Let’s look at the key events on the cryptocurrency market in 2021.
El Salvador introduced Bitcoin as a legal tender. The country’s government opened up a national Bitcoin fund.
China banned mining, linking it to energy deficits in the country. In its turn, the US saw an almost immediate rise in Bitcoin production.
Tesla invested $1.5 billion in Bitcoin. Subsequently, the company sold some 10% of its BTC holdings to “test liquidity”, as per Elon Musk.
The DeFi market exploded, setting a solid decentralization trend: decentralized internet domains, decentralized file storage and other tech have all entered the broader public discourse in 2021.
NFTs became a booming success, putting blockchain technology beyond its initial scope of application.
In 2021, Avalanche, Solana, and Polkadot showed that altcoins can attract serious institutional investor attention to both the underlying tech and their publicly traded native tokens.
These are just the tip of the iceberg when it comes to stories the market has seen in 2021! Let us know in the comments if we missed some other major development that took place this year.
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