Retrospective on the Crypto World: CoinTR's 2024 report

We left behind the year 2024, CoinTR compiled the developments that left a mark on the past year and shaped the industry into a report.

CoinTR, the domestic cryptocurrency exchange celebrating its third year, compiled the events that shape the cryptocurrency markets in Turkey and the world in its 20-page report for 2024. CoinTR, which shares the report titled 'CoinTR with Retrospective - Crypto in 2024' with the entire ecosystem, summarized the themes and trends that marked 2024 in subheadings such as Macro Outlook, Market, Adoption, Law and Compliance.

CoinTR CEO Ali Eşelioğlu, who shared his evaluations on the report, said, 'As we leave behind 2024, which we celebrated our third year, we always keep our principle of creating value for the crypto ecosystem in Turkey in our minds. This work is an almanac where you can see all the headlines from the past year as we step into 2025, which we define as a year of growth. We hope that our report, which covers the developments that shape the cryptocurrency, Web3, and blockchain ecosystem in 2024, will be useful to anyone interested.'

Cryptocurrency was examined in eight headings

The report titled "Retrospective with CoinTR - Cryptos in 2024" which starts with opening notes from CoinTR Chairman Şakir Ercan Gül and CoinTR CEO Ali Eşelioğlu, evaluates the events witnessed by the cryptocurrency markets in 2024 under sub-categories such as Macro Outlook, Market, Adoption, Law and Compliance, Election 2024, Technology and Business, Themes and Understanding 2025. The report highlights that 2024 is defined with four main themes: macroeconomic winds, geopolitical tensions, elections, and artificial intelligence. In the market section, the report examines periods when Bitcoin and other cryptocurrencies experienced significant price movements, including the U.S. elections.

Ali Eşelioğlu reminded that since January 2024, markets have been looking for signs of a monetary easing cycle, saying, "We observed that high interest rates and especially sticky inflation in the US played a significant role in market movements until the Fed's initial 50 basis point rate cut. Undoubtedly, the first good news for Bitcoin in 2024 was the approval of the spot Bitcoin ETF. Bitcoin, which broke its first record with the ETF in late March, retreated in May due to geopolitical tensions and in July due to the sale of seized BTCs by the German government. The carry trade panic on August 5 also brought local lows to the crypto markets, affecting all global markets. This was followed by a period where the yield curve turned positive, the election race intensified, and Donald Trump played his cards openly on crypto.

The world embraced blockchain and cryptocurrencies in 2024.

The report, which also analyzes the course of digital asset adoption, brings together milestones such as the record-breaking 220 million monthly active crypto addresses in 2024, Bitcoin network surpassing the 1 billion transaction mark, Solana network surpassing a new threshold with a $109 billion DEX transaction volume, and Bitcoin surpassing silver to become the world's seventh most valuable asset.

Ali Eşelioğlu, who mentioned benefiting from influential global reports while preparing the report, said, “Today we know that 56% of Fortune 500 companies are working on blockchain-based projects. It has been proven many times that our country is the leader in its region in terms of crypto adoption in 2024, a year in which world-famous companies increased their blockchain investments and Wall Street banks warmed up to the new era of finance through stock investment funds and tokenization projects. On the other hand, according to the October 2024 Turkey Fintech General Overview report published by the Presidency Finance Office, the blockchain and crypto asset vertical became the third vertical hosting the highest number of companies with 106 active fintech startups.

Regulation will shape the speed of 2025

In the report, which evaluates the progress made in regulatory frameworks in the axis of the USA, Europe, and Turkey, it is stated that Turkey is among the countries that largely clarify digital asset legislation. CoinTR CEO Ali Eşelioğlu, who stated that Turkey is one of the most agile countries in regulating digital assets, concluded his evaluations with the following statement:

“Although the next stage will be reached as of the first days of 2025, the full implementation of the MiCA law in Europe is indicated for 30 June 2026. The progress pace of the USA, which is currently lacking a clear framework, depends on the importance given to this issue by the Donald Trump administration. The first quarter in Turkey will be critical for secondary regulations. If the legal side goes as planned, it will mark the growth era of the crypto and Web3 ecosystem.

In this period where global public debts have reached record levels and polarizations have increased vulnerabilities, especially Bitcoin will turn into a mainstream store of value. The intersection area with technologies such as artificial intelligence, machine learning, big data, blockchain, which will increase even more, will carry the world to the new version of the internet.

As CoinTR, we have spent 2024 preparing for this new era from end to end; we will continue to bring our secure, fast, accessible, expert, innovative, transparent, and honest service approach to all our users in the new year. We hope that this resource we have created will be beneficial to all ecosystem stakeholders who draw on historical experiences when making decisions.

You can access the report titled 'CoinTR and Retrospective - Crypto in 2024' from here.

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This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.