2024 Global Web3 Blockchain Ecosystem Review and 2025 Outlook

2024 was a pivotal year in the evolution of the cryptocurrency industry. Several significant events throughout the year had a profound impact on the market and set the stage for future developments.

In January, the U.S. Securities and Exchange Commission (SEC) made a historic decision by approving the listing of the first batch of Bitcoin spot exchange-traded funds (ETFs). This marked a turning point in Bitcoin's journey towards the mainstream investment market and highlighted the SEC's shift away from its long-standing tough stance on cryptocurrencies. This decision set the tone for the entire year's developments in the cryptocurrency ecosystem.

Continuing the momentum, the Ethereum spot ETF was officially approved by the SEC six months later. This indicated a gradual shift towards a more open regulatory approach in the cryptocurrency domain. On a global scale, the Hong Kong Securities and Futures Commission (SFC) announced in April that it had approved the issuance of Asia's first spot Bitcoin and Ethereum ETFs, further solidifying Hong Kong's status as an international financial hub.

Bitcoin experienced its fourth halving in history, also during April. Unlike previous halvings, the market was not particularly optimistic in the lead-up to this event. Some even predicted that the halving could introduce downside risks. However, post-halving, Bitcoin did not experience a sharp decline as anticipated. Instead, it quickly rebounded following a period of volatility. This demonstrated that the market still held a strong preference for Bitcoin's long-term potential, with an increasing number of investors viewing it as digital gold and a safe-haven asset.

Throughout 2024, the price of Bitcoin experienced several large-scale fluctuations, often influenced by the actions of various governments. In July, the German government sold all of its Bitcoin holdings, missing out on more than $2 billion in potential profits. This sparked discussions within the market about digital currency management and strategies. Later in August, monetary policy changes by the Bank of Japan caused widespread market turbulence, leading to circuit breakers being triggered in the Japanese and Korean stock markets. Investors pulled out of the stock market to avoid risks, causing Bitcoin and other digital assets to experience drastic price movements. Finally, in September, the Federal Reserve began a rate-cutting cycle, marking the commencement of a shift in the global market. These events showcased the increasing correlation between cryptocurrencies and the global macroeconomy.

Trump remained a central topic of discussion in 2024. At the Bitcoin 2024 conference held in July, Trump pledged to include Bitcoin in the U.S. strategic reserve if he were to be re-elected as president. In November, Trump emerged victorious in the election, becoming the first U.S. president in history to openly support cryptocurrency. His re-election brought substantial benefits to the crypto industry. Driven by his political influence, the price of Bitcoin continued to soar. On December 5, Bitcoin breached the $100,000 mark for the first time, setting a new record high. This historic achievement not only highlighted Bitcoin's status as digital gold but also demonstrated how cryptocurrency, as a new asset class, was gradually transforming the global financial landscape. Despite the current correction in the Bitcoin price, Trump and the new SEC chairman are preparing to take office and may swiftly introduce crypto-friendly measures. The market anticipates that the Federal Reserve will reduce interest rates twice between February and May of next year, at which point the market may experience a staged peak. With policies becoming clearer and the market maturing, Bitcoin's future prospects are promising, and more investors and institutions are expected to join this investment wave. Ultimately, the potential of the cryptocurrency market is being fully realized.

Huobi HTX noted that 2024 was a crucial year for crypto assets to truly enter the mainstream. With the gradual recovery of the global economy and the relaxation of crypto regulatory policies, the integration of traditional finance and digital asset markets became closer. This marked the increasing maturity of the crypto industry, and more institutions began to recognize and invest in this sector. Against this backdrop, Bitcoin's nearly 140% increase this year was certainly not a coincidence. Such growth ignited the enthusiasm of global investors, provided a strong impetus for boosting the crypto market, and brought about unprecedented opportunities.

Looking ahead to 2025, the report anticipates that blockchain technology innovation will usher in a new round of爆発 as the global regulatory environment matures. The rapid development of various infrastructures and innovative applications signifies that the crypto industry will encounter broader development opportunities. The next few years will be a critical period for the crypto industry to accelerate development, continuously iterate technology, and widely普及 innovation.

Huobi HTX focused on analyzing the crypto-friendly policies that may be brought about by Trump's inauguration. Two important bills, the FIT21 Act and the Bitcoin Strategic Reserve Act, are expected to be passed more quickly under Trump's promotion. The former, by dividing tokens into digital assets and digital commodities, transfers the supervision