The Innovation & Tech Today team has been proud to bring you Crypto NFT Today twice a month throughout 2024, a feature designed to keep our readers well-informed on the key events that are shaping the future of blockchain, cryptocurrency, and NFTs. Each edition has delivered essential updates on the innovations and trends that are poised to redefine the digital landscape.
Here’s a review of some of the most noteworthy news we’ve covered, highlighting the significant milestones and developments that have made this year truly transformative for the industry.
Eleven New Spot Bitcoin ETFS Approved
On Jan. 10, the U.S. Securities and Exchange Commission approved the first U.S.-listed exchange-traded funds (ETFs) tracking bitcoin, marking a significant milestone for the largest cryptocurrency and the broader crypto industry.
The Securities and Exchange Commission (SEC) greenlit 11 applications, including those from BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. This move, despite cautions about associated risks, is expected to commence trading on Jan. 11.
The Empire State Building Launches NFT Rewards
The Empire State Building has introduced a new program catering to locals hosting guests in the city and enthusiasts of its Observatory Experience. Upon joining the Ambassador Program, each new member will have a unique Empire State Building NFT as a sign-up bonus.
Participants will receive additional customized NFTs corresponding to the tiers they attain. The exclusive NFTs function as digital mementos and unlock personalized rewards for the participants. These collectibles are stored securely on the blockchain in a user-friendly wallet.
President Biden Blocks Chinese Bitcoin Mine
On May 14, President Joe Biden issued a directive prohibiting a Chinese-backed cryptocurrency mining company from possessing land adjacent to a nuclear missile base in Wyoming, citing concerns about national security.
The directive mandates the sale of property utilized as a cryptocurrency mining facility near the Francis E. Warren Air Force Base. MineOne Partners Ltd., a company partially supported by Chinese investors, and its subsidiaries are instructed to dismantle specific equipment on the premises.
This action coincides with the United States’ plans to impose significant new tariffs on electric vehicles, semiconductors, solar equipment, and medical supplies imported from China.
New Information About Past Crypto Hacks
The cryptocurrency industry has experienced 785 reported hacks and exploits over the past 13 years. According to a Crystal Intelligence report shared with Cointelegraph, nearly $19 billion worth of digital assets have been stolen since the first known crypto hack on June 19, 2011.
The largest single crypto theft occurred in the 2019 Plus Token fraud, where attackers stole $2.9 billion worth of Bitcoin and Ether. In the past two years, the most significant crypto heist was the $290 million security breach on PlayDapp in February 2024.
Donald Trump Raises Over $4 Million in Crypto
Donald Trump has raised over $4 million from a variety of digital tokens, a campaign aide told CNBC. According to a Federal Election Commission filing, contributors have donated bitcoin, ether, Ripple’s XRP token, the U.S. dollar-pegged stablecoin USDC, and various meme coins.
The 1,000-plus page report details the totals for the “Trump 47” joint fundraising committee from April 1 to June 30. During this period, the committee raised over $118 million, with funds distributed to the Trump campaign, the Republican National Committee, and other entities.
The filing shows that at least 19 donors contributed more than $2.15 million in bitcoin. These contributors come from 12 states, including some battleground states, and represent a range of professions such as homemaker, U.S. military officer, missionary, painter, sales representative for a pizza company, and security technician with the State Department.
Italy’s Finance Minister Talks Tax Raise on Crypto
Italy’s finance minister on Thursday defended his decision to increase taxes on cryptocurrency capital gains in next year’s budget, despite opposition from some lawmakers within his party.
Giancarlo Giorgetti emphasized that savers should differentiate between investments that support real-world projects and cryptocurrencies, which he noted have values entirely disconnected from underlying assets.
Wall Street Shows New Ways to Gamble on Bitcoin
Developers are finding innovative ways to utilize Bitcoin’s base blockchain, while Wall Street is integrating the cryptocurrency into its traditional financial systems. This includes exchange-traded fund (ETF) structures, tools for hedging positions, and opportunities for leveraged trading.
The introduction of spot Bitcoin ETFs in January marked a significant step, opening the asset to a broader pool of mainstream investors. Recently, options on these spot crypto products debuted on the Nasdaq and New York Stock Exchange, with CBOE Global Markets planning to launch its first cash-settled Bitcoin ETF options on December 2.
Dogecoin Network Exploited by Hackers
Dogecoin, one of the most popular meme cryptocurrencies, faced a major disruption on December 12 when a hacker exploited a vulnerability, causing 69% of its network nodes to crash.
The attack was carried out by Andreas Kohl, co-founder of the Bitcoin sidechain Sequentia, using a basic laptop from rural El Salvador. Kohl exploited a vulnerability previously identified by researcher Tobias Ruck, exposing critical weaknesses in Dogecoin’s network infrastructure.
Prior to the attack, Dogecoin’s network had 647 active nodes, according to data from Blockchair.
The exploit caused the number of operational nodes to drop sharply to just 205. While the network has since partially recovered to 315 nodes, it remains significantly weakened, highlighting concerns about the resilience of cryptocurrency ecosystems.
Crypto Named Big Driver in 2024 Tech Stocks
With a launch of spot bitcoin exchange-traded funds in January, crypto had a strong 2024, further fueled by Donald Trump’s election win, which saw significant support from the crypto industry. Several crypto-related stocks experienced a substantial boost.
With just four trading days remaining in the year, here are the five best-performing U.S. tech stocks of 2024 among companies valued at $5 billion or more.
Looking Ahead
As we look back on some of the year’s most impactful stories, we are excited about the continued transformation of this space and optimistic for another groundbreaking year ahead, filled with new advancements and opportunities.
