How has 2020 been for Bitcoin?

We are living the last day of 2020. Tomorrow we will wake up to 2021. So how was 2020 for Bitcoin and the crypto world? Let’s look together.

How has 2020 been for Bitcoin?

2020 BTC/USD starts above $7,000. 2020 has started well for Bitcoin and the crypto world in general. However, when March came, the Covid-19 pandemic broke out and there was a serious decline in the crypto market, especially Bitcoin..

However, the March drop woke up the giant inside Bitcoin.. BTC soared without looking back.

Easy close policies:

Businesses have gone online as the coronavirus spread and people began to stay in their homes , cashless economy developed.

Governments and central banks around the world have started to pursue unprecedented monetary policies to revive the economy, which has come to a standstill with the pandemic.. However, the crypto world has followed a different path.

Fear of inflation:

Trillions of dollars were pumped into the markets with the pandemic-era economic precautionary packages. Alongside dollar inflation, the number of BTC released began to decline..

In May, the Bitcoin network underwent a key technical process; third halving. Miners continue to operate the Bitcoin blockchain, but their rewards are halved. Despite this, BTC miners seem happy with the situation. Decentralized and fixed, away from the intervention of states and governments.

Accessibility:

The summer of 2020 was also an important time for DeFi. Billions of dollars worth of tokens locked into DeFi projects. Investors all over the world have started to give and receive loans using Ethereum smart contracts, without the need for any financial intermediaries. started to offer sales service. Cryptocurrencies are now more accessible.

Corporate interest:

<

U.S. when the BI company MicroStrategy bought BTC worth $475 million and then $650 million, the CEO of the company Michael Saylor has become the showcase face of institutions that want to use their capital under digital. MicroStrategy was followed by Square with $50 million, followed by Fidelity, BlackRock and Citigroup

ATH:

Bitcoin started to surpass the peaks one by one after breaking the $20,000 resistance at the beginning of December. The peaks of 25 thousand, 26, thousand, 27 thousand, 28 thousand and finally 29 thousand dollars were exceeded.. Bitcoin has increased by 300% in 2020. This rate of increase was 10 times the combined earnings of the Dow Jones Industrial average and gold.

However, there was a price for institutional investors to enter the market and to expand to this extent.. Regulations began to be delisted from exchanges one by one, Ripple intervened by the SEC.

Live BTC price: $ 29,983.00

Source