The year that was: Key themes that shaped the crypto industry landscape in 2024

The year started with a bang when in January 2024 the US Securities and Exchange Commission (SEC) accepted the applications of 11 spot coin ETFs

2024 was a year of highs and lows for the cryptocurrency industry. Here's a look back at the key moments that shaped the crypto landscape this year.

After years of anticipation, 2024 finally saw the institutionalisation of key crypto tokens like Bitcoin and Ethereum with the approval of their exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). This was a watershed moment for the industry, paving the way for greater accessibility and structural demand from traditional capital pools. As of December 26, the Bitcoin ETF market cap stood at $136.5 billion, according to market tracker Blockworks.

Later in the year, eight Ethereum ETFs also received approval, setting the stage for more tokens to follow suit in 2025.

In April, Bitcoin underwent its fourth halving event, a phenomenon that occurs roughly every four years and is designed to reduce the rewards and supply for mining Bitcoin. This scarcity measure contributed to a surge in Bitcoin prices leading up to the halving.

On the domestic front, the cryptocurrency industry was hit by its biggest crisis to date when India's largest crypto exchange, WazirX, faced a $230-million cyberattack, wiping out nearly 40 percent of its funds. The incident sparked panic among users and prompted the platform to temporarily halt trading while working on a business restructuring plan to bail out affected users. Industry insiders expressed concern that this event could further delay regulatory talks with the government.

In December 2023, the finance ministry had issued notices to nine offshore crypto exchanges for non-compliance with the country's money-laundering laws. These entities, including Binance, Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex, were given seven days to comply or face action.

Following this directive, URLs and apps of these platforms were blocked in India. However, Binance and KuCoin eventually registered in India and became compliant with the provisions of the Prevention of Money Laundering Act (PMLA), 2002. Both platforms also paid fines to the Financial Intelligence Unit in India (FIU-IND), with Binance being imposed a penalty of Rs 18.82 crore and KuCoin becoming operational after paying a penalty fee of Rs 34.5 lakh.

The year also saw a strong performance by Bitcoin, with its price soaring over 100 percent year-to-date and peaking at over $100,000 for the first time ever. This surge was largely attributed to the pro-crypto stance of Donald Trump, who won the recent US presidential election and promised to make the country the “crypto capital of the planet”.

In the lead-up to the election, Bitcoin prices rose sharply as anticipation grew over Trump's potential policies, including the creation of a “strategic bitcoin reserve”. As Trump prepares to be sworn in on January 20, industry players remain hopeful that the ongoing crypto bull run will continue beyond its usual duration.

Closer to home, following the US' move, industry experts are expecting some developments in the Indian crypto regulatory framework in 2025. The Indian government, however, has maintained its stance on being a part of a global regulatory framework rather than regulating crypto at the country level.

Dilip Chenoy, chairman of the crypto and Web3 industry body Bharat Web3 Association (BWA), expressed his hopes for some alignment on regulatory clarity, especially considering that most Web3 founders from India have already moved out to other countries.

“A lot of the Indian crypto and Web3 founders are sadly located in Singapore or Dubai right now due to ease of working. They are very eager on regulations (being put in place). We need a level playing field here for Indian and global platforms,” he told Moneycontrol earlier this month.

Sidharth Sogani, CEO of Blue Aster Capital, a crypto-focused hedge fund and research platform, predicted that Bitcoin prices will rally past $300,000 in 2025 with the floodgates of institutional funds opening up through ETFs and more payments happening through cryptos in the US.

“I see payments through crypto open in all the US states. All the payment gateways around cryptos will start integrating and there will be an increase in adoption. There will be more institutional investments coming in too as at least 50-60 tokens will come up with ETFs next year,” he told Moneycontrol.

Sogani also expressed his optimism regarding crypto regulations in India in 2025, especially with the US government setting a clear precedent.

“When the US SEC will have clarity on crypto regulations and crypto treasury gets allowed in the US—we will have all the announcements and plans by the beginning of February after the Trump swearing-in ceremony. India will have a benchmark to look up to. India might also bring in regulations. I expect regulations to be at