Retrospective of the events that have marked Bitcoin (BTC) and the cryptographic industry in 2020.
What to remember about this year that was so special for the world of cryptonics?
Retrospective 2020 – What has marked Bitcoin and the Cryptonry Industry
Unanimously, everyone will remember this year 2020, so special for all individuals and industries. Now that this singular year is behind us, it is time to look back at all the events that have marked the cryptomoney industry.
Yes, 2020 will also have been eventful for Bitcoin (BTC) and cryptomoney. Between new price records, the massive landing of institutional investors, the acceleration of regulations and many other events, 2020 will remain engraved in marble for the crypto-sphere.
Let’s take a look back at all these events, which will definitely have played their part in forging the history of crypto-currency.
Bitcoin (BTC) exceeds 20,000 dollars
Institutionals invade the markets
PayPal joins the Bitcoin Club
Deployment of Ethereum 2.0 (ETH)
The explosion of decentralized finance
BitMEX’s descent into the underworld
SEC Charges Against Ripple (XRP)
The hack of the Ledger database
Bruno Le Maire attacks local industry
Bitcoin (BTC) exceeds $20,000
Let’s start with the most memorable, the breakthrough of Bitcoin’s price above $20,000. A real symbolic resistance for the queen of the cryptomoney industry, this was in the minds of all traders and holders since the end of 2017, when Bitcoin had approached it.
Almost 3 years to the day after, exactly on December 16, 2020, Bitcoin did it. It brilliantly exceeded $20,000 and then embarked on a completely bewildering bull market. On January 3, 2021, Bitcoin approached $35,000.
Remember, that was in March 2020. All the financial markets around the world are experiencing an unprecedented crisis, caused by the repercussions on the economy of the Covid-19 pandemic. Bitcoin will also have given in, dropping from $9,000 to $3,650 in just a few days.
Many saw it already dead, that it would never recover and that it had just lost all credibility. Our beloved Bitcoin did not let this happen and showed significant resilience, making up for its previous drop from $9,000 to $3,800 in less than 2 months.
Since that period of doubt – let’s face it – Bitcoin has not shown the slightest sign of weakness on a monthly time scale. At $10,000, $15,000, then $20,000, it will have grabbed every step with ease until it approaches $35,000.
Once a resistance, the $20,000 bar now acts as a support. Many are now looking at the $50,000 that Bitcoin will certainly be looking to attack in the new year.
Will it succeed? Of course, there is no way of knowing for sure. However, if Bitcoin performs as well in 2021 as it does in 2020, it should easily break new resistance and once again make an impression.
Institutionals invade the markets
It is impossible to talk about Bitcoin’s performance in 2020 without mentioning the main people in charge, the institutions.
Having proven its resilience, Bitcoin caught the eye of many institutionals during 2020. Between investment funds buying astronomical quantities of Bitcoin and companies replacing the dollar by Bitcoin in their treasuries, there are many examples.
Perhaps the most notable is MicroStrategy, which purchased tens of thousands of Bitcoins at a steady rate over the course of 2020, accumulating more than 70,400 Bitcoins, or nearly $2.2 billion at the time of writing.
By smoothing out BTC’s purchases, the company has invested $1.1 billion in the queen of cryptomoney, doubling its investment in less than a year.
An initiative that has been followed by other Wall Street giants, such as the SkyBridge Capital investment fund, the MassMutual insurance company and the famous JP Morgan bank.
Although JP Morgan officially does not own Bitcoin, the bank praised Bitcoin in the second half of 2020. The bank even argued that the price of gold was likely to fall in the face of Bitcoin’s bullish run.
In 2021, institutional investors will most likely continue to flock to Bitcoin and other cryptomoney businesses at a significant rate.