Bitcoin industry celebrates its 2-year anniversary since March 2020 meltdown... with another huge meltdown.
Two years ago the crypto market experienced one of its biggest meltdown, such a catastrophic drop of value that a lot of people started believing that cryptocurrencies were about to face their end. Triggered by Covid-19, the crisis reached its peak very quickly: bitcoin fell below $4,000 and loose 50% of its value in a single day. A situation difficult to imagine and extremely hard to forget.
Today we can safely say that day did not mark to end of bitcoin. On the contrary, it was the beginning of a new, flourishing era, which led to the establishment of a multi-trillion dollar industry. As a matter of fact, the past 24 month recorded a slow but steady recovery, with a considerable growth in its USD price and a large number of institutional and heritage investors jumping on board. What’s interesting about that? Many of them were known to have criticized bitcoin before.
Two year after the crush, it is clear that everything has changed: primary cryptocurrency are allowed as payments in a growing number of businesses, some of the biggest banks in the world are active players in the arena with crypto custody services in their portfolio of options and El Salvador is the first-ever country to have officially legalized bitcoin.
Unfortunately, history repeats itself. Currently we find ourselves in the middle of a second meltdown, one of the most important market drops in the history of digital assets. It is very important to analyze past cycles in order to rationally face the present and consciously grasp the opportunities.