What to expect in crypto and blockchains in 2024?

The facts we already have can help one understand the kind of crypto headlines we might see in the newspapers of 2024.

As the world rang in the new year, Bitcoin touched $45,000, a high last seen during the spring of 2022. Though many may be tempted to call the end of a crypto winter or bear market, the geopolitical situation is highly unstable and existing price cycles are not set in stone.

While it is nearly impossible—as well as irresponsible—to bet on prices or trends in the sector, the facts we already have on hand can help one understand the kind of headlines we might see in the newspapers as 2024 plays out.

The ex-CEO of the failed cryptocurrency exchange FTX was convicted of all seven fraud-related charges in November 2023 and is expected to be sentenced in March this year. Sam Bankman-Fried could spend anywhere from several years to the rest of his life in jail as his debtors and liquidators try to figure out how to recover their lost savings.

The court’s sentence will set a precedent, showing other crypto entrepreneurs the dangers of playing fast and loose in the face of U.S. financial regulations, even if they are operating out of the U.S.

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Bitcoin, the largest cryptocurrency by market capitalisation, hit the $45,000 mark for the first time since 2022, finally triggering some optimism in the market. While financial influencers and others may push investors to enter the market at this point or buy crypto more aggressively by pointing to the market’s recovery and the coin’s past highs which crossed $65,000 in 2021, investors should never trade with the intention of making a quick profit—unless they are experienced traders who have researched the underlying blockchain technology.

Coin crashes can happen in a matter of minutes, so while euphoria is growing and traders are fearful of missing out on opportunities, investors should be especially cautious and not get swept away due to peer pressure.