The year 2024 has witnessed many significant events shaping the cryptocurrency market, with issues related to Binance, memecoins, and the development of blockchain technology attracting considerable attention.
1. Binance: Volatility and restructuring
Binance, the world's largest cryptocurrency exchange, has gone through a challenging and transformative year. Former CEO Changpeng Zhao (CZ) resigned after the company faced money laundering allegations and paid a $4.3 billion fine to the U.S. Department of Justice. His successor, Richard Teng, is pushing for Binance's restructuring, focusing on compliance and expanding the user base, which now reaches 200 million accounts.
2. Ethereum and Bitcoin ETFs: Legal milestones
2024 sees the approval of the Ethereum spot ETF by the U.S. Securities and Exchange Commission (SEC), paving the way for capital from traditional finance to flow into the crypto market. This follows the approval of the Bitcoin ETF, reinforcing the role of crypto in the global financial system.
3. Memecoins and community explosion
Memecoins have become a notable phenomenon as coins like PEPE, SHIB, and WIF surged in price by thousands of percent. This movement represents the resistance of retail investors against 'tech speculation' projects, while also asserting the importance of community in asset valuation.
4. Bitcoin Halving: Market focus
The Bitcoin Halving event will occur in April 2024, reducing the block reward from 6.25 to 3.125 BTC. This event not only increases the scarcity of Bitcoin but also creates long-term upward price momentum, reinforcing Bitcoin's role as 'digital gold'.
5. The rise of DeFi and blockchain technology
DeFi continues to thrive with projects like Beefy Finance and ReBlock. At the same time, Layer 1 blockchains like Sui Network and Celestia are receiving attention for their breakthroughs in scalability and attracting developers.
6. Global regulations and trends
Some countries like Malaysia have actively embraced crypto payments in public services, while others, like Australia, are tightening regulations. Stablecoins and CBDCs are also a focus, signaling a major shift in how governments approach crypto.
Conclusion
The year 2024 not only marks challenges but also presents significant opportunities for crypto to assert its position in the global economy. Binance and new blockchain trends have demonstrated that this market is maturing, but volatility will still be a factor to watch in the coming year.
