Key developments that took place in the cryptocurrency market this year

by | Jul 12, 2022 | Market, Market News, News | 0 comments

There has been some major development in the cryptocurrency segment, this year as there have been amazing records making it one of the best years for crypto ever. Various instances such as the Bitcoin and ether, reaching their peak this year, altcoins and dogecoins receive humungous popularity, various digital assets also got sold for millions of dollars, NFTs also stored high in their value this year, etc. All in all, this year has been one of the best years for all aspects of crypto. All. of this and more helped in bringing the cryptocurrency into the mainstream market and set a mark for itself.

Developments in the field of cryptocurrency this year

The development that has been witnessed this year, is quite difficult to be deciphered. However, out of the many certain developments have been the most eye-catching and noticeable. These selected few instances are as follows:-

• For the first time, the price of Bitcoin passed the amount of 1 trillion and set a new milestone. It happened as a result of the support that cryptocurrency gained from institutional investors and financial companies. After that various reputed and well-established companies, started to invest in Bitcoins as they are ur as a potent investment opportunity.

• After the sale of Beeple’s 69 million dollar sale, the NFTs saw popularity that had never before been witnessed since its beginning. It can be said with certainty that this year was the most successful ever in the history of NFTs and helped it reach its peak as well.

• After Elon Must showed an interest in the Dogecoins, the journey of this form of crypto currency has been quite a roller coaster, that had to face various ups and downs. However, the last year has been a great year for Dogecoins as it began gaining momentum after several tweets made by Musk himself and from the support that Musk as well s SpaceX has shown for the Dogecoins.

• After the adoption of Bitcoin by El Salvador as a legal tender, it saw one of its peak moments this year and el Salvador also became one of the first countries to make it happen. With this, it became legal for people to use these  Bitcoins as a form of exchange, payment for goods as well as payment of taxes.

Negative trends in the field of cryptocurrency this year

Even though there has been some groundbreaking development in the field of cryptocurrency this year, there have also been negative trends. These were also some of the first to have occurred ever and which were quite surprising for the users of cryptocurrency as well. These are as follows:-

• One of the cryptocurrency platforms was hacked and almost as much as 600 million dollars has been stolen. It was said to be one of the biggest theft that had ever occurred in the digital currency field. The hacker was able to get into the network and carry out the thievery. However, the hacker returned all that he had stolen. But the act left everyone in shock and made it a noticeable event that occurred in this particular year.

• The Bank of China banned the use of cryptocurrency. They deemed all sorts of use of crypto or trading in crypto, as illegal.

• Various rules and regulations were imposed on the use of cryptocurrency and its trading. Various regulatory frameworks were also created specifically for cryptocurrency. These regulations and the rules and terms that emerged out of them also brought forth some concerns that the crypto community had regarding the regulations.