The cryptocurrency market reached its milestone in 2021. Although popular cryptocurrencies such as Bitcoin faced a sharp price drop later in 2021, cryptocurrencies such as Bitcoin and Ethereum recorded their all-time highs in 2021.
Bitcoin and Ethereum continue to lead the cryptocurrency market. Just as it was said earlier in the introduction, they both hit their all-time highs this year (2021).
The cryptocurrency market has seen a lot in 2021. From the influence of major corporations, various governments (countries), powerful and recognized individuals like Elon Musk, former CEO of Twitter and Internet pioneer Jack Dorsey.
This effect created a lot of awareness and also affected the prices of cryptocurrencies like Bitcoin, Ethereum and many more.
Past events that happened in 2021
- Coinbase subscription:
This is one of the most important events of 2021, April to be exact. Coinbase is a US cryptocurrency exchange. It is also known as the largest cryptocurrency exchange in the United States.
On April 14, Coinbase officially went public on the Nasdaq under the ticker symbol “COIN” as a live listing, which means that it does not raise new funds, as the company does in a traditional IPO.
This means that investors can buy shares or go public for the company and they can also become shareholders. This event created a huge awareness of the cryptocurrency market, especially Bitcoin.
This automatically attracted the interest of investors and cryptocurrency enthusiasts besides investing in the cryptocurrency market and also played a major role in the rise in the price of Bitcoin from our point of view.
- Approval of Bitcoin futures ETFs:
The approval of a Bitcoin futures ETF (Exchange Traded Fund) that began on October 22 is also one of the major events in the cryptocurrency market in 2021. ETF futures on bitcoin Tracks the performance of assets or groups of assets.
The Bitcoin Futures ETF is the first US exchange-traded fund based on the Chicago Mercantile Exchange (CME Group) Bitcoin futures that has been approved by the Securities and Exchange Commission (SEC).
The Bitcoin ETF will help investors short stocks if they believe the price of Bitcoin will fall in the future. It is designed to provide exposure to bitcoin prices and more to protect shareholders and bitcoin holders from risk.
- Cryptocurrency regulations:
The policies set by different governments regarding the use of cryptocurrencies in their countries are also some of the influential events that occurred in 2021. These policies by the governments of these countries made a lot of noise all over the internet.
Countries like China, El Salvador, UK, etc… China announced in September that all cryptocurrency transactions in the country are illegal.
El Salvador has also officially accepted Bitcoin and has also designated it as one of its currencies. By buying millions of dollars worth of bitcoin.
The United Kingdom and other European countries have also banned Binance, a popular cryptocurrency exchange, for allegedly not following the rules.
In the same way, some governments and supporters of countries in Africa have made some comments on the use of Bitcoin countries, an example of these countries is Nigeria.
- Highest price ever for Bitcoin:
Bitcoin reached its all-time high in November 2021 ($68,000). To date, it is the highest price recorded for Bitcoin. The recent market pricing of Bitcoin shows a steady increase in the market price despite the occasional decrease in its price.
Let’s review the trend of the bitcoin price in 2021. As shown in the image below, the price of bitcoin rose and then fell to the lowest position in the first half of 2021. However, due to the massive demand for bitcoin and the positive influence of information, the price rebounded strongly to the highest point (about 68 thousand) in November.
Despite the recent decline, the bitcoin price is still there 50 thousand.
In our view, past events such as the influence and approval of recognized companies and individuals, Coinbase IPO, Bitcoin futures ETF, government regulations or policies towards cryptocurrency Bitcoin in particular, have either influenced or played a major role in the Bitcoin price increase all the time. general.
- More Organizations (Companies) Joining the Crypto Market Space:
Just as it was said earlier in the introduction, institutions (large and well-known companies) and recognized individuals have shared their interest in some cryptocurrencies such as Shiba Inu, Dogecoin, Ethereum and Bitcoin.
Famous Western companies like Paypal, Microsoft, Etsy, Rakuten, Whole Foods, Starbucks and many others have shown great interest in using cryptocurrencies like Bitcoin.
Also, some recognized people like Jack Dorsey who was the CEO of Twitter, and Elon Musk, the richest man in the world in 2021, made some interesting comments about Bitcoin. Elon Musk tweeted that his company, Tesla, has acquired Bitcoin worth $1.5 billion.
This is also one of the significant events that affected the Bitcoin price and market in 2021.
Cryptocurrency in Africa
Cryptocurrencies are not only dominant in Western countries and Asia but also in Africa. The cryptocurrency market has risen to $105 billion in Africa alone. Just like Western and Asian companies, some companies in Africa accept cryptocurrencies such as Bitcoin.
Africa has led the way in the use of P2P (peer-to-peer) transactions in the crypto market. Hence, most cryptocurrency transactions are done with the help of P2P platforms like Queen Cola.
Queen Cola It is a global cryptocurrency exchange market, providing spot/margin trading, P2P trading, and gift card trading services at low fees.
CoinCola is an integrated platform that has been designed from the ground up to provide the best cryptocurrency trading experience to users.
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