New York, NY (Top40 Charts) 2020 has turned out to be challenging for the whole world. Nobody expected that horrific bunch of events that have turned the economy and overall people's lives upside down. The COVID-19 pandemic has affected all the spheres of human activity, and the industry of cryptocurrency is not the exception.
Notably, cryptocurrency has always been regarded as an asset that is the least impacted by any outside factors. While fiat currencies are dependent on many variables, the exchange rate of digital money is way too challenging to predict or affect. Online casinos today also very popular. Here is $1 deposit casino Australia.
The coronavirus pandemic occurred in Wuhan, China, in December 2019; however, it was not until March 2020 when the World Health Organization was forced to classify the disease as a world pandemic. By then, 118,000 cases of illness were recorded all around the world, which led to the understanding that the coronavirus is one of the most rapidly spreading viruses ever.
Of course, no one was ready for such a situation, and neither was the cryptocurrency market. The day after, traveling was suspended - and the panic started. The people rushed to buy crypto assets as the situation was unpredictable and far from being stable. As a result, a great selloff occurred: both Bitcoin and Ethereum dropped approximately 50% in just a day, and other cryptocurrencies also lost most of their values. Thus, 12 March 2020 has become known as a Black Thursday.
The Halving is a regular event for Bitcoin and other digital coins. What is it? Bitcoin miners are rewarded for each block they produce (as you might know, BTC is a blockchain technology which basically means that all the information is stored in a sequence of blocks). The value of miners' reward is fixed; however, it becomes cut in half every four years. This time, the halving took place on 11 May when the number of blocks exceeded 630,000 - from now on, the miners will get 6,25 BTC per block. This event led to a noticeable rise in coin prices.
The cryptocurrency was long skeptically perceived by financial experts and key investors. However, in 2020, things have changed as many economists and investors have avouched digital gold as one of the best ways to fight inflation, which has occurred as a result of COVID panic. Paul Tudor Jones, the famous investor, stated that he would allocate 1% of his portfolio to BTC. Shortly after, Michael Saylor bought Bitcoin for a value of $425 million purchase to add crypto to Microstrategy's balance sheets. These events affected other important economical names to invest more in crypto coins. Therefore, the position of digital currencies has been becoming more and more stable on the market.
Of course, this is not a complete list of what happened to crypto in 2020 - there were a lot of events that somehow influenced the industry. In general, 2020 was a great year for the industry of digital money: the COVID pandemic's disaster has shown that fiat currencies and other assets are very vulnerable to any social disruption, while cryptos remain more or less stable even in such uncertain times. Thus, crypto has been rising - and that's why it is a great idea to keep a watching eye on it.
