Cryptocurrency bonanza in 2021, all thanks to these heavyweight events

6. Bitcoin's Big Ups and Downs in Mid-May

Bitcoin fell more than 30% on May 19 and then spiked more than 30%. Such a wild upswing was partly due to Musk saying that Tesla was suspending acceptance of bitcoin as a payment method due to its energy use and impact on the environment, in addition to the regulatory implications. Other cryptocurrencies have suffered similarly. Billions of dollars of cryptocurrency positions were quickly liquidated, while exchanges such as Coinbase and Coinan experienced trading disruptions, and it took about two months for Bitcoin to regain its footing.

The more effective crypto is and the better the systems around it work, the easier it will be for people to enter the crypto industry. Can the crypto industry reduce outages in 2022? In the meantime, the environmental impact of cryptocurrencies is likely to continue to be a concern. The crackdown on cryptocurrencies by regulators in various countries will also be worth watching.