Every year in human history has something it is noted for, either individually or nationally or globally. Blacks all over the world recognise 2009 as one of the greatest years in black history as Barack Obama took the office of the president of one of the world’s most powerful countries. That is but just one of the memorable years in world history. Well, we are in another year, 2017, and it has definitely defined itself to be the year of the cryptocurrency…worldwide.
The mother of all cryptocurrencies had one its best run ever since its creation. The year undisputedly was a mind blowing one with respect to just how much bitcoin grew and exceeded predictions from the previous year as well expectations people had for it. According to CoinDesk’s data bitcoin rose from a new year high of about $1,000 to a record high of $20,000 and an end of year downslide value of $13,200 at time of writing. Bitcoin’s growth evidently drew so much attention in the financial sector from some of the sector’s big guns within these last twelve months. As the year has come to an end, lets a take a look at some of the most defining moments for bitcoin.
The Chinese Injunction
In January, bitcoin set off on a very good foot. It started with new year’s $1,000 mark which made pretty much the headlines back then. But just when everyone thought it was going to be the perfect ride, the People’s Bank of China made an unprecedented move. The PBoC ruled to increase its supervision on the cryptocurrency market, particularly its bitcoin dominant exchange services. This caused a rather strong wave of pessimism in the cryptocurrency community as most believed that was the death blow to bitcoin. Surprisingly, it wasn’t.
It certainly did have an effect on the value of bitcoin though. Due to the new transaction fees that were put on the most dominant exchanges by then, that is OKCoin, Huobi, and BTCC, there was an evident reduction in the number of bitcoin trades. A short while afterwards the PBoC finally decided to introduce further edicts that will bring a close to fiat trading at the time.
No, No and No
In March of 2017 a ruling was made by the United States’ Securities and Exchange Commission to reject an appeal to launch a bitcoin exchange trade fund that was filed four years ago. This appeal was filed by Cameron and Tyler Winklevoss in 2013. This rejection caused the bitcoin trade to slow down quite noticeably as the cryptocurrency fell by 30% which reflected in bitcoin’s price dropping below $1000. The SEC has afterwards moved to review their decision on the case, a move whose outcome is still in deliberation.
Bitcoin later got back on track and went above $1,000 dollars again, and despite the SEC’s lethargy in making a ruling in those times, a lot of firms still sprung up with filed appeals to create bitcoin ETFs.
Summer is Always Good, Even for Cryptocurrency
The months of May to September were terrific for bitcoin. This was right after the fork in April. Bitcoin unexpectedly hit its new then all-time high. Its price kept climbing easily above every milepost that people set for it. Notable of these leaps was that of the first of May as bitcoin crossed a price landmark that was seen as impossible in a then almost inoperative exchange market.
The end of May saw bitcoin surpass both $2,000 and $3,000 within a space of weeks. This growth wasn’t without some Sturm und Drang as there was a sharp $300 drop just an hour after the good news to bitcoin’s owners that their investment had crossed $3,000 per head.
Then came what will be the primary catalyst for bitcoin’s most unprecedented growth ever. Some of the big names from the analysts in Wall Street begun to keep an eye on the progress of bitcoin. Sheba Jafari speculated that the cryptocurrency was going to hit $4,000. Sheba was but the door for more many more people to start predicting, as Goldman Sachs and other analysts within the next few months began to make further predictions.
Bitcoin had exceeded $5,000 by September’s first week already, and then again there was a drop. The rest of September wasn’t so good as well, as bitcoin eventually fell to $3,400 on September and by exactly mid-September it was back below $3,000. The good days of summer’s hotness did not end so well for bitcoin as it had started.
Going Beyond $10,000
Winter was coming, yet it did not bring chill and cold but growth for bitcoin once more. Bitcoin had crossed $5,000 once more. Huobi, OKCoin, and BTCC had been on temporary shutdown, ICOs were springing up across the globe and just like bitcoin they too were largely unregulated. However, this did not let down bitcoin’s growth but rather helped it by what most analysts refer to as a “bullish sentiment” that was setting up the stage for December’s explosion.
Lots of moves by different governments and banks to try to regulate bitcoin seemed to be too late to draw away the investor interest the cryptocurrency had already drawn to itself. Bitcoin only kept growing and growing till it hit it highest mark ever, $19,783 on December 17 as per CoinDesk’s data, but that was not all as it seems bitcoin just cannot do away with a fall after a great rise.
Shortly afterwards, bitcoin got hit with probably the largest blow ever which even though was a “seen-before” 30%, reflected in a huge $8,000 depreciation. Bitcoin fell from glory of $19,000 to $11,000 within a space of less than two weeks. Into the last week of December, it climbed back to $16,000 and still maintained its dignity as the highest trading cryptocurrency amidst all the storms. But on December 31, it opened the day with $12,629, fell to a low of $12,496 and finished in the last hours of the year with about $13,295. Amidst all these, there is still hope for the cryptocurrency and many believe it could even trade up to $28,000 in 2018. Whatever the case may be, the one big question remains in what has become the crypto crazy world we live in now: what remains for bitcoin ahead of us now?
Featured Images via CoinDesk