Wednesday, May 29

Bitcoin has Increased in Value by 80% in One Year

Bitcoin has Increased in Value by 80% in One Year. Cryptocurrencies like bitcoin are known for their highs and lows. How did it go in 2021? An annual overview.

 

BTCDirect reports this based on its own research. This should show that with a daily purchase of 1 euro in bitcoin, the return is 25%. There are several reasons for that. Elon Musk has caused quite a stir this year, as has China’s crypto ban. What else happened?

In the first two months, the value of bitcoin doubled to 47 thousand euros. Many new, large investors came in. On January 29, Elon Musk put the word Bitcoin in his biography on Twitter and promptly, the price rose by 11%. A week later, Musk announced that Tesla had bought bitcoin for $1.5 billion, which caused bitcoin to rise by another 20%.

On April 14, bitcoin was traded for 53,000 euros. That was the highest value ever until then. On that day, one of the largest crypto exchanges in the world released shares.

As late as April, a flood prevented Chinese bitcoin miners from doing their job. The bitcoin price dropped 14% in one day. On May 13, Tesla announced that it would no longer accept bitcoin to sell its products. The Chinese government ordered banks and other financial institutions to stop using crypto. A month later, China banned the mining of bitcoin. There was nothing left of that price record; at the end of July, bitcoin was only worth half of the record set in April.

That also turned out to be the low point of 2021 for the bitcoin price. In the remaining months, fewer and fewer bitcoins were offered for sale on exchanges, which allowed the price to rise. In addition, on September 7, El Salvador made world news by accepting bitcoin as legal tender. The price rose on November 10 to the absolute all-time high of almost 60 thousand euros. Bitcoin has now surrendered 25 percent after the omicron variant of the coronavirus became known.

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