BITCOIN 2019 YEAR IN REVIEW
Crypto enthusiasts following Bitcoin top news will never forget the big bull run of 2017 or the huge crash that followed. A wild ride fueled by a combination of ICO hype and FOMO. Then came the long and painful wait in 2018 – we watched and hodled while the market licked its wounds and shook off the weaklings. Out of the gate in 2019, it seemed like bitcoin was happily settled in between $3,200 and $4,200. It stayed that way for a few months, and then mid-June the price shot up to almost $14,000 – followed by a pullback that left bitcoin sitting around $7,200 by years end.
Around the time of the June peak, excitement was in the air again but seemed different this time. Earlier investors were a little more cautious and institutional interest kept the wild swings at bay. People seemed to bite the bullet and keep hodling based in part on big companies showing more interest in bitcoin and blockchain. Here are a few of the events and occurrences from the 2019 Bitcoin top news stories.
BITCOIN TOP NEWS
A total of 7000 bitcoin was stolen from the Binance exchange in early May. This heist was worth over 40 million dollars. Hackers were able to obtain access to one of Binance’s hot wallets by hacking two-factor authentication codes and API. This sent shivers down the spine of other exchanges – making them reassess security and take further measures to insure safety of crypto assets.
JP Morgan launched its own digital asset following years in which corporate leaders called Bitcoin a scam. The JPM coin was launched at the start of 2019 based on Quorum, a private version of the Ethereum stack. As of now, it is still in pilot state, only being used to transfer funds between JP Morgan branches.
Mark Zuckerberg went before congress in October to defend Facebook and its own cryptocurrency Libra, expected to launch sometime in 2020, regarding governance and oversight of the project. PayPal withdrew from the Libra association in early October. It was one of many large companies involved in the project that backed out, due in part to heavy scrutiny from lawmakers and internal problems. Congress asked FB to pause further development and many do not believe Libra will receive government approval.
The mini-bull run that pushed bitcoin to almost $14,000 came to a halt when it fell by over $1,400 in minutes after Coinbase’s technical issues that lead to a crash of their exchange. It is reported that this was the main reason for the sudden fall. But that debate will continue well after 2019 Bitcoin top news is a distant memory.
In September Bakkt rolled out bitcoin futures contracts. So far, this has seen strong acceptance from institutional investors. Bakkt also launched bitcoin options and cash-settled bitcoin futures in Singapore.
BITCOIN TOP NEWS
In the 10 years since its creation and first sale, Bitcoin has rallied 838,078,685% and still going!
2019 proved to have more buyers than sellers on a net basis – and Bitcoin’s market dominance increased to 65% with the best performance of all cryptocurrencies.
Twitter CEO Jack Dorsey publicly supports Bitcoin with a Lightning Network invoice in a tweet last February.
Craig Wright continues to impersonate Satoshi Nakamoto, despite no evidence and presenting what is considered to be forged documents as such.
252 Billion dollars worth of Bitcoin – 3.79 million of the total in circulation – has been lost forever mostly due to negligence in securing one’s assets. James Howell of Wales, UK threw away an old hard drive holding the private keys to 7,500 Bitcoin – worth over 66 million USD today. 80% of all Bitcoins (21 million) that will exist have already been mined.
Over 23,000 addresses hold over a million dollars worth of Bitcoins each, and it is estimated that 20,000 to 200,000 investors have made over a million dollars in Bitcoin profits.