It has been a historic year for the crypto industry. With so many industry-defining moments throughout 2024, we have pinpointed five of the most influential events that drove the cryptocurrency market to its all-time high. 

From the SEC’s approval of Bitcoin ETFs to the crazy meme coin rally, here are the top five events that shaped the crypto market in 2024. 

The SEC Approves Spot Bitcoin ETFs 

In Q4 2023, Grayscale achieved a surprising legal victory against the SEC regarding converting its Bitcoin Trust to an exchange-traded fund (ETF). This created an exciting anticipation for asset management firms to take Bitcoin into institutional markets, which materialized in January 2024.

This year started with the SEC approving 12 Spot Bitcoin ETFs, marking Bitcoin’s first entry into the US retail investment scene. The impact was immediate, as retail investors poured millions into these funds. In fact, Bitcoin ETFs saw the fastest growth than any other ETFs in history.

Consecutively, Bitcoin broke its 2021 all-time high in less than two months of the approval, breaking the $70,000 barrier in March. This success also influenced other global markets like the UK to introduce Bitcoin-based exchange-traded products (ETPs). 

As of Christmas 2024, the 12 US spot Bitcoin ETFs had a total net asset of over $105 billion, representing nearly 5.7% of the BTC supply. Most notably, these ETFs now hold more assets under management (AUM) than Gold ETFs. 

The staggering success of Bitcoin ETFs in the US opened doors for crypto’s institutional adoption. Soon after, Go to Source to See Full Article
Author: Mohammad Shahid