This year, the global crypto news world witnessed several events that have shaped the current outlook and will likely influence the future. With only a few days left before 2024 ends, let’s look at major events that rocked and shocked the crypto market.
Crypto News that Rocked the Space: Ripple V. SEC
The biggest ripple news hinges on the key trends in the firm’s legal battle with the US Securities and Exchange Commission (SEC), which took a huge turn in 2024. This case spanned over four years and revolves around Ripple’s linked XRP coin.
In late 2020, the SEC accused Ripple of selling XRP as an unregistered security. Ripple vehemently denied the allegations, challenging the SEC’s claims in court.
Although the battle is still ongoing, Ripple has secured major wins. In July, Federal Judge Analisa Torres ruled that the sale of XRP on public exchanges did not violate securities laws. The Judge, however, decided that Ripple had violated securities law in XRP sales to institutional investors.
Ripple secured another major win in August when the court decided it should pay $125 million in fines instead of the $2 billion the SEC initially requested. The case took another turn in October when the SEC announced its intention to appeal Judge Torres’ ruling.
In December, plaintiff Bradley Sostack filed an appeal against rulings against Ripple. Appeal transcripts are due on January 30, 2025, and Ripple must answer to the plaintiff by April 7, 2025.
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Federal Reserve Interest Rate Cut
The US Federal Reserve implemented its first rate cut in over four years in September 2024. The Fed kept market observers guessing before cutting the rates by 50 basis points (bps).
The markets reacted positively to the rate cut, with particular growth noted in the cryptocurrency sector. Federal Reserve Chairman Jerome Powell said the rate cut demonstrates policymakers’ commitment to sustaining a low unemployment rate amid easing.
The Fed went on a prolonged rate hike cycle back in 2022 to tame high inflation. This hawkish cycle lasted until July 2023. On November 7, 2024, the US Federal Reserve announced another 25 basis points cut on interest rates.
Subsequently, the Federal Reserve made its third consecutive cut of 2024 on December 18, lowering the federal funds rate by 25 bps.
Bitcoin Halving
In 2024, another Bitcoin halving took place in April. This is one one of the big Bitcoin news this year that laid the foundation for the rest of the year. This halving reduced miners’ block subsidy rewards to 3.125 BTC from 6.25 BTC.
The primary goal of Bitcoin’s halving event is to slow Bitcoin’s circulation in the market. Also, cutting the incentives in half may make it unprofitable for certain miners, causing them to withdraw from the Bitcoin mining pool.
The weekend following the halving saw a substantial spike, not in price, but in transaction fees. Bitcoin’s network fees skyrocketed to a record $146 on average, surpassing Ethereum’s small $3 fee.
However, the average fees for Bitcoin transactions have dropped considerably after the halving. The Runes NFT collection was intended to sustain fee revenue post-halving, but the floor price for this collection also decreased.
Donald Trump Win Triggered Crypto News Bullrun (Gary Gensler to Leave)
Cryptocurrencies have risen sharply since Donald Trump’s re-election as US President.
Following Trump’s win, SEC Chairman Gary Gensler said he would step down from office.
The SEC Chair plans to leave office on January 20, when President-elect Trump will be inaugurated.
Trump had previously said he intended to fire Gensler on “day one” of his presidency after the chair of the SEC took legal action against crypto trading and platforms.
Gensler’s disclosure quickly reignited renewed optimism in the crypto market. Bitcoin (BTC) extended its recent rally, hitting $99,500 for the first time.
Ethereum (ETH) also rose more than 7% in the last 24 hours, while the “memecoin” Dogecoin rose 2%.
Microstrategy added to Nasdaq 100
MicroStrategy, the biggest corporate holder, debuted on the Nasdaq 100 in 2024, boosting its market profile.
This Index ranks the company among the top 100 Nasdaq corporations based on market capitalization. Also, it indirectly exposes investors to Bitcoin by buying MicroStrategy’s shares.
The debut on the Nasdaq-100 marks a major milestone on MicroStrategy’s corporate journey.
The listing emphasizes the company’s decision to embrace digital assets in traditional financial markets. Meanwhile, this strategy may attract institutional investors seeking exposure to the expanding crypto market.
Bitcoin Crossed $100,000
The industry’s crypto news will not be complete without mentioning the Bitcoin all-time high (ATH) milestone. The world’s largest cryptocurrency shattered records in 2024 by surpassing the $100,000 price level.
The coin surged by an impressive 122.8% since the past year. This spike has added approximately $1.2 trillion to its market capitalization and closed the year at $3.3 trillion.
Bitcoin’s recent rally is fueled by renewed investor confidence following Donald Trump’s election victory.
Bitcoin price has seen a 47% increase since Election Day. Bitcoin’s surge to new highs follows expectations of the establishment of favorable crypto policies by Trump’s new government.
Trump has repeatedly pledged to make the U.S. a “crypto capital.”
