Towards the end of this year, we have prepared for you the top events that waved the world of cryptocurrencies in 2019.
The launch of Bakkt did not start the expected bull run
The long awaited launch of the Bakkt bitcoin futures platform was launched at September 23, 2019. Bitcoin briefly surpassed the $ 10,000 threshold, but failed to maintain that level for too long. Later it turned out that the importance of launching Bakkt has been overestimated in the cryptocommunity. The price of Bitcoin and other cryptocurrencies did not shoot up, as expected, but quite the contrary.
Cryptocurrencies and Cryptocompanies
Anthony Popliano, an American investor and co-founder of investment company Morgan Creek said on his Twitter (October 16, 2019) that was mined 18 million BTC coin. Only 3 million left. Surprisingly, markets did not respond to this report with a significant price change. But it is a milestone in any case and also a reminder that there is only a limited amount of BTC.
OKEX delisted all privacy coins
Under the pressure of the International Financial Action Committee, the OKEx Korean Stock Exchange has decided to exclude from its offer all cryptocurrencies whose transactions are untraceable and ensure their users anonymity (privacy coins). OKEx was later followed by other cryptobourses and platforms. Regarding anonymous cryptocurrencies, or privacy coins, the regulatory clouds are beginning to contract and their price corresponds to that.
The cryptoburses are fighting the new FATF rules
In June this year, the Financial Action Task Force (FATF) issued new standards against money laundering. This will have an impact on almost the entire crypto-industry, especially on private cryptocurrencies. Another of the many problems that cryptocurrencies have to face, in this case, is the most criticized so-called privacy coins.
Facebook Senate meeting about Libra Project
Blockchain’s Facebook chief, David Marcus, issued a written statement on the planned Libra cryptocurrency (July 16, 2019) a meeting before the US Congress. During this several-hour hearing, the BTC’s price dropped sharply, taking the other cryptocurrencies with it. From this slump, the markets have not quite recovered and until the end of the year, despite the occasional bulls markets markets slowly declined.
Regulations and Countries
Lithuania, Malta and Switzerland plan to become pioneers of blockchain
Most states were initially not big fans of cryptocurrency, and cryptosphere was more like a wild, unregulated west. Since 2018, however, the market has matured and legislators in some enlightened states have turned their negative attitude towards cryptocurrencies to positive. These countries thus strongly support the development of blockchain and cryptocurrencies.
President of China – we should take the opportunity to accept the blockchain
The President of the People’s Republic of China and Secretary of the Communist Party of China, Xi Jinping, said at a party convention that the country must “seize the opportunity” provided by blockchain technology. The end of the year belonged to China and initially a surprising statement by the Chinese president. This was followed by higher Bitcoin prices and other cryptocurrencies. However, the joy lasted only until the Chinese authorities made it clear that the support concerned only blockchain technology and not Bitcoin cryptocurrencies.
China’s digital currency wants to compete with Bitcoin
According to recent reports, China already has its own digital currency, but most likely it will have little to do with cryptocurrency. Reports on blockchain support were soon followed by a report on the upcoming Chinese state cryptocurrency, which should be launched next year. But this cryptocurrency will be centralized and, of course, under state supervision.
If we were to choose a single topic that ruled in 2019, it would probably be the regulation and the various interventions of governments and regulators that were discussed in 2019 and tried to control the wild cryptocurrency industry by all available means. In some countries they have done better, in some less and some countries have even openly supported the crypto industry.