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

The year 2024 is a milestone year for the entire cryptocurrency industry. The approval of the Bitcoin spot ETF, the halving occurring as scheduled, soaring prices, and record-high hash rates have collectively driven BTC to ignite a global investment frenzy. This article reviews the key moments that have influenced the fate of Bitcoin, structured chronologically.

Bitcoin Spot ETF Approved

On January 10, the United States approved the listing of Bitcoin spot ETFs, marking a new era for institutional investors to publicly purchase and hold Bitcoin. By the end of April, the first batch of Bitcoin and Ethereum spot ETF products was listed on the Hong Kong Stock Exchange. The launch of ETFs has increased the depth of products in the crypto market, attracting a large number of institutions to enter.

The initial market performance was stable, but over time, ETFs gradually became an important force driving the price of Bitcoin upward.

Bitcoin's Fourth Halving

On April 20, Bitcoin underwent its fourth halving at block height 840,000, reducing the block reward from 6.25 coins to 3.125 coins. After the halving, the price corrected in the short term, but did not immediately reach a new high.

The halving reshaped the mining industry and lowered the profit margins for miners. At the same time, it stimulated innovation in the blockchain ecosystem and community development, reinforcing the narrative of Bitcoin's scarcity.

Transition of the Miner Role

In 2024, the Bitcoin mining industry has undergone profound changes. In addition to traditional block rewards, emerging applications such as inscriptions and runes have brought considerable Gas fee income to miners. Miners are gradually transforming from mere block producers to infrastructure service providers within the Bitcoin ecosystem.

This transformation deeply integrates miners into various aspects of the Bitcoin ecosystem, promoting ecological development while exploring a more sustainable path forward.

Bitcoin Conference Causes Market Volatility

On July 27, the Bitcoin 2024 conference was held in Nashville. The appearance of politicians such as Trump caused a sensation, and their remarks regarding Bitcoin sparked a huge response in the industry.

Trump affirmed the status of Bitcoin as a scarce asset and a safe-haven asset in his speech, and proposed 13 crypto-friendly commitments. During and after the conference, the price of Bitcoin experienced significant fluctuations, reflecting the market's sensitivity to policy expectations.

The Impact of the US Election Results on Bitcoin Trends

On November 6, Trump won the U.S. presidential election. His election and the subsequent release of a series of pro-crypto policies had a positive impact on Bitcoin prices.

After Trump took office, he implemented several favorable measures, including the repeal of unfavorable legislation, appointing crypto-friendly individuals as SEC chair, and promoting the establishment of a strategic Bitcoin reserve. These policy signals greatly boosted investor confidence and drove the price of Bitcoin to rise significantly.

Change in Attitudes of Governments Worldwide

Against the backdrop of the continuous rise in Bitcoin prices, an increasing number of national governments are beginning to consider incorporating it into their national reserves. Several politicians have also shown a positive attitude towards Bitcoin:

• U.S. President-elect Trump stated that he will make the United States the world's cryptocurrency capital.
• Russian President Putin signs law on taxation of digital currencies, acknowledging their role in foreign trade payments.
• Japan reorganizes its Web3 and cryptocurrency policy departments
• South Korea passes the Virtual Asset User Protection Act
• El Salvador plans to use volcanic energy for Bitcoin mining.
• Argentina's new president supports private management of cryptocurrencies
• Singapore supports the commercialization of asset tokenization

These statements and policies indicate that Bitcoin is gradually being integrated into the global economic system.

Institutional Investment Boom

As the regulatory environment becomes increasingly clear, the number of publicly traded companies incorporating Bitcoin into their asset strategic reserves has significantly increased. Companies like Tesla and MicroStrategy have reaped substantial rewards through their firm holding strategies.

Since November, several publicly listed companies, including Nano Labs, Genius Group, LQR House, Acurx Pharmaceuticals, and Hoth Therapeutics, have announced their purchase of Bitcoin as a reserve asset. This reflects the increasing recognition of Bitcoin's value storage function among institutions.

Bitcoin Ecosystem Development

The Bitcoin ecosystem has experienced rapid development over the past two years. Its market dominance has risen from 45.27% to 56.81%, with a significant increase in ETF holdings. Layer 2 projects are active, with a total locked value of $3 billion. New standards have emerged in the Layer 1 execution layer.

There have also been new advancements in infrastructure such as interoperability and security. Although the current ecological development is still unbalanced, it has laid the foundation for future large-scale applications.

Bitcoin breaks 100,000 dollars

On December 5th at around 10:30, the price of Bitcoin first broke through the $100,000 mark, with a 24-hour increase of nearly 5%. This milestone event has attracted widespread attention, bringing cryptocurrency and the concept of decentralization into the mainstream.

Bitcoin has come a long way from its humble beginnings to its current prominence, having traversed a legendary journey of 16 years. The breakthrough at the $100,000 mark signifies Bitcoin entering a whole new stage of development.