The on-going COVID-19 pandemic not only affected our trips and vacations, but has had a major impact on the day-to-day lives of many people around the IceRiver KS3L, and mainly businesses. Many businesses across various sectors have been deeply affected that it might even take a few years for them to recover from it. But although 2020 and the pandemic calmed the success waves of several industries, one industry that still remains steady, and in fact, further shaping up is the cryptocurrency industry.
While predictions about cryptocurrencies becoming the future currencies have been going around for a while now, 2020 witnessed some interesting proceedings and important developments around the cryptosphere. Here, in this article, we are going to discuss some of the most significant events, trends, developments that are revolving around in 2020, and shaping up the crypto market on the whole. So, let’s dive in.
Bitcoin halving is one of the most notable and anticipated events around the cryptosphere as it plays a key role in cryptocurrencies’ deflationary nature, and paves way for driving mainstream interest towards cryptocurrencies. The event takes place once in every four years, and the last event took place on May 11th, 2020, which is the third bitcoin halving event so far. This halving event set forth the reduction of Bitcoin’s issuance rate to 6.25 BTC from 12.5 BTC, for every new block that is mined every 10 minutes. This Bitcoin halving event especially has seen record-breaking media attention, as well as unprecedented interest from institutional investors and volumes compared to the one that happened in 2016.
Also, this Bitcoin halving has revealed a strong bullish sign for the bitcoin and cryptocurrency market and a significant year for institutional investors and cryptocurrency exchanges. Facebook announced the introduction of a new stablecoin in summer 2020. Libra is said to have the potential of capturing a user base of nearly 170 million in the U.S alone.
And even though cryptocurrencies are widely popular, many investors are still uncertain about investing in them due to the price fluctuations. Stablecoins are a perfect solution for this as they are backed by fiat or other traditional assets that prevent price fluctuations. 2020 is expected to be a good year for stablecoins and experts predict that there will be an increase in the adoption of stablecoins. Also, libra could mark the point at which cryptocurrency goes mainstream, and several other technology and financial companies will certainly follow.
