January 7th, 2025

Crypto 2024 Review: Top Booms, Busts & Biggest Surprises

The past year has been a whirlwind for the crypto industry, starting at a significant low as the long-standing aftermath of the Crypto Winter continued to hit the market.

Uncertainty loomed, especially with harsher crypto regulations appearing worldwide.

However, the more we progressed into 2024, the higher market sentiment lifted. From the introduction of Bitcoin (BTC) spot exchange traded funds (ETFs) that drove higher institutional investment to a significantly important crypto election in the United States, the market managed to reach uncharted territory.

Let’s explore the top crypto events of 2024 and see where the industry could be heading in the upcoming year.

Key Takeaways

Bitcoin soared 120% in 2024, breaking the $100K milestone.
Donald Trump’s pro-crypto policies boosted market confidence.
Regulatory clarity improved with XRP’s SEC victory and Tornado Cash rulings.
Cross-chain interoperability and asset tokenization gained traction.
Experts predict 2025 will focus on utility, AI, and privacy technologies.

Bitcoin Reaches New Highs – ETFs, Halving & $100K

2024 was undoubtedly a successful year for the biggest and oldest cryptocurrency on the market – BTC.

From the introduction of BTC spot ETFs in January, the fourth halving event in April, and BTC’s all-time high milestone in December – the cryptocurrency set a bullish sentiment across the entire industry.

According to CoinMarketCap, over the past year the BTC price soared by nearly 120% from lows of $42,00 at the start of the year to breaking the $100,000 milestone in December.

Laurent Benayoun, the CEO of Acheron Trading, a crypto market-making firm, told Techopedia:

“The approval of spot ETFs in the U.S. has led to net inflows of institutional money into the underlying spot markets. It is one of the macroeconomic factors … that led to a positive price impact for BTC in particular, which was accompanied by larger trading volumes.

“The target clientele for U.S. spot ETFs is institutional in nature, such as pension funds and mutual funds.

“These large investment vehicles have gradually increased their exposure, and it is reasonable to expect that the trend will continue in the current climate.

“Further, ETF filings were based on the classification of the underlying as commodities. In granting its approval, the SEC [U.S. Securities and Exchange Commission] thus clarified the nature of the asset class from a traditional finance perspective.”

In addition to the introduction of BTC ETFs, this year saw another significant event – the halving event in April.

Historically, halvings have triggered long-term price appreciation not just for BTC but the industry as a whole, and 2024 once again proved no exception.

Donald Trump’s Change of Heart

Arguably, the biggest surprise of the year was one major factor that played a key role not only for the BTC price but also the entire crypto industry: Donald Trump’s change of heart – more specifically, his stance on the cryptocurrency industry.

Yuya Hasegawa, the crypto market analyst at bitbank explained to Techopedia:

“It is a well-known story that during his first term as president, Donald Trump hated Bitcoin and crypto in general, but during a conference back in July, he promised to create a strategic stockpile of Bitcoin. Since his victory in November, there have been proposals to build the so-called Strategic Bitcoin Reserve (SBR) in several countries, including Russia.”

While Congress conversations over building a strategic BTC reserve are ongoing, if the global race to build them intensifies, BTC’s price could continue to grow.

Alice Shikova, the marketing lead at digital identity platform SPACE ID, added:

“Trump has promised to make America a leading crypto hub, create a Bitcoin reserve, and remove one of crypto’s biggest adversaries – SEC chair Gary Gensler, who will step down in January.

“This helped Bitcoin reach new all-time highs and set the stage for crypto to continue gaining legitimacy in 2025.”

Crypto Saw (Some) Regulatory Clarity

Another notable achievement for the crypto industry in 2024 was the increase of regulatory clarity amid legal wins for a number of crypto projects. A prominent example of this was XRP’s major win in its long-standing battle against the SEC, Shikova highlighted.

Another recent milestone was the overturned sanctions against Tornado Cash, as a U.S. Federal Appeals Court found them to have been outside the scope of the U.S. Treasury Department.

However, other legal battles within the crypto space were not as successful: Changpeng Zhao (CZ), the founder of Binance, went to jail for four months for anti-money laundering violations.

As Anndy Lian, an inter-governmental blockchain advisor, explained:

“His departure from Binance marked a significant shift for the exchange. Why it matters? Binance’s struggles raised concerns about the stability of major exchanges.

“CZ’s legal issues also highlighted the broader challenges of regulatory compliance in the crypto industry.”

Cross-Chain Interoperability & Higher Utility

Another shift within the crypto space in 2024 was moving towards cross-chain interoperability and higher utility.

“Major players are increasingly focused on improving interoperability between different blockchain protocols through strategic partnerships. This focus on cross-chain compatibility is crucial as digital assets become more integrated across diverse ecosystems,” Tom Kiddle, the co-founder of Palisade explained.

This was seen in partnerships between projects such as BitcoinOS and Cardano, bringing the second largest blockchain onto the BTC blockchain with no intermediaries.

But apart from cross-chain interoperability taking over 2024, real-world utility assets were also seeing higher adoption as investors moved away from just treating crypto as a store of value and into how it can be implemented into everyday lives.

Dean Tribble, the CEO of Agoric Systems, added:

“The focus shifted in big ways from speculative wealth to creating meaningful value and experiences for users of these platforms.

“Ideas like chain abstraction and technologies like orchestration gained so much momentum because builders are realizing that simplifying how users and developers interact with decentralized applications (dApps) and blockchains is critical.

“This was the year we saw an industry-wide, concerted effort to make Web3 seamless and intuitive like Web2.”

What to Expect in 2025?

So, what can the crypto industry expect to see in 2025?

More Utility

Experts are confident that in the new year, the crypto industry will only continue moving forward with a higher focus on utility, with certain Layer-1 (L1) blockchains coming out ahead.

“We will see the Sui ecosystem go from strength to strength, leading in the most exciting sectors, like DePIN and GameFi. But gaming is going to experience an evolution from mindless tap-to-earn games to P2E games with real-world utility,” Tim Kravchunovsky, the CEO and founder of Chirp, said.

Real-World Asset (RWA) tokenization could also take over as a key trend in 2025, Jon Trask, the CEO of Dimitra, a leading AI-based operating system, told Techopedia.

“The tokenization of assets like carbon credits, farmland, and commodities is expected to grow rapidly as blockchain connects traditional and digital economies.”

USA to Lead Crypto Innovation

Following Trump’s presidential win and inauguration, experts expect the industry to move towards a more stable and mature state, with the U.S. leading the way for crypto innovation.

Lian highlighted:

“Under the leadership of pro-crypto policies, the United States is emerging as a global hub for blockchain and cryptocurrency innovation.

“With initiatives to attract crypto businesses and establish Bitcoin reserves, the U.S. is setting the stage for widespread adoption.

“This leadership is expected to inspire other nations to follow suit, fostering healthy competition and innovation worldwide.”

Digital Privacy & AI

The future of privacy on the internet is also expected to be a key focal point in 2025 as zero-knowledge proof (ZKP) technology continues to evolve.

“ZK tech is unique in that it allows the U.S. to prove that something is true without revealing any sensitive data.

“We’re already seeing this technology gaining momentum compared to a few years ago, and I foresee it becoming a central part of any infrastructure dealing with identity or personal data,” SPACE ID’s Shikova added.

Additionally, the combination of artificial intelligence (AI) and blockchain tech will continue to grow. Dimitra’s Trask noted that the combination of AI’s analytical power with blockchain’s transparency will bring forth new opportunities, especially in agriculture and finance.

The Bottom Line

2024 was a big year for the crypto industry. Bitcoin reached new highs, surpassing $100K, fueled by spot ETFs and institutional adoption.

Regulatory clarity improved with victories like XRP’s case, while real-world utility and cross-chain interoperability gained momentum. Donald Trump’s pro-crypto stance and election win set the U.S. on a path to becoming a global crypto leader.

Looking ahead, experts are predicting that 2025 could be poised for growth in areas like asset tokenization, AI-blockchain integration, and privacy-focused technologies.

With increasing utility, the crypto ecosystem is moving beyond speculation — are we ready for a mature and accessible digital economy?

Source: https://www.techopedia.com/crypto-2024-review

Anndy Lian

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com

j j j

May 5th, 2024

Biggest Friend.tech whale dumps tokens as users struggle to claim airdrop

The largest airdrop recipient on Friend.tech has sold all their tokens just hours after the airdrop, leading to concerns over the token’s price action.

Just hours after the Friend.tech airdrop went live on May 3, the largest whale, known as “Murphys1d,” sold over 55,000 of the newly-issued Friend tokens, blockchain data shows.

Beyond the sell-off, some users were unable to claim their airdrop tokens, including crypto investor Luke Martin, who wrote in a May 3 X post:

“Watching the value of my airdrop go from 7 figures to 5 figures in the span of 2 hours while I keep refreshing the page trying to claim….still can’t claim. Adds insult to injury.”

Martin added that the whale wallet seems to be linked to a fake X account with no activity, enabling it to farm over 500,000 Friend.tech points risk-free.

The new Friend.tech (FRIEND) token has fallen over 52.5% since its launch, from $3.26 to just $1.32 as of 9:50 am UTC. The token’s price fell over 32% in the last hour before publication, according to CoinGecko data.

While the selling by the largest Friend.tech whale may impact the market in the short term, it doesn’t necessarily dictate a token’s long-term trajectory, according to Anndy Lian, intergovernmental blockchain expert and author of NFT: From Zero to Hero. Lian told Cointelegraph:

“While it might cause a short-term dip in price due to increased supply and potential panic selling, it doesn’t always mean a long-term downtrend. To me, it is a good thing […] The sell-off would mean a more decentralized distribution of tokens. A broader distribution reduces the risk of a single entity having excessive control over the project.”

However, Lian noted that the token’s value will mainly rely on the community’s trust in Friend.tech and how the team manages the current situation.

Airdrop farmers continue to plague token launches

The mysterious Friend.tech whale is another example of a professional airdrop farmer (squatter) who interacts with emerging protocols solely for the airdrop rewards, often with multiple wallets to compound rewards.

The main issue with airdrop farmers is that they tend to market sell all their airdropped tokens, creating significant sell pressure and resulting in more panic selling by legitimate protocol users.

An example of this came at the end of April, when the Omni Network’s OMNI token fell 55% in less than 18 hours following its airdrop, losing over half its market capitalization.

In March 2023, it was revealed that airdrop hunters consolidated $3.3 million worth of tokens from Arbitrum’s ARB airdrop from 1,496 wallets into just two wallets they had controlled.

Source: https://cointelegraph.com/news/friend-tech-airdrop-largest-recipient-sells-tokens

Anndy Lian

www.anndy.com

j j j

March 9th, 2024

Public Market- Where are the biggest institutional opportunities?- Digital Assets: Realised – Hong Kong

Public Markets – Where are the Biggest Institutional Opportunities? ETF, Mutual Funds, Stocks, Bonds

– Moderator: Julien Bahurel, Partner, Deep Blue/Definer Fund
– Anndy Lian, Senior Advisor, Peach Income Fund
– Tony Wong, Managing Director, CSOP Asset Management
– Nicholas Studholme Wilson, Chief Operating Officer – Asia, GFO-X

At the panel discussion, industry experts gathered to explore the transformative potential of tokenization in asset classes and the future of financial markets. The conversation, moderated by Julian, delved into the implications of digitizing assets and the infrastructure required to support this evolution.

Julian opened the panel by highlighting the significance of functional markets, which are valued at approximately 4 trillion dollars. The focus then shifted to the opportunities presented by liquid markets through tokenization or digitization.

Tony discussed the enormous opportunities within the crypto space, particularly in Asia, where a significant portion of crypto trading activity originates. He emphasized the institutional interest in crypto markets, especially following price openings, and the inquiries from traditional managers and private bankers about accessing these new asset classes with appropriate risk levels. He pointed out that mutual funds might be the first asset class to adopt tokenization, revolutionizing the distribution landscape. He envisioned mutual funds being traded on exchanges like any other asset, within regulatory frameworks, making them accessible 24/7.

Anndy concurred with Tony’s views on mutual funds. He described tokenizing them as a “piece of cake” and predicted a substantial uptake, particularly in Hong Kong, which could become a significant player in the Asian market. Anndy also touched upon the role of exchanges like NASDAQ in a blockchain-dominated world, speculating that traditional exchanges might adapt to offer 24/7 services using blockchain technology.

Nicholas shared his perspective on achieving the end goal of a fully tokenized state on multiple chains. He stressed the importance of starting with existing infrastructure to generate revenue before transitioning to more advanced systems. Nicholas also discussed the challenges of latency and privacy considerations, suggesting that permissioned chains might be a necessary starting point before moving to public chains.

The panelists debated the coexistence of traditional liquid markets with tokenized markets, agreeing that while they may initially coexist, the superior efficiency of tokenized systems would eventually lead to a transition.

The conversation also touched on the regulatory implications of tokenization. While the technology offers exciting possibilities, it also presents challenges for regulators who must adapt to a rapidly evolving landscape.

As the discussion concluded, the panelists expressed optimism about the future of tokenized markets. They envisioned a world where traditional and tokenized markets coexist and eventually converge, thanks to improved infrastructure and broader acceptance of blockchain technology.

The panel’s insights suggest that while the journey toward widespread tokenization is still in its early stages, the destination promises a more inclusive and efficient market for all participants. As the technology matures and regulatory frameworks evolve, we may witness a significant shift in how assets are traded and managed globally.

Digital Assets: Realised held in Hong Kong on 7 March 2024. The event brought traditional funding, listing players, and new digital exchange and platform opportunities.