2018 was epic. It started with the madness of altcoins rally at the beginning of the year. Followed by massive steps towards bitcoin and crypto mass-adoption made by regulators, large enterprises, and institutional investors.
And it ended with the blood and tears of traders on the streets (we can still hear some of them screaming).
Block Explorer is willing to reflect on the most important events that brought the industry to its current state. So, here are the major crypto announcements that shaped 2018:
1. January: The Perfect Month to Ban Something
Bitcoin price: $14,112 (on the first of the month)
The beginning of January was marked by the huge news splash made by the South Korean government. They unveiled plans to ban anonymous trading on cryptocurrency exchanges over tax avoidance. And sent the police and tax-collecting authorities to their offices.
As a result, the bitcoin price decreased by $2,000.
At the end of the month, crypto was in trouble again, as Facebook decided to ban all ads related to digital currencies. Since Facebook marketing was a major driving force for many initial coin offerings (ICOs), it cut the source of easy promo for many blockchain startups.
2. February: China and Bankers Join Forces Against Bitcoin
Bitcoin price: $10,264
It’s not easy living in China without the freedom of internet browsing, catching up with friends on Facebook or just googling. All of that is restricted by the “Great Firewall of China.” At the beginning of February, the list of undesirable foreign websites was supplemented with bitcoin-related websites to eliminate the financial risks for Chinese citizens.
Next, the head of the Bank for International Settlements (BIS) called bitcoin “a bubble, a Ponzi scheme, and an environmental disaster”. The media went nuts over it, and the more they referred to it in the following articles the more the price of crypto was sliding down, falling as much as 14% in one day.
3. March: SEC has a Crush on Crypto Exchanges. Google Doesn’t
Bitcoin price: $10,433
Some more heartbreaking and uncomfortable milestones for bitcoin and crypto included the U.S. Securities and Exchange Commission (SEC) announcement made in March. They obliged all cryptocurrency exchanges to go through the registration procedure through the agency.
One week later, news from Google set an overall moody tone of the blockchain scene: the company joined Facebook to ban all cryptocurrency-related ads.
4. April: India Joins the Strike Against Bitcoin
Bitcoin price: $7,030
In April, crypto’s misadventures continued. This time the Central Bank of India (The Reserve Bank of India) banned financial institutions from allowing transactions from people’s accounts to bitcoin wallets.
5. May: Goldman Sachs is Going Crypto, “Rich Dudes” are Boiling Over
Bitcoin price: $9,037
A little happy bitcoin rally happened when it was uncovered that Goldman Sachs had its own team dedicated to entering the crypto market.
Although some people were are not happy about it. Including some very “rich dudes” that were on a mission to come up with the most-quoted insult for bitcoin. For instance, well-known billionaire value investor Warren Buffett referred to bitcoin as “rat poison squared,” and Bill Gates, one of the kindest billionaires in the world, labeled it a “greater fool theory”.
Later this month the U.S. Justice Department started an investigation into bitcoin price manipulation. Oh, boy, it’s getting tougher.
But even in spite of all those troubles, crypto was still on a good path to wider acceptance. Or how else could you explain the 25 million crypto wallets registered at blockchain.com?
6. June: Facebook is Stricken by FOMO
Bitcoin price: $7,519
In June it was time for more bad news. It’s never enough in the crypto world. A panic sell-off happened in the first half of the month after Coinrail’s hack announcement. Even though this South Korean exchange was relatively small it led to a rapid 10% drop in bitcoin price.
A couple of weeks later, big news came from Facebook who decided to reconsider the crypto advertising ban. Promoting initial coin offerings was still off the table though.
7. July: Winklevoss Twins Keep Being Stubborn With SEC
Bitcoin price: $6,366
July was relatively calm for cryptocurrencies. Probably because most of the troublemakers were on vacation. But some news was still in the air, including the fact that asset-management heavy-weight BlackRock was looking into crypto assets and another SEC rejection of exchange-traded fund (ETF) proposal filed by Winklevoss twins.
8. August: Too Many Rejections of ETF Proposals
Bitcoin price: $7,634
August was all about ETF proposals, their postponing and rejections. The bitcoin exchange rates struggled at first, but at the end of the month, after the U.S. Security Exchange Commission declined nine bitcoin ETFs, the price of the major crypto remained stable. How resilient is it?
9. September: The First Crypto-Related Company Files for IPO
Bitcoin price: $7,192
Most of September’s announcements were quite positive. First, there was more news about Goldman Sachs jumping into crypto. The company’s chief financial officer Martin Chavez confirmed that the Wall Street giant was working on the development of bitcoin-based derivatives that will be accessible to the bank’s clients.
At the end of the month, one of the leading bitcoin miners, Bitmain, spilled out their intention to run an initial public offering (IPO). And the application for the process was already filed. Bitcoin Cash prices (one of the assets Bitmain is mining) surged up to 20% rapidly.
10. October: Happy birthday, Bitcoin. Here’s Your Mass-Adoption
Bitcoin price: $6,619
More happy news to celebrate the ten-year anniversary of Bitcoin’s whitepaper. Big steps from institutional investors happened in the middle of October when Fidelity Investments announced the launch of a spin-off company, dedicated to crypto assets exclusively. The new firm named Fidelity Digital Assets was onboarding its first clients and still preparing for the grand opening for the general public in 2019.
Also, the launch of the first blockchain phone, made by HTC, stole the headlines in October.
11. November: Blood, Sweat, and Tears of Bitcoin Cash Fork
Bitcoin price: $6,427
Fights over the Bitcoin Cash fork got completely out of control. The battle between BCHSV (Satoshi Vision), lead by Craig Wright, aka Fake Satoshi and BCHABC (Adjustable Blocksize Cap), driven by Roger Ver, previously labeled as Bitcoin Jesus was observed by the entire industry. It triggered huge crypto volatility, increased trading volume and, as some experts might say, a bitcoin nosedive to a new bottom. And we are still in the middle of that roller coaster.
On the other hand, we had some good news too. Like the announcement about the first state in the U.S. will be accepting bitcoin as a tax payment. Way to go, Ohio!
This year is not over yet, and we don’t know exactly what the future holds. As you know in crypto, “one day you are in, and another day you are out”. But we promise to keep you posted.
And what was your favorite news break of the year? Go ahead and share it in the comment section below.
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