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2024 is a critical year for the crypto industry, characterized by a combination of regulatory shifts, technological innovation and market milestones.Trump’s re-election, Bitcoin price breaking through all-time highs and approval of crypto ETFs mark a major turning point in mainstream adoption of cryptocurrencies.At the same time, significant progress has been made in areas such as Layer-2 expansion, DePIN (decentralized physical infrastructure network) and artificial intelligence integration, demonstrating the vitality of the industry’s sustainable development.However, challenges such as regulatory pressure, quantum computing threats and market volatility will continue to affect the future of the crypto industry.
Top 10 Influential Events in the Crypto Industry in 2024:
1.Trump’s re-election and crypto policy shift
background:
Donald Trump’s re-elected U.S. president in 2024 has rekindled optimistic expectations for an improved cryptocurrency regulatory environment.Trump clearly stated that he intends to build the United States into a “global crypto capital”, criticizing the Securities and Exchange Commission (SEC) for over-regulation, and proposed to give more regulatory powers to the Commodity Futures Trading Commission (CFTC), which includes Bitcoin andThe spot market for digital goods including Ethereum.
Influence:
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Regulatory clarity:The Trump administration’s policy is expected to relax restrictions, reversing the SEC’s harsh law enforcement stance under Gary Jensler.
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The organization adopts:A clearer regulatory framework will enhance the confidence of institutional investors and promote capital flow into the market.For example, BlackRock’s Bitcoin ETF (IBIT) holdings exceeded US$54 billion.
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Geopolitical competition:The United States will take measures to compete globally with Asia, Europe and other regions to dominate the crypto industry.Bitcoin strategic reserves have become one of the topics.
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2.Bitcoin price breaks10Ten thousand dollars
background:
Driven by inflationary pressure, large-scale institutional adoption and Bitcoin spot ETFs, the Bitcoin price exceeded the $100,000 mark for the first time in 2024, setting a record high.
Influence:
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Mainstream recognition:Breaking through this psychological barrier further established Bitcoin’s status as “digital gold”, highlighting its anti-inflation and stored value characteristics, but during the same period, Bitcoin also showed its correlation with the trend of US stocks.
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Capital influx:Institutional investors and retail traders have poured in, and the rise in Bitcoin prices has driven the market prosperity of major altcoins such as Ethereum, Solana, and Cardano.
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Cybersecurity:High valuations will attract miners to increase their investment in the Bitcoin network and improve network security and decentralization.
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3.Bitcoin SpotETFApproved
Background: After years of gameplay, the U.S. Securities and Exchange Commission (SEC) finally approved the first batch of Bitcoin spot ETFs in early 2024, allowing investors to directly access Bitcoin through regulated financial products.
Influence:
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Market liquidity:ETFs bring billions of dollars in funding to Bitcoin, improving liquidity and price stability.
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The organization adopts:Pensions, hedge funds and traditional investors obtain legal channels to allocate Bitcoin assets.
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Industry verification:Approvals indicate that Bitcoin is increasingly accepting as a legal asset class.
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4.EthereumETFand merge to upgrade
Background: Following the success of Bitcoin, Ethereum ETFs are becoming more and more popular.At the same time, the Ethereum development team continues to promote upgrades such as proto-danksharding (EIP-4844), aiming to improve network scalability and reduce costs.
Influence:
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Scalability:Proto-danksharding will reduce Layer-2 transaction costs and increase Ethereum’s throughput, enhancing its competitive advantage.
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Institutional Interests:Ethereum ETFs will accelerate institutional adoption of ETH and decentralized finance (DeFi).
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DeFi Growth:Lower gas fees will boost adoption of decentralized applications (dApps) on Ethereum.
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5. MEMEFanatic andPumpFunbreak out
Background: MEME coins represented by DOGE and SHIB have risen again in 2024, driven by social media hype and community culture, especially during the US election, becoming a hot spot for market speculation.The PumpFun trading platform further boosted this trend, and successfully attracted a large number of young investors through the threshold-free MEME currency issuance and trading mechanism, as well as the entertainment and gamified trading model.Since its launch, PumpFun has generated nearly $300 million in revenue.
Influence:
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Expanded user base:The craze of MEME coins and the rise of the PumpFun platform have lowered the threshold for retail investors to enter the crypto market and accelerated the growth of the market user base.
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Community Influence:MEME’s success highlights the power of grassroots communities in promoting crypto adoption.
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Volatility risk:The speculative attributes of MEME coins lead to violent market fluctuations, increasing potential risks for investors.
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6. DePINThe rise of (Decentralized Physical Infrastructure Network)
Background: The DePIN project demonstrates the potential of blockchain technology in the field of physical infrastructure, and builds decentralized networks such as data storage and computing resources through incentive mechanisms.
Influence:
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Practical application:DePIN connects blockchain with the physical world and expands to cloud computing, energy networks and other fields.
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Capital influx:Decentralized infrastructure attracts a lot of attention from venture capital and institutional capital.
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Cost Optimization:The DePIN network reduces the cost of data transmission, storage and energy supply and improves economic efficiency.
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Why did DePIN take off at this point in time?
7. Layer-2Extended and“Rollupwar”
Background: Ethereum Layer-2 solutions such as Arbitrum, Optimism and ZK-Rollups compete fiercely in market share, providing a low-cost and efficient blockchain experience.
Influence:
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User growth:Layer-2 technology makes transactions faster and cheaper, driving widespread adoption of the DeFi and NFT ecosystem.
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Interoperability:The Layer-2 solution is bridged with other chains, enhancing the overall availability of blockchain.
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Innovation accelerates:Competitive pressure promotes technological innovation and further reduces user usage costs.
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8.Regulatory crackdowns in Europe and Asia
Background: European MiCA (Crypto Asset Market Supervision) regulations have officially come into effect, and Asian countries have gradually strengthened crypto market supervision and introduced stricter compliance requirements.
Influence:
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Compliance costs:Projects need to face high compliance costs, and some small businesses may exit the market.
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Market Integration:Regulatory pressure will accelerate market integration, and the strong will always be strong.
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Global arbitrage:Crypto projects may relocate to areas with loose regulation, highlighting competition in the global policy environment
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9.Artificial intelligence integrates into the field of encryption
Background: In 2024, AI technology has made breakthroughs in areas such as transaction algorithms, security audits and decentralized governance (DAO), improving the practicality of blockchain technology.
Influence:
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Trading automation: AI-driven trading algorithms improve market efficiency and accuracy.
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Security enhancement: AI tools help detect and prevent smart contract vulnerabilities.
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DAO Optimization: The application of AI in DAO governance improves transparency and execution efficiency of decision-making, such as ai16z.
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10.Binance reconciles with the U.S. government
Background: Binance founder Changpeng Zhao (CZ) was prosecuted and sentenced by the U.S. Department of Justice for violating the Anti-Money Laundering Act and failing to fulfill compliance obligations.In the end, Binance reached a settlement with the US government, paying a fine of more than $4 billion. CZ resigned as CEO and was released from prison after serving four months in prison.
Influence:
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Regulatory compliance becomes mainstream: The CZ incident prompted crypto companies to actively cooperate with regulators to improve transparency and compliance standards.
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Rising compliance costs: Top exchanges (such as Coinbase, OKX, Kraken) will face stricter anti-money laundering (AML) and customer identity identification (KYC) scrutiny, with significantly higher operating costs.
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Market integration accelerates: Small and medium-sized exchanges may face bankruptcy or be acquired by industry giants due to their difficulty in bearing compliance costs.
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