Bitcoin

Bitcoin Price History and Events Timeline 2020-2022

Bitcoin, created by Satoshi Nakamoto in 2009, didn’t have a price when it first started since no one wanted to buy it. On October 12, 2009, Martti Malmi, a Finnish developer who assisted Satoshi with Bitcoin development, sold 5050 Bitcoins for $5.02, marking the first time Bitcoin gained value. This equated to $0.0009 per Bitcoin. Until 2021, a Bitcoin was worth up to $68,000. What happened to it?

Bitcoin began in 2022 with nearly double the value of January 2021 and reached an all-time high of $68,000 in November 2021. But before the first month of 2022 ended, Bitcoin almost lost all the profits of the previous year, decreasing by about $33,000 in January.

At the moment BTC has re-touched the $20k mark, the lowest price since November 2020. The market has entered a downtrend.
So what caused the market to drop so sharply?

Here is a timeline of Bitcoin’s rise, fall, and journey towards the $68,000 mark and finally its fall in a short span of time

2020: Pre-growth stage.

Q1, Q2 2020-Cumulative market prepares for bullish momentum.

January 6, 2020, BTC price $7761.82- Bitcoin price breakout amid US-Iran tensions

Cryptocurrency picked up a bid at lows after the U.S. launched an airstrike at Baghdad’s international airport, killing top Iranian General Qassem Soleimani.

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January 13, 2020, BTC price $8105.48 – CME Group launched Bitcoin options

The CME Globex has begun offering options on CME’s bitcoin futures contracts. Each contract, which is priced in US dollars and represents five bitcoin, is cleared centrally to eliminate counterparty risk.

Bitcoin derivatives have been offered on numerous cryptocurrency exchanges since at least 2014, but when CME debuted its cash-settled bitcoin futures in December 2017, it was one of the first to offer investors regulated products.

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January 29, 2020, BTC price $9290.46 – Second city in Switzerland accepting tax payments in Bitcoin

The Swiss town of Zermatt, home to the renowned Matterhorn, is now the second in the country to enable taxpayers to pay their taxes in Bitcoin (BTC). Taxpayers in Zermatt will be able to pay their bills in Bitcoin via a point-of-sale system or an online payment interface installed in the town hall.

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March 4, 2020, BTC price $8786,89 – Indian supreme court lifts ban on Bitcoin trading

A central bank decree prohibiting banks from providing services to crypto firms was rejected by India’s supreme court in April 2018. The Reserve Bank of India (RBI) had presumed that virtual currencies represented a systemic danger to the banking system when it issued its diktat.

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March 13, 2020, BTC price $5629,58 – Bitcoin crashed when the COVID outbreak worsens.

In mid-February, Bitcoin was trading near $10,000 and began to fall as the coronavirus pandemic increased.

Even safe-haven assets like Gold, Silver, and Bitcoin couldn’t withstand the worldwide coronavirus stock market meltdown on March 13, sending investors to cash. To meet redemptions and margin calls, people are raising cash. People are having difficulty trading due to a lack of market liquidity. The buy-on-the-dip mentality has been completely reversed.

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March 15, 2020, BTC price $5360,06 – Bitcoin price tops as FED cuts interest rates to 0% and restarts QE

The price spike happened immediately after the Federal Reserve of the United States announced that it would lower interest rates to 0% and initiate a $700 billion quantitative easing program, as well as additional information on the types of securities it would buy. The large stimulus program is intended to counteract the market disruption caused by the Coronavirus.

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May 11, 2020, BTC price $8857,06 – Third Bitcoin halving

Bitcoin’s third halving, the network’s quadrennial landmark and the most anticipated event this year in the cryptocurrency industry, has finally happened. The reward per block mined on bitcoin’s blockchain was reduced to 6.25 BTC from 12.5 BTC at 19:23 UTC. However, the Bitcoin price did not have too much volatility after the event.

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May 25, 2020, BTC price $8776,34 – Bitcoin miners in China ordered to shut down in ‘orderly manner’

Regulators in China’s Sichuan province have sent a notice to all cryptocurrency enterprises operating within their jurisdiction, requesting that all mining and mining-related operations be stopped immediately. Because of the massive quantity of Bitcoin hash power (computing power) generated in the regions, the mandate is very important. This is negative news for the stock market. The price of Bitcoin, on the other hand, contradicts this. In just one week, the price increased by 16%.

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Q3, Q4 2020-Good news begins to be released.

July 22, 2020, BTC price: $9357,19 – US regulator green-lights banks for cryptocurrency custody services

The Office of the Comptroller of the Currency (OCC) has clarified that national banks and federal savings associations can provide cryptocurrency custody services for customers. The OCC sees banks providing crypto custody services as “a modern form of traditional bank activities related to custody services.”

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October 21, 2020, BTC price $12.823,69 – PayPal allows Bitcoin and crypto spending

PayPal has entered the cryptocurrency market, stating that its users will be able to use their PayPal accounts to buy and trade Bitcoin and other virtual currencies.
PayPal will be allowed to use the license to create a new service that will allow consumers to buy, hold, and trade cryptocurrency (initially Bitcoin, Ethereum, Bitcoin Cash, and Litecoin) directly from their PayPal digital wallet.

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December 10, 2020, BTC price $18.264,99 – 169-Year-Old MassMutual invests $100 million in Bitcoin

The Massachusetts Mutual Life Insurance Co., the latest mainstream corporation to dabble in digit assets, has purchased $100 million in Bitcoin for its general investing fund. NYDIG, which provides cryptocurrency services to institutions, also received a $5 million minority equity position from the mutual insurer. MassMutual’s Bitcoins will be held in custody by NYDIG.

According to MassMutual, the Bitcoin investment will account for 0.04% of the general investment account, which stood at almost $235 billion as of Sept. 30.

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2021: Bitcoin breaks the top, and the market grows strongly.

Q1, Q2 2021-The market grew strongly, and Bitcoin broke the last ATH.

January 29, 2021, BTC price: 34,316.39 – Bitcoin spikes 20% after Elon Musk adds #bitcoin to his twitter bio

Bitcoin skyrocketed as much as 20% after Elon Musk added the hashtag #bitcoin to his Twitter bio.

February 8, 2021, BTC price: $46,196.49 – Tesla buys $1.5 billion in Bitcoin

In a filing with the Securities and Exchange Commission, the company said it bought the bitcoin for $1.5 billion worth. Tesla also said it will start accepting payments in bitcoin in exchange for its products subject to applicable laws and initially on a limited basis.

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February 12, 2021, BTC price: $47,504.85 – Canada approves first Bitcoin ETF

Canada’s main securities regulator has cleared the launch of the world’s first bitcoin exchange traded fund,  providing investors greater access to the cryptocurrency that has sparked an explosion in trading interest.

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March 24, 2021, BTC price: $52,774.26 – Tesla accept Bitcoin as payment

Tesla’s CEO, Elon Musk, announced that the firm will accept Bitcoin as payment for cars in the United States, a move that contradicts the company’s reputation as an environmentally benign electric vehicle manufacturer. Mr. Musk stated that rather of converting payments to dollars, Tesla will keep the digital currency and handle the crypto transactions internally.

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May 12, 2021, BTC price: $49,150.53 – Tesla no longer accepts Bitcoin

But just two months later, Tesla Inc. no longer accept Bitcoin to buy cars, as CEO Elon Musk cited long-standing environmental concerns about a rapid reversal in the company’s stance on cryptocurrencies. $BTC plummeted 10 days later to $37,000.

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May 19, 2021, BTC price: $37,002.44 – China bans financial institutions from cryptocurrency business

China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions and warned investors against speculative crypto trading.  Under the ban, such institutions, including banks and online payments channels, must not offer clients any service involving cryptocurrencies, such as registration, trading, clearing and settlement. This is also the day $BTC fell to its lowest level since early 2021.

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Q3, Q4-More good news released.

June 6, 2021, BTC price: $35,862.38 – El Salvador’s President proposes using Bitcoin as legal tender

El Salvador’s President, Nayib Bukele, said during the Bitcoin 2021 conference in Miami that he has presented legislation to the country’s government that would make bitcoin legal tender in the Central American country.

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June 19, 2021, BTC price: $35,615.87 – China’s crackdown on cryptocurrency mining

Bitcoin mining projects in Sichuan, China’s southwest region, have been forced to shut down. Authorities in China’s major bitcoin-producing provinces have stepped up their crackdown on cryptocurrency mining, the latest indicator of the government’s toughening stance on the quickly rising digital asset markets.

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August 9, 2021, BTC price: $46,365.4 – AMC will accept Bitcoin

AMC will begin accepting Bitcoin payments for concessions and theater tickets as soon as the end of the year, marking the latest development in AMC’s hard lean into memestock superstardom.

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September 7, 2021, BTC price: $46,811.13 – Bitcoin becomes a legal tender in El Salvador

El Salvador was the first country to legalize Bitcoin as a form of payment. The government went even farther to encourage individuals to utilize bitcoin by offering free bitcoins to those who sign up for its national digital wallet, known as “Chivo,” which translates to “cool” in English. The residency will be awarded to foreigners who invest three bitcoins in the country.

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September 24, 2021, BTC price: $42,839.75 – China bans all cryptocurrency transactions

China declared that all crypto-related transactions will be considered illicit – including services provided to offshore exchanges according to the announcement made by the People’s Bank of China. It added that cryptocurrencies, including Bitcoin and Tether, are not fiat currencies and cannot be circulated.

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October 19, 2021, BTC price: $64,261.99 – First Bitcoin ETF Launches in the U.S

The first bitcoin ETF to launch in the United States was ProShares Bitcoin Strategy. The fund, which trades on the New York Stock Exchange under the ticker BITO, uses futures contracts traded at the Chicago Mercantile Exchange to monitor Bitcoin (BTCUSD) prices (CME).


Bitcoin has risen to a new high a day after the first bitcoin exchange-traded fund was established on Wall Street, generating significant demand in an indication of the asset class’s burgeoning investor interest.

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November 21, 2021, BTC price: $58,730.48 – El Salvador builds Bitcoin city from $1Bn Bitcoin bonds

El Salvador plans to build the world’s first “Bitcoin City”, funded initially by $1 billion worth of Bitcoin-backed bonds. President Nayib Bukele the city planned in the eastern region of La Union would get geothermal power from a volcano and not levy any taxes except for value-added tax (VAT).

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December 15,2021, BTC price: $46,264 – The Fed officially announced that it will tighten monetary policy in 2022.

Officials at the Federal Reserve bolstered its fight against the highest inflation in a century by altering their asset-buying program’s end date and hinting that they prefer hiking interest rates faster than expected in 2022.


This announcement sends a negative message to the financial markets in general, and Bitcoin in particular. When there is a scarcity of money and interest rates rise. Rather than investing, investors take money out of their accounts to pay interest. Resulting in a capital deficit in the market.

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2022: The market ends its uptrend and falls into a long-term downtrend.

Fed raised interest rates, and a lot of negative news appeared.

March 16, 2022, BTC price: $40,998 – FED officially raised interest rates after more than 3 years

The Federal Reserve approved its first rate hike in more than three years, an incremental move intended to tackle rising inflation without powering economic growth.

This low is quite low compared to market expectations, so BTC price does not have much reaction.

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May 4, 2022, BTC price: $37,801 – Fed raises interest rates by half a percentage point, this is the second increase of the year

The Federal Reserve raised its benchmark interest rate by half a percentage point, the strongest step in its fight against high inflation in 40 years. And the Fed chair, Jerome Powell, also said there will be more 0.5-point increases this year.

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Jun 13, 2022, BTC price $27,705 – Investors Worried Celsius Is Insolvent

A liquidity crisis at cryptocurrency firm Celsius has investors worried about a general contagion that could bring down other major players in the market. Because this Lending project holds a lot of loans from big funds in the market like Three Arrow, and Amber Group.

After this news was announced. BTC price plummeted from $28,000 to $22,000. Approximately 20% off.

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Jun 16, 2022, BTC price: $20,311 – Fed hikes its benchmark interest rate by 0.75 percentage point, the biggest increase since 1994

The Federal Reserve raised its benchmark interest rate three-quarters of a percentage point in a move comparable to its biggest hike since 1994.

Ending weeks of speculation, the Federal Open Market Committee’s rate-fixing rate brought its benchmark fund rate to 1.5%-1.75%, the highest since just before the Covid pandemic began. beginning in March 2020.

Contrary to what many people expect. BTC price rallied again one day after the news was announced.

This correction does not mean the market’s recovery. The tightening monetary policy has started to be activated and there will be more interest rate hikes this year to bring inflation back to 2% as expected. Therefore, the selling force of BTC will continue in the near future.

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Verdict

The above are the major events that have taken place in the market from 2020 to now and strongly influenced the price of BTC. If you have any questions, comments, suggestions, or ideas about the project, please email ventures@coincu.com.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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