CandleFocus

Crypto’s Most Influential Year: Major Events of 2024 That Redefined the Industry

Author: Content Editor
The crypto industry experienced several influential events in 2024, driving the market to its all-time high. The approval of Bitcoin ETFs by the SEC and the subsequent entry of Bitcoin into the US retail investment scene had a significant impact. Bitcoin broke its previous all-time high and other global markets, like the UK, introduced Bitcoin-based exchange-traded products. Bitcoin ETFs in the US now hold more assets under management than Gold ETFs, signaling institutional adoption of cryptocurrencies. Meme coins on the Solana network also gained popularity, propelling Solana to become the second-largest blockchain. Solana's scalability and accessibility contributed to the growth of meme coins, but the extreme volatility of these coins is a concern. Donald Trump's election victory in 2024 had a positive impact on the crypto industry, leading to increased optimism and growth. His pro-crypto stance and promises to restructure the SEC benefited cryptocurrencies like Ripple's XRP. Trump's administration appointment of pro-crypto candidates and support for a national Bitcoin reserve further legitimized digital assets. The favorable outlook encouraged global crypto adoption, with an increase in users aged 18-25 and inflows into crypto-related exchange-traded products in European markets. The $100,000 milestone for Bitcoin boosted its legitimacy and institutional and retail investment confidence. However, volatility remains a concern. Gary Gensler's tenure at the SEC was challenging, but with Trump's reelection, the SEC is undergoing restructuring. Critics argue that Gensler's regulatory approach hindered innovation, and his resignation opens the opportunity for a more favorable regulatory environment.

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