Top 10 cryptocurrency events in 2021: Bitcoin's market value exceeds $ 1,000 billion South Korea bans cryptocurrency

1. Bitcoin Market Breach Exceeds $ 1,000 Billion For The First Time

On February 19, Bitcoin first reached a market value of $ 1,000 billion.

This important point comes after large companies and well-known financial institutions started promoting crypto earlier this year. Among them are companies like Tesla, Square, and MicroStrategy that have started using their balance cards to buy Bitcoin.

3. Elon Musk contributes to Dogecoin Highscore

In May of this year, just before Elon Musk made his debut with “Saturday Night Live,” Doogcoin prices started to soar. According to CoinGecko, on May 8, when Musk appeared, the Doug coin hit an all-time high of 73 cents.

But its value drops rapidly from its peak. When Musk appeared on the show, the Doogee currency fell 29.5% and one point to 49 cents.

This represents Dogecoin's annual roller coaster, and it often has to do with Musk. The CEOs of Tesla and SpaceX regularly support cryptocurrencies. The Dogecoin Rally has continued to generate the buzz on digital coins since its debut in February after Musk announced the tweets.

4. El Salvador accepts Bitcoin as Fiat

In June, El Salvador became the first country to pass a new law making Bitcoin an advantage.

The law allows Bitcoin to be traded and taxed in El Salvador. According to a CNBC report, companies can use Bitcoin to set prices and exchange rates without having to pay income tax.

8. Launch the first Bitcoin ETF according to US Futures

In October, the ProShares Futures-backed Bitcoin ETF appeared on the New York Stock Exchange under the symbol "BITO".

Bitcoin Futures ETFs track contracts that predict the future value of digital assets, not the current value or "value" of the cryptocurrency itself. Therefore, the prices of ETFs and Bitcoins do not have to match.

Yet, according to CNBC, the ProShares Bitcoin Futures ETF is "the most important day in ETF history."

9. First Bitcoin upgrade in 4 years

Taproot is the highly anticipated Bitcoin update that went live in November. This is the first major development of Bitcoin since 2017.

Taproot introduces the so-called Schnorr signature, which helps make the Bitcoin market more personal, profitable and affordable. More importantly, this update allows Bitcoin to perform a better smart contract or layer code that follows blockchain instructions.

10. Rise of crypto lobbyists is forcing lawmakers to focus on the law

In recent years, people have paid more attention to the management of cryptocurrencies.

The Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, has explicitly described the regulatory framework for the cryptocurrency market. Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen have repeatedly warned against the use of cryptocurrencies, especially hard currencies, saying all assets are volatile and speculative.

In November, President Joe Biden enacted a bipartisan real estate bill that includes tax information that applies to digital assets such as cryptocurrencies and NFTs.

Exchange-based cryptocurrency "employees" are required to disclose their consumer identity by issuing a document similar to 1099. The trade and exchange should be reported whenever they have received more than $ 10,000. in cryptocurrency.

This drew in the cryptocurrency community and many customers seemed to support the clear definition of 'employee'.

11. Ethereum's Competitors Gain Market Share

The increase in demand for Ethereum, primarily using the blockchain network this year, has also led to other efforts to compete with Ethereum.

The two most popular of these are Avalanche and Solana, both of which were launched in 2020 as a platform for the development of smart contracts and distributed applications. Their tokens, AVAX and SOL, entered the top 10 cryptocurrencies and gained market share among other currencies.

According to DappRadar, these competitors increased the total cost of DeFi (TVL) by more than $ 200 billion, or 7 times more last year. However, almost 60% of TVL still resides on Ethereum.

12. DAO enters the general public

DAO is an English decentralized autonomous organization term, and the Chinese translation of the word island is derived from the main concept of blockchain (co-creation, co-construction, co-governance, co-governance, co-work that occurs. spontaneously). Type of organization (from groups having concluded the same agreement). It is a store that emerged after blockchain solved the problem of human trust.

In November, after a DAO bill raised more than $ 40 million to purchase a rare copy from the United States, the DAO, or an independent agency, took the lead. Constitution by auction.

Although Citadel hedge fund CEO and billionaire Ken Griffin has challenged more than DAO legislation, it has sparked public interest in DAO in the past known only to the crypto community, giving us insight into the new build that will take place by 2022.