2024 was an eventful year for the crypto world. Important developments that shaped the market attracted the attention of both investors and those interested in this field. Let’s take a look at the basic footprints of this year together.
The crypto market in 2024 was shaped by the increasing interest of traditional financial institutions, government decisions and large-scale sales. From the first days of the year, investors began to feel the effects of spot Bitcoin and Ethereum ETF approvals.
The approval of Bitcoin and Ethereum-based ETFs by the US Securities and Exchange Commission (SEC) was a turning point for the market. The acceptance of applications from major investors such as ARK Invest, BlackRock and Fidelity strengthened Bitcoin’s connection with the traditional financial world. This development increased the interest of institutional investors and triggered liquidity and price movement.
Ethereum’s ETF approval and the movement in the market also increased confidence in crypto assets and provided a positive trend. During this period, the altcoin market was also active. ETF applications for assets such as Solana, XRP and Hedera Hashgraph (HBAR) increased interest in these projects.
In Europe, Germany’s Bitcoin sales had a great impact on the crypto market. In July, the German government began transferring a large portion of its 50,000 Bitcoin reserves to exchanges. This process led to fluctuations and declines in the markets. With the sale of the last Bitcoins on July 16, Germany’s reserves were depleted. These actions of the German government triggered declines not only in Europe but also in the global crypto market.
Developments originating from Mt.Gox and FTX continued to have an impact on the crypto world throughout the year. In June, Mt.Gox began distributing assets lost in 2014. However, in October, it was announced that the distributions would be postponed to 2025, postponing the possible selling pressure on the market.
At the same time, FTX’s bankruptcy process remained on the agenda throughout 2024. The prison sentence given to FTX founder Sam Bankman-Fried in March was considered an important example of justice in the sector. The bankruptcy restructuring plan approved in October foresees that creditors’ payments will begin at the beginning of 2025. These developments caused increased uncertainty on the market in the middle of the year.
MicroStrategy’s Bitcoin investments attracted attention throughout the year. The company made Bitcoin purchases at an average of $ 97,837 throughout the year, bringing its total Bitcoin assets to 446,400 BTC. This strategy of MicroStrategy showed that bold investments can be made even at high market prices. In addition; The funds provided to the company financed these purchases and reinforced the interest of institutional investors in crypto. The company’s ownership of approximately 2.13% of the total circulating Bitcoin supply has once again revealed its institutional influence in the crypto market.
However, the statements that interest rates were kept constant at the beginning of the year generally put pressure on crypto prices. Bitcoin fluctuated between $ 70,000 and $ 50,000 during this period. However, the FED’s 50 basis point interest rate cut on September 18 changed the market perception positively. Bitcoin started to rise after this cut and pushed its historical peaks towards the last quarter of the year.
The 25 basis point cut on November 7 brought Bitcoin close to the $ 100,000 level. Before the interest rate cut on December 18, Bitcoin exceeded $ 100,000 and reached its all-time high. On the same day, FED Chairman Jerome Powell’s description of Bitcoin as “digital gold” was received positively. However, US President-elect Donald Trump’s supportive approach to Bitcoin and his plan to create a Bitcoin reserve created great optimism in the market. However, Powell’s statements that this plan was difficult to realize resulted in a short-term pullback in the market. All these developments made 2024 one of the turning points in crypto history.
The experiences gained in 2024 have allowed us to develop a deeper understanding of the future of the markets. While the crypto world takes shape with each new year, what 2025 will bring is already a matter of curiosity. Let’s continue to follow this exciting journey together.
