Bitcoin’s market cap reached about $1.9 trillion in 2024, which placed Bitcoin’s market cap above silver’s market capitalization of $1.6 trillion. The Bitcoin network settled $19 trillion in transactions in 2024, which reversed two years of reduced activity. This rebound in Bitcoin transaction volume, which once peaked at nearly $47 trillion during the 2021 bull market, signaled fresh growth for Bitcoin adoption. Pierre Rochard, the vice president of research at Riot Platforms, observed how this shift showed that Bitcoin is a store of value and a medium of exchange. Many analysts also noted the impact of the 2024 Bitcoin halving event on BTC price, as it rose to about $108,000 before year’s end. A new BTC exchange-traded fund (ETF) in the United States added to investor optimism.
Traders continued to track the rise in hashrate, which reached an all-time high of 1,000 exahashes per second (EH/s) on January 3, 2024. Observers studying the Bitcoin network credit advanced mining hardware for this leap. Although the hashrate settled around 775 EH/s later, data from CryptoQuant suggested that Bitcoin mining remained strong. This network strength led to debates about mining dominance between US-based mining pools and China-based mining pools. According to TheMinerMag, Foundry USA and MARA Pool together produced over 38.5% of blocks mined in 2024. Despite that significant share from US-based mining pools, China-based mining pools still commanded most of the global hashrate. Some miners hide their location with virtual private networks (VPNs), which makes it hard to pinpoint the true spread of mining power across the world. Mining pool operators in the US or China also rely on outside sources for their computing power, further complicating data on who holds true dominance. Many enthusiasts wonder how virtual private networks (VPNs) influence Bitcoin miner geolocation data and suspect the real figure remains unknown.
The events of 2024 also included regulatory debates. The Federal Deposit Insurance Corporation (FDIC) faced questions about its stance on crypto-related services for banks, especially after Coinbase chief legal officer Paul Grewal released unredacted letters. These letters, sometimes called “pause letters,” suggested that officials recommended halting or avoiding some crypto offerings. The FDIC’s internal instructions, tied to Operation Chokepoint 2.0, pushed banks toward caution. Crypto-friendly banks, which already felt pressure from a rumored 15% deposit cap, turned to the Freedom of Information Act (FOIA) to gain clarity. Coinbase’s FOIA request asked the FDIC to explain certain moves that seemed to limit access to banking services for crypto companies. The FDIC responded by stating it never officially told its supervisors to prohibit basic BTC offerings, though letters shared by Paul Grewal appear to indicate a different tone. Martin Gruenberg, the FDIC Chairman, stated that the agency is not blocking crypto firm access to banks, but it imposes supervisory attention when banks engage with crypto.
Banking services risk management came into focus because many regulators believe banks must protect depositors from the volatility of cryptocurrencies. This puts crypto-friendly banks in a tough position, since many of them serve customers who want to use basic BTC transactions. The question of how the Bitcoin network settled $19 trillion in transactions in 2024 resonates with regulators who wish to see stable channels for large transfers. Meanwhile, Operation Chokepoint 2.0 and its effect on crypto banking services raised concerns about free market competition. Some lawmakers insisted that agencies were unfairly pressuring banks. Grewal’s documents pointed to draft letters, which the FDIC allegedly used as templates for supervisors. These letters might have told banks to avoid or pause any direct contact with cryptocurrency ventures. Banks that tried to offer normal Bitcoin services felt uncertain about how to move forward.
As the election season approached, President-elect Donald Trump signaled he would review crypto regulations on his first day in office. Many in the crypto sector expect new guidance on banking services for crypto, though the previous President Joe Biden administration took a stricter view on digital assets. Some people viewed these moves as part of Operation Chokepoint 2.0. Others believed it was a response to the potential risk of allowing any deposit cap on crypto-friendly banks to grow unchecked. People who hold Bitcoin or run Bitcoin mining pools in the United States wonder how President-elect Donald Trump’s potential impact on U.S. crypto regulation will shape the industry. They also keep a close eye on the FDIC’s role, hoping for greater transparency from officials.
These issues have pushed the community to watch for any updated draft letters from regulators. They also want more answers on why the FDIC is urging banks to halt basic BTC offerings. Coinbase’s FOIA request for unredacted FDIC letters provided glimpses into how agencies communicate with banking supervisors. Yet many details remain hidden. The FDIC says it wants to safeguard the banking system, while crypto supporters worry that these moves harm competition. Traders who watched Bitcoin’s market cap surpass silver’s market capitalization in 2024 believe the digital asset has reached a new milestone. Many also remember the sharp rise in BTC price that followed the halving event, and they remain positive about future gains. Analysts continue analyzing the all-time high Bitcoin hashrate of 1,000 EH/s and how that figure influences market psychology.
Over the years, Bitcoin’s ability to settle large sums has made it a contender for global wealth storage. The question now is whether regulators will create clear rules that guide banks, or if they will set strict limits. Crypto adoption continues to spread, with more users, miners, and investors joining the network each day. Many remain confident that Bitcoin offers a rare combination of security, public transparency, and resilience, even as governments worldwide debate its place in mainstream finance. The 2024 and 2025 data show that Bitcoin still holds power as both a store of value and a means of exchange, even when regulators question its presence in traditional banking. This calm confidence fuels ongoing interest in new developments, such as the role of US-based mining pools and the effect of deposit caps on crypto-friendly banks. Observers continue to track these changes, noting that the future of Bitcoin will likely depend on technological growth, clear regulations, and the energy that miners pour into the system.
