Crypto
How Bitcoin and other cryptocurrency made a strong comeback in 2024
As the year 2024 ends, here is a look at the performance of cryptocurrency, especially bitcoin, that turned fortune of the investors within days
read more
Crypto was not much known to a common man or small scale investors till the digital currencies in the basket, including the oldest and most-traded – bitcoin, broke all records to touch a new life-time high especially after Donald Trump’s win in the November 5, 2024 US Presidential election.
But before understanding about a strong comeback, let us understand what cryptocurrency is.
Cryptocurrency is a virtual or digital currency and is not in a physical coin or bill based. It can be used to buy goods and services and all the transactions take place online.
Cryptocurrency runs on the system of cryptography.
However, before 2024, crypto was just a fringe sideshow for the investing public. Now, crypto assets like bitcoin can now be owned and traded by Americans like a stock.
What gave more boost to cryptocurrency is the assurance of major legislative changes by the incoming administration in Washington to support the industry.
Investors who were holding bitcoin are up 130 per cent since the beginning of the year as the price of the largest cryptocurrency broke all records and surged past $100,000 following Trump’s triumph in November 2024 presidential elections. As per Coinmarketcap, the market value of all crypto rose by nearly $1.7 trillion.
Another factor that helped crypto surge was the US SEC approving Bitcoin and Ethereum ETFs earlier in the year. Following this financial giants including BlackRock and Fidelity significantly increased their crypto investments.
It was because of this, bitcoin rallied earlier in the year too as it witnessed massive demand from newly launched spot bitcoin exchange-traded funds (ETFs).
Also, enhanced blockchain infrastructure, with improved scalability and security features, attracted a host of new users.
Crypto’s upward movement began around the US Presidential election, when Trump promised to establish a crypto presidential advisory committee to draft robust regulations, enable individuals to mine bitcoin, allow self-custody of digital assets, and reduce government oversight.
He also proposed the idea of a strategic bitcoin reserve to position the US as the dominant “Bitcoin superpower.” The US President also proposed leveraging bitcoin reserves to reduce the US’ national debt.
Most of us associate with bitcoin when we hear about cryptocurrency, however, Pepe – a token inspired by the meme frog – emerged as the top performer with a market capatilisation surpassing $5 billion.
Pepe soared by a staggering 1,570.7 per cent, reaching a market cap of $9 billion.
Similarly, SUI, the native token for the Sui blockchain, posted a remarkable 509 per cent gain. According to Forbes report, Dogecoin, a favorite among meme coin enthusiasts and promoted by Elon Musk, surged 333.1 per cent.
Meme coins including Dogecoin and Shiba Inu were among the major contributors to the expansion of the crypto market in 2024.
After a well performing 2024, market participants are positive about the cryptocurrency prospects for 2025 as the Trump-led administration returns to the White House.
Most of the analysts and experts see bitcoin to reach $200,000 by the end of 2025.
How Indiana’s redistricting could impact the legislative session
Statehouse reporter Kayla Dwyer breaks down tensions between Indiana and the Trump administration regarding the state’s redistricting efforts.
Indiana lawmakers are hoping to make the state a cryptocurrency leader by allowing the state to invest in digital currencies like Bitcoin for state savings and retirement plans while prohibiting local communities from restricting crypto companies.
The legislation, House Bill 1042, comes as excitement grows over the once obscure digital assets that have made millionaires and wiped-out fortunes. Its supporters now include some of the country’s most powerful people, including President Donald Trump and initially hesitant financial institutions, while the first major piece of crypto legislation passed Congress earlier this year.
Now, Indiana is looking for a slice of the windfall. The topic was one of just a few to get an earlier-than-usual hearing as lawmakers consider redistricting, signaling it’s a major topic of interest among Republicans.
“Crypto policy will become a mainstay of this committee’s work for probably years to come,” said bill author Kyle Pierce, R-Anderson, at a House Financial Institutions Committee meeting Dec. 4.
A volatile investment?
Though the bill would allow public investment funds to delve into the world of digital currency, it stops short of allowing direct crypto investments.
Instead, the bill applies to cryptocurrency exchange traded funds, or EFTs — a safer, federally regulated fund that tracks crypto prices, either by holding the digital assets or a contract that speculates on prices in the future.
The state investment programs required to provide such options include the 529 education savings plan and certain retirement funds for teachers, public employees and lawmakers. It also allows other state investment funds to place their assets in crypto EFTs.
While less volatile than a direct investment, it’s not entirely without risk. Because there is less oversight in the underlying crypto market, the Securities and Exchange Commission has warned it’s difficult to prevent fraud and ensure fairness, even for EFT investors.
That was a tentative concern for Tony Green, deputy executive director of the Indiana Public Retirement System, at the House Financial Institutions Committee hearing Dec. 4.
Though neutral on the bill, Green said IPRS would want to ensure there were proper disclaimers about volatility. And while the agency wants to offer choices to their members, he said, those surveyed were generally uninterested.
No anti-crypto regulations
Another aspect of the bill limits how local governments and state agencies can regulate crypto, though Pierce said it’s only intended to ensure laws don’t unfairly target crypto.
Specifically, it would prohibit regulation of an individual or a business’ ability to accept digital currency as payment, including by taxing use of the payment method. It also stops local governments from denying crypto mining facilities in areas zoned for industrial use or applying noise restrictions specific to crypto.
There was some worry about a clause in the bill that bans a public agency from prohibiting a person’s ability to “use or accept digital assets as a method of payment for legal goods and services.”
The bill was welcomed by the founder of the local crypto mining business Megawatt.
Ilya Rekhter, who operates mining facilities in rural areas across the state, said the legislation would help prevent a sudden change in zoning laws after a business has already invested money in a facility, Rekhter said.
“We’re not asking for any special treatment,” he said, “just the same treatment.”
The committee won’t hold a vote on the bill until January.
Contact breaking politics reporter Marissa Meador at mmeador@gannett.com or follow her on X @marissa_meador.
Former NJ fire chief arrested after allegedly forcing firefighters into sexual situations
Sandia Ranger District Prepares for Prescribed Fire Piles Next Week
NC Made cookie mix gives homemade taste with ingredients you feel good about
North Dakota Legislature to Convene Special Session on Rural Health Funding
Video shows rare glimpse of
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Video: ‘It Didn’t Have to Happen This Way:’ U.Va. Faculty Call for Review of Police Response to Protests
ICE arrests Azerbaijan national with multiple criminal convictions including animal cruelty, arson
US Supreme Court to consider Trump’s bid to end birthright citizenship
Exclusive: Boat at center of double-tap strike controversy was meeting vessel headed to Suriname, admiral told lawmakers | CNN Politics
FBI director suggests ‘sheer incompetence’ or ‘negligence’ in Biden admin handling of pipe bomb case
Russian gas and oil in Europe are done for good, Energy Commissioner tells Euronews
-
Politics3 days agoTrump rips Somali community as federal agents reportedly eye Minnesota enforcement sweep
-
News3 days agoTrump threatens strikes on any country he claims makes drugs for US
-
Technology1 week agoNew scam sends fake Microsoft 365 login pages
-
World3 days agoHonduras election council member accuses colleague of ‘intimidation’
-
Ohio2 days agoWho do the Ohio State Buckeyes hire as the next offensive coordinator?
-
Politics1 week agoRep. Swalwell’s suit alleges abuse of power, adds to scrutiny of Trump official’s mortgage probes
-
News1 week ago2 National Guard members wounded in ‘targeted’ attack in D.C., authorities say
-
Ohio1 week agoSnow set to surge across Northeast Ohio, threatening Thanksgiving travel