10 Catalytic Bitcoin Events in 2024 That Could Define 2025

If you're like most Bitcoin investors, you probably dread waking up one day to find the value of your holdings has dropped significantly overnight. Such an occurrence is often the result of external factors like regulatory news or changes in the Bitcoin network. One way to prepare for such surprises is to stay informed about upcoming events that could impact the price of Bitcoin. This blog covers Bitcoin Events 2024, focusing on key happenings that could affect Bitcoin’s future. Keeping track of these events will help you make more informed investment decisions and avoid nasty surprises. We will also touch upon what is Bitcoin halving?

One of Bitcoin Magazine Pro's Bitcoin analysis will also help you stay. With this tool, you can better understand how the upcoming events of 2024 affect Bitcoin and its market.

10 Catalytic Bitcoin Events in 2024 That Could Define 2025

On January 10, 2024, Bitcoin reached a significant milestone with the SEC's approval of eleven spot Bitcoin exchange-traded funds. Spearheaded by Innovator ETFs and PGIM Investments, these ETFs provided a regulated avenue for investors to access Bitcoin directly. The debut of these ETFs and two conversions marked a record-breaking start to the year for ETF launches in the U.S., with 35 new ETFs introduced in the first two weeks.

There was a total of $1.9 billion in asset inflows into spot Bitcoin ETFs within their initial three days of trading. The approval of spot Bitcoin ETFs emphasized the acceptance of Bitcoin as a legitimate asset class within traditional finance. It provided an additional avenue for institutional and retail investors to engage with the Bitcoin market.

FTX Fallout and the Legal Reckoning

Despite Bitcoin’s bullish start, 2024 also saw its fair share of setbacks. The most significant was the March sentencing of FTX founder Sam Bankman-Fried, who was handed a 25-year prison sentence and an $11 billion fine for one of the largest financial frauds in U.S. history.

While the market had already weathered the storm of FTX’s collapse, the legal fallout lingered, contributing to Bitcoin’s mid-year consolidation phase.

Bitcoin Hits All-Time High of $73,000 in March 2024

March 13, 2024, witnessed Bitcoin soaring to unprecedented heights, reaching an all-time high price of $73,000. The SEC's approval of spot Bitcoin ETFs in January catalyzed a surge in investor interest, with a record $1.1 billion flowing into spot Bitcoin ETFs in a single day.

BlackRock's Dominance in the Bitcoin ETF Market

BlackRock’s iShares Bitcoin Trust ETF attracted a staggering $849 million inflows, highlighting the institutional appetite for exposure to the digital asset market.

With approximately $31.1 billion held in various spot Bitcoin ETFs, excluding Grayscale, and nearly $59 billion when including Grayscale’s Bitcoin ETF, competition among ETF issuers intensified. BlackRock’s dominance became evident, with its bitcoin ETF now holding 215,625 bitcoins, surpassing MicroStrategy’s holdings.

This surge in demand outpaced the rate of new Bitcoin supply, with just 6,300 new Bitcoins being mined weekly. The anticipation surrounding the upcoming Bitcoin halving event, which further reduced new supply, also contributed to the price surge.

Mark Your Calendars: The Fourth Bitcoin Halving Happened in April

The year’s most anticipated event for Bitcoin enthusiasts was the 4th Bitcoin halving in April, which reduced miners’ rewards from 6.25 BTC to 3.125 BTC per block. The halving usually signals bullish trends, expecting a reduced supply to increase prices.

Despite the launch of spot ETFs fueling demand, Bitcoin’s price didn’t skyrocket immediately. Miners, facing reduced rewards, sold off large amounts of Bitcoin, creating downward pressure that led to a sideways market throughout the summer.

Runes Protocol Launches on April 19, 2024

The launch of the Runes protocol on April 19, 2024, marked a significant milestone in the evolution of Bitcoin-backed tokens. Conceived by Casey Rodarmor, the creator of the Ordinals protocol, Runes represents a more efficient and streamlined approach to tokenization on the Bitcoin blockchain.

The launch of Runes was preceded by the exponential growth of the BRC-20 ecosystem, which facilitated nearly 52 million transactions and generated over 4,780 BTC in fees. Recognizing the need for a more straightforward and user-friendly tokenization protocol, Rodarmor conceptualized Runes to address these limitations and enhance the functionality of Bitcoin tokens.

Runes utilize protocol messages called “runestones,” stored in transaction outputs, to facilitate token creation, transfer, and management. This approach enables greater flexibility and efficiency in handling token balances while reducing transaction processing times and fees.

Bitcoin Improvement Proposal BIP-420 Successfully Launched on April 30, 2024

On April 30, 2024, Udi Wertheimer, the founder of Taproot Wizards, made a groundbreaking announcement on the X platform, revealing the launch of OP_CAT, also known as Bitcoin Improvement Proposal BIP-420, on the Bitcoin Signet test network.

Testing Ground for Bitcoin Development

Signet serves as a dedicated testing ground for Bitcoin developers, offering a controlled environment free from miners and proof of work requirements, with blocks generated approximately every 10 minutes.

OP_CAT Opcode

The reintroduction of the OP_CAT opcode, proposed under BIP-420, signifies a significant development in Bitcoin’s evolution, aimed at enabling Bitcoin covenants and facilitating the development of smart contracts, security bridges, and on-chain transactions.

The Resurgence of OP_CAT and the Role of Community Initiatives

OP_CAT was a highly debated opcode Satoshi envisioned, but it faced resistance from the Bitcoin community due to concerns about potential security vulnerabilities. Nevertheless, the proposal gained traction with the resurgence of interest in OP_CAT, fueled by initiatives like Quantum Cats, an Ordinals collection advocating its reintroduction.

Authored by Ethan Heilman and Armin Sabouri, the BIP-420 proposal outlines a backward-compatible soft fork approach to reintroduce OP_CAT into Bitcoin, redefining the opcode OP_SUCCESS126.

Bitcoin Processes Its One Billionth Transaction on May 5, 2024

The Bitcoin network processed its one billionth transaction in block 842,241 at 9:34 pm UTC on May 5, 15 years after the blockchain’s inception. While Ethereum was the first blockchain to reach 1 billion transactions, Bitcoin’s billionth transaction was a testament to a surging user base brought about by innovations like:

Ordinals
BRC-20 tokens
SRC-20 tokens

The network peaked at 926,000 transactions on April 23 as users clamored to mint and etch Rune tokens following the Runes protocol’s launch. This milestone of 1 billion transactions underscored Bitcoin’s resilience and represented its journey toward mainstream adoption and continued growth.

The Fed’s Rate Cut and the Trump Effect

Bitcoin’s recovery began in Q3 2024, spurred by the Fed’s decision to cut interest rates. Nevertheless, the political drama of the US presidential election drove Bitcoin into overdrive. As former President Donald Trump made pro-Bitcoin promises during his campaign—vowing to create a Bitcoin reserve and push for BTC-friendly policies—Bitcoin’s price shot up, reaching an all-time high of $99,547 in November.

Trump’s victory in the election was a strong catalyst, sending Bitcoin to $108,353 in December, marking its best performance of the year.

Mt. Gox Payments and Other Macro Headwinds

The year wasn’t without its hurdles. In July, the Mt. Gox bankruptcy trustee began transferring Bitcoin to creditors, sparking concerns about market sell-offs. These large transfers, combined with US and German government attempts to liquidate Bitcoin holdings, caused Bitcoin’s price to dip below $50,000 in the summer. Despite these challenges, Bitcoin’s record-breaking performance in late 2024 was undeniable.

MicroStrategy’s Continued Support

One notable constant throughout the year has been MicroStrategy’s unwavering commitment to Bitcoin. The company made significant purchases in November, buying $5.4 billion worth of Bitcoin as its price hovered around $97,000. With over 444,000 BTC in its coffers, MicroStrategy has emerged as one of the biggest institutional Bitcoin holders.

Founder Michael Saylor’s message has remained clear: the company will continue accumulating Bitcoin, adding long-term support to the market.

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10 Catalytic Bitcoin Events in 2024 That Could Define 2025

Dec. 27, 2024