Events and announcements somehow kept the year 2021 truly busy and memorable for the cryptocurrency market. So much so that it was crowned as the ‘year of cryptocurrency’. The last year’s Cryptocurrency system proved its volatile nature with crippling value drops to consecutive reverting to a record-breaking high. Not only corporate houses and people, but even governments of many countries are changing their opinion about cryptocurrency . Moreover, they are now have accepting the crypto market with open arms.
This article here captures some of the unforgettable moments of the rise and drop of the cryptocurrency market. According to the statistical data recordings of PitchBook Data, cryptocurrency market capitalization touched almost Rs. 2,25,36,058 crore. Exchanges like quantum-ai-trading.com and others are witnessing trading and investments that is flourishing like never before. Moreover, in this year with an estimated amount of $30 billion (roughly Rs. 2,25,346 crore)being poured into the cryptocurrency market. Here are the top events listed below which have unfolds the true potential of crypto marketing. Furthermore, it is growing to be the new age currency.
Bitcoin Investment Endeavors
Since October 2020, after Paypal one announced the acceptance of cryptocurrency valid for all users, the year 2021 was prosperous. With online e-commerce expanding its arena way beyond imagination, digital exchange solution is becoming vastly popular. Moreover, being a part of payment mode on the largest online payment platform was a big achievement.
Following the footsteps of Paypal, the next big acceptance and acknowledgment came from the Bank of NY Mellon. The bank launched a new unit of client handling and service for all those who are dealing with cryptocurrency. The unit was announced to be dedicated to the assistance of all clients interested in transactions, purchases, selling of cryptocurrency. Micro-strategy the leading publicly traded business intelligence house announced an investment planof $600 million. However, it was not the first intended investment in cryptocurrency, since Microstrategy already had approximately 72,000 coins in February 2021, with an estimated valuation of $3.6 billion.
Introduction of Bitcoin ETF
It took a long tenure of over eight years for the US exchange to introduce Bitcoin ETF. Functionally the ETF tracks the trends of Bitcoin’s value rise and drop. This is done as per the recording of cryptocurrency trading at the CME. The expectation of Bitcoin ETF launch flamed the market with a blazing craze. Thus, resulting in a steep rise in the valuation of Bitcoin.
$1.5 Billion Tesla Investment
The announcement from billionaire Elon Musk of a $1.5 billion investment in Bitcoins moved the market within a blink. Besides Musk’s Tesla Inc, an electric vehicle company is planning to accept cryptocurrency for payment of cars. In February 2021, these announcements took the cryptocurrency market into a frenzy where most unexpectedly Bitcoin’s daily value surged to $48,000, the largest leap that Bitcoin has witnessed in three years. It was not all, Bitcoin reached a historical rise to the $50,000-mark for the first time after its emergence. This move from Tesla led many other global companies to accept cryptocurrency payments.
El Salvador Acceptance of Bitcoin
It is true that Bitcoin was not very popular initially . However, in 2021 El Salvador became first country to accept Bitcoin as a legal part of its economy. Since September 2021, El Salvador is accepting Bitcoins as a legalized payment mode throughout the country. Moreover,it is also legal for investments and trading. According to financial and economic experts of the country, the country’s financial growth with the acceptance of Bitcoin has a chance to rise by 70%.
Therefore, 2021 turned out to be a happening and a vital year in the growth and acceptance of Bitcoins throughout the globe. It was a major achievement for digital currency to bag in the recognition from countries like The Library of Congress (LOC) is a body that periodically conducts reviews of countries’ legal moves on Bitcoin and cryptocurrencies. In November 2021, LOC recorded 103 countries taking official initiatives to develop and grow financial frameworks and regulations to include cryptocurrency into their economic structure. Therefore, it is indeed a fact that the year 2021 will remain a golden line in the history of cryptocurrency growth recordings. So invest in Bitcoins or other cryptocurrencies and turn your investments into huge profits.