2024 Bitcoin Milestones: From ETF Approval to Breaking $100,000

2024 is a milestone year for the cryptocurrency industry. The approval of the Bitcoin spot ETF, the upcoming halving, soaring prices, new highs in hash rate, and the rise of the ecosystem are driving a global investment frenzy in BTC, with the coin price breaking the 100,000 USD mark and the Google Trends index showing a significant increase compared to last year. Let's revisit those key moments that influenced the fate of Bitcoin.

Bitcoin Spot ETF Approved

On January 10th, the U.S. financial markets witnessed a significant transformation with the approval of the Bitcoin ETF. This allows institutional investors to legally purchase and hold Bitcoin through the ETF, marking the beginning of a new investment era.

In April, the first Bitcoin and Ethereum spot ETF products in Hong Kong were approved and officially listed on the Hong Kong Stock Exchange on April 30.

After the launch of the ETF, the depth of crypto market products increased significantly, with institutions entering in large numbers and traditional capital flooding into the crypto world. In the short term, the Bitcoin market performs steadily, but in the long run, the ETF will undoubtedly have a significant impact on Bitcoin prices.

Bitcoin Halving

On April 20, Bitcoin halved at block height 840,000, reducing the block reward from 6.25 Bitcoins to 3.125 Bitcoins.

After the halving, the price of Bitcoin experienced a short-term correction but did not immediately reach a new high. It wasn't until a series of subsequent positive factors came together that Bitcoin began to rise significantly. The halving reshaped the mining landscape, drove technological innovation, and strengthened the narrative of Bitcoin's scarcity.

The Transformation of the Miner Role

In 2024, the Bitcoin mining industry experienced significant changes. The halving led to a decrease in miner earnings, while the rise of emerging applications such as inscriptions altered the primary income sources for miners. Transaction fees saw a substantial increase, and miners gradually transitioned from mere block producers to infrastructure service providers within the ecosystem.

Bitcoin Conference

On July 27, the Bitcoin 2024 conference was held in Nashville. Political figures such as Trump attended and delivered speeches, attracting widespread attention. Trump expressed support for Bitcoin development and made 13 related commitments, including appointing a crypto-friendly SEC chairman and establishing a national Bitcoin reserve. The conference injected new policy expectations for Bitcoin, driving market sentiment to surge.

Impact of the U.S. Election

On November 6, Trump won the U.S. presidential election. He subsequently announced a series of favorable measures for the crypto industry, including the repeal of unfavorable legislation, the appointment of pro-crypto individuals as SEC chair, and the establishment of a national Bitcoin reserve. These policies are expected to greatly boost market confidence and drive up Bitcoin prices.

Shift in Political Attitudes

More and more political figures are beginning to recognize the value of Bitcoin. In addition to the United States, leaders from countries such as Russia, Japan, South Korea, El Salvador, Argentina, and Singapore have also expressed support for the development of cryptocurrency. Some countries are even considering incorporating Bitcoin into their national reserves. This signifies that Bitcoin is gaining broader political recognition.

Institutional Entry Accelerates

In 2024, the regulatory environment improves, and more institutions will include Bitcoin in their asset allocation. Public companies like Tesla and MicroStrategy continue to increase their Bitcoin holdings. Since November, several publicly listed companies in the U.S. have announced the purchase of Bitcoin as a reserve asset. The continuous inflow of institutional funds provides strong support for the price of Bitcoin.

Bitcoin Ecosystem Development

The Bitcoin ecosystem continues to thrive in 2024. The total locked value of Layer 2 projects reaches $3 billion, with new execution standards and infrastructure solutions continuously emerging. Although the pace of ecosystem development has slowed down, innovative projects are in the works, accumulating strength for future outbreaks.

Breakthrough 100,000 USD

On December 5th at around 10:30 AM, the price of Bitcoin first broke through the $100,000 mark, with a 24-hour increase of nearly 5%. This historic breakthrough has attracted widespread attention, marking a true entry of cryptocurrency into the mainstream. The price rise of Bitcoin since its inception can be described as legendary.