The sudden outbreak of the pandemic in 2020 caused dramatic turbulence in financial markets. Driven by institutional accumulation and abundant liquidity, Bitcoin broke through its historical high of $20,000 by year-end. U.S. regulatory agencies began to clearly define the asset attributes of Bitcoin, while institutions like Grayscale continued to increase holdings, accelerating the mainstream adoption of Bitcoin.
In 2019, the crypto industry experienced a rebuilding of confidence and a reversal of trends. Bitcoin prices rebounded from early-year lows, and market funds gradually returned. Facebook launching Libra drew international regulatory attention, accelerating the process of cryptocurrency compliance. The introduction of Bitcoin futures provided institutional investors with more mature trading channels, and several countries designated blockchain