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Bitcoin’s price touched an all-time high of US$68,500 in October when Bitcoin ETF debuted in NYSE.
Bitcoin has been keeping the crown since its inception in 2009 and is remaining as the top option for cryptocurrency investors. Although BTC is highly volatile and has several negative aspects, people are completely stunned by the 8,000,000,000% growth it has recorded so far. Remarkably, 2021 was an eventful year for the cryptocurrency. Bitcoin’s price touched an all-time high of US$68,500 in October before falling back and maintaining a moderate value at US$50,000. To know more about how BTC will perform in 2022, we have to take a look at how it did in 2021. Bitcoin managed to make many new records and obtained institutional investors, debuted as a top payment option, and even swept the cryptocurrency market in many instances. IndustryWired has listed the top Bitcoin moments that investors should remember from 2021.
Top Bitcoin Moments to Remember from 2021
China Bans Bitcoin Mining
China has been pretty reluctant about cryptocurrency trading since digital tokens hit mainstream adoption in the country. Besides investors, the mining process seems to have pained the Chinese government a lot. As a result, the People’s Bank of China imposed a blanket ban on all cryptocurrency trading in the country. Beijing restricted banks and payment firms from providing services related to cryptocurrency transactions. After this announcement, Bitcoin’s price fell to as low as US$34,000.
El Salvador Announced Bitcoin as a leader Tender
El Salvador became the first country to adopt Bitcoin as a legal tender. This happened in June 2021. El Salvador planned to use the country’s Bitcoin reserves to combat its falling economy since the cryptocurrency market is on an upward march. According to the ruling, Bitcoin will be accepted as a payment for goods and taxes in the country. Besides, businesses can price their products in Bitcoin and support its growth. El Salvador has also announced the building of a Bitcoin city that will function completely on the digital token.
Bitcoin Price Spikes in May and October
Bitcoin went on its first price rally in May when the digital token surpassed the US$40,000 resistance mark. Although Bitcoin ETFs are already in use in countries like Canada, its US debut made a remarkable change in Bitcoin history. In October, Bitcoin ETF debuted in New York Stock Exchange, which eventually gave a major boost to the cryptocurrency. The digital token hit an all-time high of US$68,500 at the time.
Bitcoin Taproor Upgrade
While Bitcoin is hailed for its amazing features, it is often condemned for the privacy remarks and environmental cost it takes. Fortunately, the recent Bitcoin Taproot upgrade is expected to address those changes. Came into effect in November 2021, this is the first major upgrade since 2017. WIth its amazon Schnorr signatures feature, the revision will help Bitcoin transactions become more private and efficient, and less expensive.
Tesla Stops Accepting Bitcoin Payment
After hitting a record high, Bitcoin faced a major hurdle because of Elon Musk. Tesla started accepting cryptocurrency payments in March this year. Unfortunately, it didn’t go well among the environmentalists. Owing to the increasing speculations, Tesla announced in May that the company won’t accept Bitcoin payments for Tesla vehicles.