Welcome to 2024 in review, our guide on the major events in the crypto space and beyond in 2024 and what it means for you as an investor or crypto enthusiast.
For starters, the markets did pretty darn well in November and early December. But there’s a lot more that happened in the earlier months. Let’s bring you up to speed with some of these major milestones.
Taylor Swift’s Eras Tour and the US Economy
A little bit unrelated, but we can’t help but talk about what was arguably the biggest show of the year – Taylor Swift’s Eras Tour. The tour, which ran from March 17, 2023 to December 8, 2024 reportedly boosted the economies of the cities it passed through.
The California Center for Jobs & the Economy stated that Swift’s six-night concert run in Los Angeles increased local employment by 3,300 workers and local earnings by $160 million.
Ride-hailing companies like Lyft also experienced a surge in their demand. Rides were up by an average of 8.2% in cities hosting Swift’s concert , but New Orleans felt it the most, with a 31% increase in ride hailing requests.
Interest Rate Adjustments
Interest rates and the crypto market have an indirect relationship. When interest rates are high, less people can access loans and get extra funds to invest in crypto, so coin prices are more likely to drop. Conversely, lower interest rates may increase the price of cryptocurrencies.
The US Federal Reserve’s 0.25% points interest rate reduction in December was a major highlight of the year. The move was the third interest rate slash in the US in 2024. Another major rate adjustment was the interest rate hike by Japan’s Central Bank.
In July 2024, the Bank of Japan (BoJ) increased its key interest rate to around 0.25% from the previous range of 0% to 0.1%. It was also the second time since 2007, following an initial hike in March.
Spot Crypto ETF Approvals
One of the earliest signs that 2024 was going to be a good year for crypto was the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Following various approval requests from 2023, the SEC gave a green light on January 10, 2024.
The move took Bitcoin (BTC) beyond the crypto market, allowing traditional investors to buy and invest in ETFs with Bitcoin as part of their combined financial instruments without having to own the coin directly.
Later in July, the SEC approved the trading of spot Ether ETFs, which also allowed indirect investments in the cryptocurrency via the conventional financial markets.
Bitcoin Halving
Another major milestone any crypto enthusiast couldn’t have missed in 2024 was the Bitcoin halving. If you’re not sure what that is, it’s an event that happens every four years, and the goal is to reduce the number of Bitcoin in circulation by cutting how much miners get by 50%.
These miners are paid for validating every Bitcoin transaction. Without them, the BTC you send to your friend will not get to them. The last halving saw their mining rewards drop from 6.25 BTC per transaction to 3.125 BTC. You can read more about it here.
Ethereum Dencun Upgrade
Following its switch from proof-of-work (PoW) to proof-of-stake (PoS) in 2023, the Ethereum blockchain continues a series of upgrades based on the Ethereum 2.0 roadmap. The Dencun upgrade was the biggest this year, and it was implemented in March.
The Dencun upgrade was to reduce Ethereum gas fees by allowing the network to process transaction data more efficiently. The high gas fees have been a concern for the longest time, and this upgrade may be the next step to achieving cheaper Ethereum transactions.
Bitcoin Hit $100,000 After Donald Trump’s Win
Bitcoin at $100K was arguably the biggest news from 2024 as far as the crypto market is concerned. On December 5, the Bitcoin price reached 100K for the first time. According to analysts, the milestone price was a result of Donald Trump’s win during the 2024 US elections and the post-election pump.
Donald Trump was the pro-crypto candidate during the run-up to the elections. His promises resonated with crypto enthusiasts and fuelled a massive bull run after his win. But Bitcoin didn’t stop there. It went as high as $108,000 on December 17, which now stands as the current all-time high.
Microstrategy Bought 27,200 BTC for Around $2 Billion
Microstrategy is one of the biggest institutional Bitcoin investors, and the company continued its massive accumulation of the world’s largest cryptocurrency in 2024. Between late October and early November when Bitcoin was less than $80K, the tech company bought 27,200 units of BTC (worth about $2 billion at the time).
That was the company’s largest Bitcoin purchase since it started stockpiling the coin. The move also led to massive gains in its stock’s price, as the Microstrategy Inc. (MSTR) price increased by over 400% in 2024 alone.
El Salvador Bought 11 BTC
While Microstrategy is bullish on Bitcoin as a company, El Salvador is stacking up its Bitcoin reserves as a country. It’s no surprise the Central American country is ranked among the top crypto-friendly countries in the world.
A day after securing a $1.4 million loan from the International Monetary Fund (IMF), El Salvador bought 11 BTC (worth about $1 million). The country’s BTC holding now stands at 6,000 units, worth $561 million at the time of writing.
Quidax SEC Licence
One major highlight in the Nigerian and African crypto space was Quidax securing Nigeria’s first SEC licence to operate as a registered and regulated crypto brand in August 2024. The provisional operating license was the first step in formally recognising and regulating the country’s digital asset industry.
It also paved the way for businesses to accept crypto payments in Nigeria, allowing e-commerce businesses and fintechs to expand their reach. You can read more about the possibilities here.
Quidax Empowered Startups at Moonshot by TechCabal
On the 15th and 16th of October, 2024, Quidax was a proud sponsor of the Crypto Innovation Pitch at the annual Moonshot by TechCabal event. The tech event featured numerous startups with blockchain-based solutions to real-world problems.
Ultimately, there were three winners who walked away with $10,000 in cash prizes, courtesy Quidax. You can read more about them here.
We Brought New Features Your Way
We launched a couple of new features on the Quidax app and web this year. Based on your feedback, top features on the list are “live chat” and “favourites markets.”
With the live chat feature, you can talk to us in real-time by simply shooting us a message. The favourites markets feature puts your top crypto pairs in the spotlight once you launch the Quidax app, making it easier to monitor their market movements. You can check other new features here.
Final Thoughts
No doubt, 2024 was a great year for crypto, especially Bitcoin, which showed us the market is ready for massive gains. Whether you’re just entering the crypto market or you were among the early investors that made profits this year.
At Quidax, it’s still day one for us, and there are many more exciting opportunities to look forward to in 2025 . #WAGMI.
Disclaimer: This content may cause extreme FOMO (Fear of Missing Out). Side effects of investing include sudden wealth (or, you know, the opposite 😢).
Please do your own research (DYOR) or speak to your financial advisor before making any decisions.
