Cryptocurrency has always been playing a big role in the digital market. It is growing exponentially with every passing day. The experts are suggesting that blockchain will be mainly used in all major industries including banking, finance, education and many more. A large number of people are investing in cryptocurrencies globally which clearly states that the world is accepting cryptocurrency gradually. As per the reports of World Economic Forum (WEF), there were around 2 billion active wallets till 2018 end . Now it is expected to cross 2.9 billion by the end of 2025 . Also, according to research , almost one-fifth (22%) of wallet users store their crypto-assets on exchanges for purposes like speculation or taking advantage of lower prices across different exchanges. But this leads us to the next question, what are the top 7 trending things that have happened in the cryptocurrency world in 2020 till now? But first you must understand the basics of how you can also stepin this crypto party. For that you should visit is Yuan Pay Group legit. It is a complete guide about a well-designed crypto trading app that will allow you to understand deeply about the whole process.
1. Bitcoin SV and Bitcoin Cash ABC Forks:
This is the biggest thing that has happened in the cryptocurrency world this year. There were two major forks that took place in January and November respectively. The first one was between Bitcoin Cash ABC and Bitcoin Cash SV while the second one was between Bitcoin Core and Bitcoin Cash SV. These forks led to a lot of controversies with people supporting different sides. The main reason behind these forks was the difference in opinion over the future of cryptocurrencies. While some people believed in keeping things simple, others believed in making changes to make things more complex.
2. Bitcoin’s Price Increased:
Bitcoin is the most popular cryptocurrency and its price has been increasing gradually since the past few years. It reached a new high in 2020 and is currently trading at around $12,000. The main reason behind this increase is the growing popularity of cryptocurrencies and blockchain. More and more people are investing in Bitcoin which is resulting in its price appreciation.
3. Facebook Libra:
Facebook announced its plans to launch Libra, a new global cryptocurrency, in June 2019. This created a lot of buzz in the cryptocurrency world and people were eagerly waiting for it to get launched. However, there were a lot of regulatory hurdles that Facebook had to face and the launch got delayed multiple times. Finally, in June 2020, Facebook announced that Libra will be launched in 2020. This is a major development and will definitely increase the adoption of cryptocurrencies.
4. Bakkt Gets Approved:
Bakkt is a cryptocurrency exchange founded by the Intercontinental Exchange (ICE). It got approved by the CFTC in August 2019 and started its operations in September 2019. Bakkt offers physically delivered Bitcoin futures contracts which means that the buyers of the contracts will receive Bitcoin rather than cash upon settlement. This is a major development as it will help in increasing the adoption of Bitcoin.
5. JPMorgan Chase Launches Its Own Cryptocurrency:
JPMorgan Chase, one of the largest banks in the world, announced its plans to launch JPM Coin in early 2019. The main reason behind this is to speed up the settlement of payments between its clients. It will be used on Quorum, a blockchain-based platform that was developed by JPMorgan itself . This will help in increasing the adoption of cryptocurrencies among banks and large institution.
6. Digital Gold: Venezuela Launches Petro:
In 2017, Venezuela launched Petro which was backed by oil supplies from the country. In 2018, it launched another cryptocurrency called Petro GOLD which is backed by gold reserves . However, both these projects could not make much impact because there were a lot of controversies over it. But in 2020, Venezuelan government announced its plans to launch a new cryptocurrency called ‘Digital Gold’. As per reports , the new cryptocurrency will be backed by the country’s gold reserves. This is a major development and could help in increasing the adoption of cryptocurrencies in Venezuela.
7. Goldman Sachs Gets Involved In Crypto:
Goldman Sachs, one of the largest investment banks in the world, announced its plans to launch a cryptocurrency trading desk in December 2018. This created a lot of buzz in the cryptocurrency world and people were eagerly waiting for it to get launched. However, due to regulatory hurdles, the launch got delayed multiple times. Finally, in May 2020, Goldman Sachs announced that it has started its cryptocurrency trading desk. This is a major development and will definitely help in increasing the adoption of cryptocurrencies.
The cryptocurrency market has been growing rapidly in the past few years and is expected to grow even more in the coming years. There are a lot of developments happening in the cryptocurrency world and this article discusses some of the major ones.