In 2017:
In January 2017, the price of Bitcoin was around $1,000. At this time, some news reports indicated that the Bitcoin market was rapidly growing, gaining popularity and attracting a large number of investors. In October, Bitcoin futures contracts were officially launched on the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), making it easier for institutional investors to enter the cryptocurrency market. The price of Bitcoin saw a significant increase in the fourth quarter, eventually surpassing its peak at over $19,000 in December.
Summary:
1.Media coverage and promotion: Throughout 2017, Bitcoin was the focus of media attention, with various news reports and interviews driving its popularity and attracting more people to invest.
2.Institutional investment: The Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE) introduced Bitcoin futures contracts, providing institutional investors with a more regulated way to invest in Bitcoin. This allowed larger financial institutions to more easily enter the Bitcoin market.
From 2020 to 2021:
In January 2020，the price of Bitcoin was around $9,000, and the market was relatively stable. However, the global outbreak of the COVID-19 virus caused a severe economic impact worldwide. To address the economic recession and market turmoil, the Federal Reserve implemented massive quantitative easing measures in March and April to stimulate the economy. Quantitative easing policies often lead to an increase in inflation rates, causing investors to seek safe-haven assets due to concerns about inflation. Some investors viewed Bitcoin as a hedge against inflation, leading them to transfer significant assets to the cryptocurrency market for value preservation. This also attracted institutional investors, such as the U.S. business intelligence company MicroStrategy, online payment giant PayPal, Goldman Sachs, Morgan Stanley, among others. Subsequently, the price of Bitcoin surged significantly, eventually surpassing the $60,000 mark.
Summary:
1.The Federal Reserve implemented an extremely loose monetary policy, announcing plans to purchase at least $500 billion in government bonds and $200 billion in mortgage-backed securities.
2.The U.S. government announced the distribution of economic stimulus checks to adult U.S. citizens, increased the amount of unemployment benefits, and extended the duration of receiving these benefits.
2024:
The Bitcoin spot ETF has been approved for listing in the United States, coinciding with the upcoming Bitcoin halving mechanism. With bullish market sentiments on the rise, coupled with these developments, the stage is set for the onset of a Bitcoin bull market!
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