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2024 Encryption Big Year: Bitcoin ETF Approved, Price Breaks Through $100,000 Milestone
2024 Bitcoin Milestones: From ETF Approval to Breaking $100,000
It is once again the time for year-end summaries. In 2024, the Bitcoin market is full of changes, with various factors driving BTC to ignite a global investment boom, with prices reaching new highs and breaking the $100,000 barrier. The Google Trends index has significantly increased compared to last year, ushering in a highlight moment! For the entire cryptocurrency industry, 2024 is a milestone year. Each significant event marks the trajectory of Bitcoin and the entire cryptocurrency market's future.
Let us review the key moments in 2024 when Bitcoin changed the landscape of cryptocurrency, using time as the context and events as the nodes, and appreciate the glory and hardships of this year.
Bitcoin Spot ETF Approved: A New Era for Crypto Investment
On January 10th, a milestone change arrived in the American financial sector - the Bitcoin ETF was approved. This allows publicly listed companies, pension funds, and various institutional investors to officially enter the crypto space through this financial instrument, marking the beginning of a new era of publicly purchasing and holding Bitcoin.
In April, the first batch of Bitcoin and Ethereum spot ETF products received official approval from the Hong Kong Securities and Futures Commission, and were subsequently listed on the Hong Kong Stock Exchange on April 30.
The market is cheering for the launch of the ETF, the depth of crypto market products is increasing, institutions are entering in large numbers, traditional capital is pouring into the crypto world, and crypto investment is increasingly aligning with the Web 2.0 market.
Bitcoin Halving: A Key Turning Point in Destiny
On April 20, Bitcoin halved at block height 840,000, reducing the block reward from 6.25 Bitcoin to 3.125 Bitcoin.
Considering the price trend in the months following the halving, the price of Bitcoin did not immediately reach new highs after a short-term correction. Instead, it began to rise significantly under the influence of a series of factors such as halving, conferences, political elections, regulatory changes, and industry strategic reserves.
The halving event has reshaped the mining industry and reduced the profit margins for miners; at the same time, it has stimulated technological innovation and community development within the blockchain ecosystem. The halving may also hedge against inflation and enhance the attractiveness of Bitcoin as a long-term investment asset.
The Transformation of Miners: From Block Producers to Ecological Service Providers
In 2024, the Bitcoin mining industry underwent significant changes. The halving led to a decrease in hash price, putting pressure on miner profits. At the same time, the rise of inscriptions and runes changed the main source of income for miners, transforming their role from mere block producers to infrastructure service providers in the Bitcoin ecosystem.
According to statistics, since January 2024, standard financial transactions account for 67% of the overall miner fee revenue, Runes account for 19%, BRC-20 and Ordinals transactions combined account for 14%, and the proportion of gas fee revenue is increasing daily.
This transformation has enabled miners to deeply integrate into various aspects of the Bitcoin ecosystem, closely linking their own fate with the entire ecosystem while promoting its development and exploring a more sustainable path.
Bitcoin Conference: The Source of Market Movements
On July 27, the Bitcoin 2024 conference was held in Nashville. Several well-known political figures attended and delivered speeches, stirring up a huge wave in the cryptocurrency industry with their remarks about Bitcoin.
During and after the conference, the price of Bitcoin showed active performance, occasionally soaring to new highs and briefly retracing to build momentum. The conference became a hub for cryptocurrency information, where various technical innovations, policy interpretations, and market trends related to Bitcoin converged and then spread throughout the entire cryptocurrency sector.
US Election: Expectations for Cryptocurrency-Friendly Policies from the New Government
On November 6, the dust settled on the U.S. presidential election. The newly elected president promised to take several measures favorable to the crypto industry, including:
This series of policies is expected to greatly boost market confidence, driving the Bitcoin price to continue rising.
Global Political Attitude Shift: Bitcoin Gains More Recognition
In 2024, more and more politicians are beginning to recognize the value of Bitcoin:
These statements indicate that Bitcoin will occupy a more important position in the future financial landscape.
Institutions Accelerate Entry: Bitcoin Becomes the New Darling of Public Companies
As the regulatory environment becomes more open, an increasing number of listed companies are incorporating Bitcoin into their asset strategic reserves:
The "BTC strategic reserve competition" is in full swing among public companies.
Bitcoin Ecosystem Development: New Opportunities Emerging from Dormancy
The Bitcoin ecosystem has experienced rapid development and adjustment over the past two years:
Although it is still in a relatively quiet period, the Bitcoin ecosystem has accumulated sufficient innovative momentum, and a number of innovative projects are brewing.
Bitcoin first breaks 100,000 USD: A new era begins
On December 5th, the price of Bitcoin broke the $100,000 mark for the first time, with a 24-hour increase of nearly 5%. This milestone event brings Crypto and decentralization into the mainstream spotlight, marking a new phase for Bitcoin and the cryptocurrency industry.
From its initial obscurity to its current proud stance, Bitcoin has undergone an astonishing transformation over 16 years. The breakthrough at the $100,000 mark undoubtedly pushes Bitcoin to a new height. In the future, Bitcoin is expected to continue writing new legends and create more miracles for its believers.