2021 is a volatile yr for the cryptocurrency industry. The furious COVID-19 pandemic has devastated worldwide finance, hence affecting the nascent cryptocurrency industry. Despite remaining regarded as a bullish yr with remarkable price tag development, the cryptocurrency neighborhood has not professional a “pink” yr.
Since the starting of 2021, on the other hand, there have been many evolutions from macro to micro, immediately and indirectly, with each detrimental and beneficial repercussions on the potential of the industry in the following many years.
The previous yr is above, the new yr has just begun. So let us get a seem at the 21 occasions that shaped the cryptocurrency sector in 2021 with Coinlive!
one. SEC sues Ripple for illegally promoting XRP “securities” (January 2021)
In the last days of 2020, the globe neighborhood was shocked when the SEC officially sued the Ripple enterprise for illegally promoting $ one.three billion in “security” XRP. The 3 entities recognized by the SEC are the Ripple enterprise, CEO Brad Garlinghouse, and co-founder Chris Larsen.
This regulatory bomb sweeps the cryptocurrency industry from east to west, getting the center of all awareness in early 2021.
Due to this kind of a substantial “problem”, 26 crypto platforms have “ditched XRP and ran for the people”, in flip getting rid of XRP from the US industry. Grayscale also closed the XRP Trust Fund out of concern. It can be mentioned that, just after this incident, Ripple and XRP are just about “no longer alive” in the United States.
While this is incredibly lousy information for Ripple and XRP owners, this incident displays the hard regulatory path dealing with the cryptocurrency industry. Some nations prohibit it, other people understand it as legal. Many nations will have rigid cryptocurrency laws. But these are the vital moves on the journey of “mass adoption” of cryptocurrencies.
And regardless of the regulatory troubles in the US, XRP is supported by Japan. This displays how governments all around the globe have distinctive views on managing digital assets like XRP.
two. Elon Musk and cryptocurrency report (February 2021)
If you have to pick out the representative encounter of the yr, it can only be Elon Musk!
The proprietor of electrical car or truck enterprise Tesla was initially a “dog lover” Dogecoin, but out of the blue 1 day he modified his Twitter bio to 1 word: Bitcoin.
In 2021, Elon Musk typically has private feedback and opinions on emerging concerns in the cryptocurrency industry this kind of as Bitcoin, Ethereum, Dogecoin, decentralization or Web3 trends, and so on.
The “romance” amongst Elon Musk and crypto is also a whole lot of difficulties with “car turns” going into the ground … Please read through additional right here: In the cryptocurrency industry, who do you believe in but not by Elon Musk!
Although loved and hated, the neighborhood are unable to deny that thanks to Elon Musk the cryptocurrency is additional extensively acknowledged, slowly remaining reported additional in the mainstream press.
three. Relations amongst Tesla and Bitcoin (February 2021
If you outlined Elon Musk, it is not possible not to mention the identify Tesla. For Elon Musk, even even though he is the head of a popular electrical car or truck enterprise, Elon Musk’s seem represents only a private stage of see, even if this person has a good influence.
As for Tesla, the reality that Tesla invested $ one.five billion in BTC and then officially accepted BTC payments in the US industry showed the place of 1 of the world’s primary businesses in the cryptocurrency sector.
However, just two months later on, Tesla stopped accepting Bitcoin payments as 1 of the leads to of the “May of blood”.
The partnership amongst Tesla and Bitcoin demonstrates the moment once more that the cryptocurrency industry have to working experience this kind of volatility on its journey to “conquer the world”. Like governments, there will be businesses that enjoy and detest Bitcoin, no matter if or not they pick out to invest in cryptocurrencies. Although Tesla has “split” BTC, it is even now prepared to accept Dogecoin or a additional “green” coin.
At the similar time, thanks to the reality that Tesla has now produced $ one billion in revenue from its first investment in Bitcoin, the public has slowly come to think that BTC is a authentic investment instrument, not just labeled as a “currency. virtual “as just before. .
four. “Ethereum Killer” explodes
The backlog troubles of the Ethereum network are getting additional and additional evident. Network growth is as well slow + Gas tariffs are as well large, forcing end users to discover option answers.
Where there is demand, there is provide, from which the networks with the mission of “Ethereum killer” have been born and exploded like under no circumstances just before.
Since the starting of 2021, each couple of months we see an critical “alternative to Ethereum” network, this kind of as BSC, Solana, Avalanche, Terra, Polkadot, and so on.
Along with that is a series of substantial money that “spend billions” to market techniques advancement, in purchase to get these “Ethereum killer” platforms to mature promptly, total and “enough” to get on Ethereum.
five. The rise of the NFT motion (March 2021)
2021 noticed the birth and explosion of quite a few industry trends, ordinarily the NFT trend. Although born many years in the past, by 2021 the trend of collecting new digital artwork collections will grow to be a around the world craze.
The variety of searches for the key phrase “NFT” on Google has peaked and a variety of NFTs that have recorded “huge” promoting charges have demonstrated the attractiveness of this new artwork.
To discover additional about NFT, read through the write-up What is NFT? Find out what helps make NFT so scorching.
six. The yr of the good results of FTX “sponsoring the world” (April 2021)
Contrary to Binance’s “deadline”, 2021 is a quite profitable yr for the FTX exchange led by CEO Sam “curly”.
The FTX exchange raised a “whopping” $ 900 million in capital, valued at $ 18 billion in July, generating FTX register as the biggest fundraising undertaking final yr.
Not only profitable on the investment front, FTX has also enlisted to grow to be the director and sponsor of major names in the sports activities sector. It can be witnessed that FTX’s “hedging” technique from the sports activities discipline has been hugely profitable, getting an exemplary technique to stick to for quite a few other cryptocurrency businesses.
seven. Coinbase listed on the stock exchange (April 2021)
Coinbase Be the to start with cryptocurrency enterprise Good quoted at the stock exchange. The visual appeal of the COIN token on the NASDAQ exchange demonstrates a key transformation of the total cryptocurrency sector.
After Coinbase, the neighborhood has additional and additional expectations that quite a few other cryptocurrency exchanges will grow to be joint stock businesses and trade on foreign stock markets. Binance, FTX, Huobi … why not?
eight. Bloody May (May 2021)
If it is not a bull run, the price tag will only rise and rise, the industry even now has sudden and agonizing crashes.
In May 2021, Bitcoin “broke” twice in a week, dropping from $ 60,000 to $ 47,000. With leads to deriving from:
9. Trend degree two (L2) (June 2021)
In addition to locating option networks for Ethereum, a further route for the remedy is degree two tasks: creating a 2nd degree on Ethereum with outstanding benefits above degree one.
ten. Bitcoin is the legal currency in El Salvador (June 2021)
El Salvador passes the law that recognizes Bitcoin as fiat currency.
Despite the controversies surrounding this situation, El Salavador has grow to be the best model in the cryptocurrency neighborhood as a nation with an progressive and open vision of new technologies.
Thanks to the advantage, quite a few other nations are also looking at legalizing BTC this kind of as Ukraine or Brazil.
eleven. Binance in worldwide legal troubles (June 2021)
Contrary to FTX’s 5 major hits, there are legal concerns that Binance is continually dealing with. A variety of nations from Europe to Asia are “whispering” with this exchange. So substantially so that CZ has announced that it is “ready to step down” to assistance Binance do the similar with lawmakers.
For additional info, read through additional in the write-up: Binance was “touched” by authorities in quite a few nations and by CZ’s response.
twelve. Rise of Axie Infinity and P2E Trends (July 2021)
Together with NFT, it can be mentioned that 2021 is the yr of Axie Infinity and the Play-to-Earn (P2E) trend. Axie’s sudden results has offered new existence to the discipline of video video games, bringing the notion of “gaming for money” to absolutely everyone.
Thanks to this, we are witnessing the wave GameFi – Gaming tasks are flourishing that mix NFT, metaverse and blockchain. Following the visual appeal of the Game guild – game groups with scholarships to finance the entrance costs of the gamers.
13. Biggest Hack in Cryptocurrency History: Poly Network (August 2021)
The most significant hack in the historical past of the cryptocurrency industry Poly Network with a reduction of up to $ 611 million.
So, thanks to the collaboration of the safety businesses in the industry, the hackers have total refund can steal.
14. Vietnam demonstrates its place in the cryptocurrency industry (August 2021)
It can be mentioned that the cryptocurrency industry is the quickest developing industry at the second, not only in terms of capitalization but also in terms of revolutionary suggestions and technologies. Really…
