The cryptocurrency market reached its milestone in 2021. Although popular cryptocurrencies like bitcoin faced an extreme fall in price later in the year 2021. Cryptocurrencies like Bitcoin and Ethereum both recorded their breakthrough all-time highest prices in the year 2021.
Bitcoin and Ethereum continue to lead in the cryptocurrency market. Just as said earlier in the intro, Both of them recorded their all-time high prices this year (2021).
The crypto market experienced a lot in the year 2021. From the influence of big companies, various governments (countries), and powerful and acknowledged individuals like Elon Musk and Ex Twitter CEO and internet entrepreneur Jack Dorsey.
This influence created a heavy awareness and also influenced the price of cryptocurrencies like Bitcoin and Ethereum and many others.
Past Events That Happened In The Year 2021
- Coinbase IPO:
This is one of the most crucial events that happened in the year 2021, April to be precise. Coinbase is a U.S. cryptocurrency exchange company. And also popularly known as the largest cryptocurrency exchange in the United States.
On April 14, Coinbase officially got public on NASDAQ under the ticker symbol “COIN” as a direct listing, meaning it isn’t raising new money, as a company would in a traditional IPO.
This means investors can purchase Stocks or IPO of the company and can also become shareholders. This event established a heavy awareness of the cryptocurrency market, especially bitcoin.
This automatically drove the interest of investors and crypto lovers to the aspect of investing in the cryptocurrency market and also played a major role in the rise of bitcoin price from our view.
- Bitcoin futures ETFs Approval:
The Bitcoin futures ETF approval (Exchange Traded Funds) that began on Oct 22 is also one of the major happenings in the cryptocurrency market in the year 2021. The Bitcoin futures ETF tracks the performance of assets or groups of assets.
The Bitcoin futures ETF is the first U.S. exchange-traded fund based on bitcoin futures from the Chicago Mercantile Exchange (CME Group) and approved by the Securities and Exchange Commission (SEC).
The bitcoin ETF is going to help investors short sell shares if they believe the price of bitcoin will go down in the future. And designed to provide exposure to the price of bitcoin and many others to protect shareholders and bitcoin holders from risks.
- Cryptocurrency Regulations:
Policies set forth by various governments on the use of cryptocurrencies in their countries are also some of the influential events that happened in the year 2021. These policies by governments of these countries raised lots of brouhahas all over the internet.
Countries like China, El-Salvador, The United Kingdom, etc… China in September announced that all cryptocurrency transaction in the country is illegal.
El-Salvador also officially accepted bitcoin and also classified it as one of their currencies. By purchasing bitcoin that is worth millions of dollars.
The U.K and other European countries also banned Binance one of the popular cryptocurrency exchange platforms for allegedly not following rules.
In the same way, some governments and backers of countries in Africa also made some comments on the use of bitcoin countries an example of these countries is Nigeria.
- All-time High Price of Bitcoin:
Bitcoin reached its all-time high price in November 2021 ($68,000). And so far, it’s the highest recorded price of bitcoin. The recent market pricing of bitcoin shows a consistent increase in market price even though sometimes its price fall.
Let’s review the trend of Bitcoin price in 2021. As the below image is shown, the price of Bitcoin climbed up then fall to the lowest position in the first half of 2021. However, due to the massive demand for Bitcoin and the influence of positive information, the price rebounded strongly to the highest point(about 68K) in November.
Despite the pullback recently, the Bitcoin price is still around 50K.
In our view, the past events such as the influence of companies and acknowledged individuals, Coinbase IPO, Bitcoin futures ETF and approval, Governmental regulations or policies towards cryptocurrency bitcoin especially, influenced or played a major role in bitcoins all-time increase in price this year.
- More Institutions (Companies) Joining The Crypto Market Space:
Just as said earlier in the intro, institutions (big and well-known companies) and acknowledged individuals shared their interest in some cryptocurrencies like Shiba Inu, Dogecoin, Ethereum, and Bitcoin.
Popular western companies like Paypal, Microsoft, Etsy, Rakuten, Whole Foods, Starbucks, and many others showed much interest in the use of cryptocurrencies like bitcoin.
Also, Acknowledged persons like Jack Dorsey who was once Twitter CEO, and Elon Musk the world’s richest man in 2021 also made some interesting comments about bitcoin. Elon Musk tweeted that his company Tesla has acquired $1.5 billion worth of bitcoin.
This is also one of the crucial happenings that influenced the price of bitcoin and its market in the year 2021.
The Cryptocurrency In Africa
Cryptocurrencies are not only dominant in western countries and Asia but also in Africa. The cryptocurrency market rose to $105 Billion in Africa alone. Just like the western and Asian companies, some businesses in Africa accept Cryptocurrencies such as bitcoin.
Africa topped in the use of P2P (peer-to-peer) transactions in the crypto market. Thus, most of all cryptocurrency transactions are made with the aid of P2P platforms like CoinCola.
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