2020 has been a crazy year for Bitcoin with many major
events going on. In this article, let's count down 10 of the biggest BTC
moments this year.
Looking back to 2020: 10 memorable moments for Bitcoin.
10. Bitcoin price hits $ 10,000 for the first time in 2020
The fact that BTC hit the 5-digit threshold is a memorable milestone, especially when the market is still in a downtrend. And before Valentine's Day 2020, Bitcoin's price returned to $ 10,000 for the first time since October 2019.
After that, BTC corrected, waiting for new momentum from the market to begin a strong bullish momentum in the second half of 2020.
9. Bitcoin Halving 2020
In May of this year, Bitcoin's block mining reward dropped 50%, to just 6,25 BTC. This is the Bitcoin Halving that takes place every four years. After previous halving in 2012 and 2016, the price of BTC skyrocketed over the next 12 to 18 months.
From such historical data, it is easy to see that the community predicting the Halving 2020 also has a similar price movement. So, before the Halving in May, the market was volatile and Google Bitcoin searches also skyrocketed.
The halving of the block mining reward halving is a major event in 2020.
8. The best time to buy BTC in the week
In August, Charles Edwards - investment expert shared, interestingly, that Sunday night was the best time to buy Bitcoin.
Edwards shares a chart that shows Mondays of the week tend to deliver the best returns to investors across multiple timeframes. The closer to the end of the week, the more volatile the market is. And then the market tends to be quite stable on Saturday and Sunday.
This analysis received enthusiastic backing from the crypto community.
7. Wrapped Bitcoin (WBTC) explodes
The DeFi field has grown sharply in 2020. But because of the many protocols built on the Ethereum network, bringing BTC to use in DeFi is not easy.
Since then, Wrapped Bitcoin (WBTC) appeared as a "lifesaver", helping investors convert BTC into ERC-20 tokens. WBTC currently has a market capitalization of 2.7 billion USD, while “opening" at the beginning of the year was only 4.2 million USD.
It is true that the story only exists in the crypto market!
6. Legal remains the top concern
JPMorgan Chase - CEO Jamie Dimon has warned that if Bitcoin capitalization continues to rise without braking like that, US officials may step in - introducing even stricter regulations.
"My experience with government is that they can legislate anything they want, whenever they like."
Actually, this statement was not reacted very enthusiastically by the community, because it was clear Jamie Dimon was a genuine Bitcoin anti-fan.
5. Bitcoin is "the fastest horse"
Legendary investor Paul Tudor Jones took the spotlight on Twitter when commenting on Bitcoin saying:
"The best profit maximization strategy is owning the fastest horse ... If I had to forecast, I'd bet on Bitcoin."
He cites a fixed Bitcoin supply that feels solid and secure at a time when countries are printing trillions of dollars more to deal with COVID-19.
4. Dark Thursday
In March, the entire crypto market "shook" violently by an event known as "Black Thursday". BTC lost more than 40% of its value in just one day, and at one point the price was close to $ 4,000.
Bitcoin fell below $ 7,400 after President Trump issued an order restricting travel to Europe
Although the market-leading cryptocurrency quickly recovered, DeFi bleed and a series of orders were liquidated.
3. Involvement of investment institutions
One of the most important developments in 2020 is that traditional investment institutions are starting to get into this nascent sector.
Wave of institutional investors to buy BTC in 2020. Source: Twitter Kyros Ventures.
MicroStrategy continues to accumulate Bitcoin, officially reaching $ 1.125 billion worth of buying. Numerous other funds (and even insurance companies like MassMutual) have followed suit, with Grayscale now holding half a million Bitcoin (BTC) or SkyBridge Capital's Bitcoin fund starting to roll out with an investment of 25. million dollars.
As Wall Street institutional investors continue to allocate capital to Bitcoin, the cryptocurrency market has entered a brighter new page.
2. Bitcoin price gradually reaches 20,000 USD
The peak of $ 20.00 recorded in December 2017 is a very important milestone for Bitcoin. Every market participant is looking forward to seeing BTC hit this price level again after years of "floating".
Towards the end of 2020, when Bitcoin recorded a huge increase, gradually "breaking" the resistance levels of $ 15,000, $ 18,000, all eyes were on the crypto market. A series of mainstream media began to report and closely monitor the price movements of this coin.
1. Bitcoin price recorded new ATH level
In just a few short days, the market-leading digital currency surpassed $ 23,000 and then recorded a new ATH at $ 24,000. That was when anyone who bought BTC at any price before became profitable.
2020 gradually closes with countless unpredictable fluctuations around the world. But for Bitcoin, this year has been a hugely successful year.