, the Federal Reserve enacted two major rate cuts, first in September and then in November, to stimulate economic growth. These policy shifts had a profound impact on the crypto market. Lower interest rates made traditional savings vehicles less attractive, prompting investors to flock to Bitcoin as a hedge against inflation and economic instability.

The rate cut in September triggered a surge in Bitcoin prices, and the subsequent cut in November bolstered the bullish sentiment even further, and we all know what happened in December.

Day 11: Notcoin biggest craze in 2024

Well, not really, as it turned out. But Notcoin did launch a whole slew of Telegram “tap to earn” games and helped coin the term “Coin Farming” in crypto.

The official version was launched on 1 January 2024. According to their own estimations at the time, Notcoin had 4.1 million players who mined approximately 1.2 trillion Notcoin. Ten days after the launch, Notcoin had 6.3 million players. It would eventually peak at over 30 million players, paving the way for hundreds of clones that are popular to this day.

Day 12: Bitcoin Hits 1 Billion Transactions

On 5 May 2024, at 9:34 pm UTC, the Bitcoin network celebrated a monumental milestone by processing its one billionth transaction in block 842,241. This historic achievement came 15 years after Bitcoin's inception, highlighting the growth and enduring popularity of the world's first cryptocurrency.

While Ethereum may have been the first blockchain to reach one billion transactions, Bitcoin's achievement is a testament to its expanding user base. This surge in activity has been driven by innovations such as Ordinals, BRC-20 tokens, SRC-20 tokens, and more. 

Will we learn the lessons from these twelve moments? The journey is far from over, and the next chapter awaits.