On December 5th, Bitcoin crossed $100,000 for the first time, setting a new record (File) | Photo by Reuters
2024 will be the year that many crypto investors will be toasting even decades from now. After the US voted to return Donald Trump to the White House, Bitcoin’s price rose to above $100,000 for the first time, showing traders’ excitement and expectations for next year.
At the same time, it has been a year of pain and hurt for thousands of India-based crypto investors. They were affected by the largest cryptocurrency hack in history and are still waiting months for a resolution ever since.
So which crypto-related events and catastrophes have defined this year as it draws to a close? Let’s take a look.
WazirX Cyber attack and organizational restructuring
The July 18 cyberattack on WazirX and Liminal multi-signature wallets did more than just take over $230 million in assets. It also changed the lives of thousands of investors as crypto withdrawals were suspended on the platform. While investors try to regain access to their cryptocurrencies or try to involve the Indian authorities, WazirX management has instead requested a moratorium, stating that this is the fastest way for customers to get their share of the recovery. The company decided to undergo restructuring in Singapore. Who the suspect is, what happened to the stolen funds, and why Indian authorities still won’t publicly assist investors. . All this remains a mystery to WazirX customers.
While crypto investors in other parts of the world were able to take advantage of a surge in Bitcoin prices in November, WazirX investors (with millions of registered users) All they can do is wait patiently for their fate to be decided.
Bitcoin halving
The Bitcoin halving is an event that occurs approximately once every four years, when mining rewards for top cryptocurrencies are cut in half. Therefore, Bitcoin miners earn fewer coins for processing transactions, automatically increasing the scarcity of the asset. Bitcoin’s halving took place around April 19th to 20th of this year, and investors and miners have been closely following the trend.
Many believed or expected that the Bitcoin halving would lead to a significant increase in the price of the top coin, but this was not the case and the price remained largely within the established range at the time. I did.
Bitcoin exceeds $100,000
According to CoinMarketCap, on December 5th, Bitcoin crossed the $100,000 mark for the first time, marking a new record price, and a few days later it also topped the $106,000 mark. In the days following the November 4 election, when Trump was re-elected to the White House, the price of Bitcoin skyrocketed to above the $75,000, $80,000, $90,000, $95,000, and even $99,000 price ranges. , then fell again, but wobbled. Ranges from $90,000 to $100,000. The top coin reached $100,000 as South Korea reeled from a temporary martial law that was voted down within hours.
A large part of that was due to investor elation over Trump’s victory, with many citing the 45th president and his supporter Elon Musk as having to deal with the many regulatory constraints that exist in the U.S. cryptocurrency market. It is seen as a virtual currency promoter that can ease the situation.
Trump is also involved in decentralized finance (DeFi) platforms, further emboldening crypto entrepreneurs who have long criticized the authority of the US SEC. The departure of Gary Gensler, chairman of the U.S. Securities and Exchange Commission, who famously described the cryptocurrency market as the “Wild West,” also pleased many investors.
India leads in cryptocurrency adoption
According to Chainalies’ Global Crypto Adoption Index 2024, India has been ranked number one among the countries leading global cryptocurrency adoption for the second year in a row.
The Chainalysis report noted that India has high crypto capital gains taxes, but said: In addition to ranking second within the CSAO region for crypto receipts, India also leads the world in this year’s Global Adoption Index. ”
While Indian traders are open to experimenting with different cryptocurrencies and tokens, crypto scams targeting both experienced crypto traders and unsuspecting users unfamiliar with the asset class are also on the rise. . Assistance for investors who have been hacked or scammed is still in its infancy, although awareness is increasing.
Sam Bankman Freed Sentenced
The billionaire and former CEO of failed cryptocurrency exchange FTX was sentenced to 25 years in prison in March after being found guilty of two counts of wire fraud, two counts of conspiracy to commit wire fraud, and one count of conspiracy to commit securities fraud. . One charge is conspiracy to commit product fraud, and the other is conspiracy to commit money laundering.
Bankman Fried led the FTX exchange from 2019 to 2022, when he misappropriated FTX customer funds to support a sister company called Alameda Research. Apart from this, he was also a big political donor. It was later discovered that Bankman Freed had stolen more than $8 billion in customer funds. Bankman Fried’s closest business associates, including his ex-girlfriend, have testified against him in a long-awaited judicial proceeding in the United States. In October, FTX received court approval for a bankruptcy plan to repay customers that limits recovered assets to a maximum of $16.5 billion.
issued – December 30, 2024 7:45 AM IST
