[Wise Crypto Life] 27. Review of 2021 Cryptocurrency Issues

 

Review of 2021 Cryptocurrency Issues

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[Wise Crypto Life] 27. Review of 2021 Cryptocurrency Issues 2021.12.21 15:31 KOK MEDIA

[Wise Crypto Life] 27. Review of 2021 Cryptocurrency Issues

2021 is coming to an end. It was an eventful year that saw various changes due to COVID-19. The cryptocurrency industry is one of the sectors that experienced these changes throughout the year, too. In the 27th edition of Wise Crypto Life' we will look back at the issues and events that occurred in the blockchain and cryptocurrency industry in 2021 and predict what 2022 will bring based on this year's issues.

January 2021 – Bitcoin's Re-Leap

The leading cryptocurrency Bitcoin showed a sharp decline in early 2018, leading investors to believe it was a sinking ship. However, it announced its revival by breaking record prices at the start of this year. In January, its market cap exceeded $1 trillion and broke the $40,000 price mark for the first time in history, leading to the start of the cryptocurrency craze.

February 2021 - Elon Musk, Dogecoin, Rise of Meme Coin

It cannot be denied that 'Dogecoin' was the hottest coin of the year. Behind the coin that sports a Japanese Shia Inu as its mascot were Tesla CEO Elon Musk's remarks.

Musk had already made positive comments about Dogecoin since 2019 but this year, he was an extremely active supporter of it. In February, he tweeted a photo of an image of Dogecoin combined with the Lion King image, suggesting that the coin would go to the moon. He also made comments such as “Doge is barking at the moon” and “Dogefather”. Musk mentioning Dogecoin on his social media caused the prices to fluctuate. Additionally, thanks to Dogecoin, other memecoins with Shiba Inu motifs such as Shiba Inu coin and Jindodge gained popularity.

April 2021 – Coinbase listed on NASDAQ

With the boom of Bitcoin, the cryptocurrency craze rose once again. As a result, the US cryptocurrency exchange 'Coinbase' was listed on the NASDAQ, proving that cryptocurrencies were now considered mainstream.

May 2021 - China's Mining Ban After being on a steady rise for months, cryptocurrencies slowed down for a while in May when the Chinese government imposed a ban on Bitcoin mining, causing many large mining farms in China to close down. Around the same time, negative public opinion was formed around Bitcoin because its mining used too much electricity and was harmful to the environment. However, since then, research on ways to save electricity while mining the currency has increased.

September 2021 - El Salvador Introduces Bitcoin as Fiat Currency

El Salvador has been using Bitcoin as a fiat currency since September after passing the world's first law to adopt it as a legal currency in June. This was a measure to reduce reliance on the U.S. dollar and facilitate international transfers. El Salvador also drew worldwide attention by promising to use volcanic geothermal heat as an alternative to electricity to mine Bitcoin, solving the environmental concerns of its production.

October 2021 - Bitcoin Futures ETF Launch

On October 19th, Bitcoin Futures ETFs were officially listed on the New York Stock Exchange (NYSE), and a number of futures ETFs have appeared since then. Similar to Coinbase's listing on NASDAQ, this was interpreted as a signal for cryptocurrencies to enter the institutional system and served as a big boon, resulting in Bitcoin's all-time high.

The cryptocurrency industry is now receiving more attention than ever before with the emergence and growth of several altcoins, the rapid increase of NFT uses in various fields, and the rise of the metaverse. We must not ignore that these goals were reached with the painstaking efforts that were put into the process of regulation changes and the creation of special laws. Taken together, it is safe to say that this year has been a year of growth for the crypto industry.

What will happen to the cryptocurrency industry in 2022? With high hopes and great expectations, we will greet you with the next episode of Wise Crypto Life in 2022. Thank you.