Artist's rendition of a Bored Ape NFT.
Hi Market Wrap readers! During the final two weeks of 2021, we’re using this space to recap this year’s most dramatic moments in cryptocurrency markets – and highlight the key lessons from this fast-evolving corner of global finance. Over a series of eight posts that started on Dec. 20 and will run through Thursday, we’ll recap what shook crypto markets this year.
On Monday, we showed how some large investors began to cash out of their bitcoin trades in April and May, as prices retreated from the then-all-time-high price of around $65,000. Concerns about rampant speculation and a decline in global money supply growth were some reasons why investors began to jump ship. Then investors became concerned about bitcoin’s environmental footprint, which also caused Tesla to reconsider its involvement in the cryptocurrency.
It was a wild first half of the year for bitcoin, but by June, the market began to settle down. BTC stabilized at around $30,000 after dropping nearly 50% over the span of a couple months. During that time, traders flocked to alternative cryptocurrencies and non-fungible tokens in hopes of greater profits.Around the start of the year, multiple altcoins began to outperform bitcoin (
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NFTs sucked all the art which people were considering trashing to empty their drives.
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