What happened to Bitcoin in 2015?

08/08/2023 17:43 • Tech Ticker • 114 views

What happened to Bitcoin in 2015? Editor’s note: This article is from CyBTC (ID: cybtc_com), authorized to be reproduced by Odaily Star Planet Daily.

What happened to Bitcoin in 2015? In the history of cryptocurrency, the first large-scale adoption occurred in the summer of 2017, when the price of BTC soared from $10,000 to a high of $52,000. It then experienced another historic price change until it began to rebound in early 2018. However, today Bitcoin has surpassed its historical high of 10800 US dollars, which means that it will further develop into the world’s first fully decentralized digital asset and may reach a market value of trillions of dollars.

With the increasing attention to the DeFi and NFT fields, as well as the increasing use of other applications on the Bitcoin network, the factors driving market growth, it is necessary to review the events that happened in the past year.

The first is the lightning crash in the first quarter of 2019. This lightning crash resulted in miners losing more than one million Bitcoins and causing many people to lose nearly 3 million US dollars, including a hacker. However, due to the appearance of this vulnerability, it triggered a chain reaction in the entire industry, causing these investors to lose millions of dollars. Then, this situation lasted for a long time, although some exchanges closed their services to prevent users from withdrawing or selling Bitcoins.

Although this problem is still a challenge for the mining industry, it is closely related to the recent development of Bitcoin and its trading volume has also increased sharply. In fact, Bitcoin’s network activity has more than doubled since 2014.

The second is the huge bull market that emerged after the end of 2019, as the US government took a series of measures to force companies to shut down during the COVID-19 pandemic. However, when Federal Reserve Chairman Jerome Powell announced that he was preparing for the upcoming economic crisis, Bitcoin quickly gained momentum.

Finally, earlier this year, after the economic sanctions implemented by Russia, the world’s second most populous country, Bitcoin also gained a lot of use cases. According to data provided by CoinMetrics, the average daily income in 2017 was around $160,000.

In addition, in mid-2016, Bitcoin’s mining difficulty dropped by about 20%, reaching a six-month low. However, the current situation seems to be not as expected, as 2020 may see another 50% reduction in Bitcoin mining rewards.

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What happened to Bitcoin in 2015?

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