The Top Stories That Shaped The Crypto Industry In 2019

Crypto News

As 2019 comes to an end after a bumpy ride through the year, we compile some of the top stories that caught the crypto community attention. Here are my top three picks of the stories that shaped the cryptocurrency world.

1. Announcement of Libra

At the height of the 2019 bull momentum in June, which saw Bitcoin soar to $13,800 USD, Facebook announced the prospective launch of the Libra Association, Calibra wallet and its stable coin, Libra, a digital asset backed by a number of top global fiat currencies and commodities. The Association started off with 28 members including top companies such as Uber, PayPal, MasterCard, Visa, Coinbase and eBay in a bid to provide a digital bank to the 2.1 billion unbanked people across the world.

However, it has not been such a smooth ride for the development of the token as the US Congress summoned Mark Zuckerberg, CEO of Facebook, to explain the token – the results of the congressional hearing signaled a negative stance by the lawmakers. Moreso, other countries such as France and Germany have come forward condemning the coin as a breach of the monetary policies set out by the central banks.

The increased regulation scrutiny and data protection breaches by Facebook caused a hitch in the signing of the Association Charter as partners chose to leave Libra. Weeks before the companies pledged to the Libra Association in October, payment solution providers i.e. PayPal, MasterCard and Visa chose to leave the organization, shortly followed by Stripe and eBay, all left citing troubles in regulation.

While the announcement of Libra caught the public’s attention through 2019 bringing noobs closer to the space, its future in 2020 looks bleak given the regulatory troubles. Will Libra launch in 2020?

2. China’s President Xi embraces blockchain

In what is now known as the “Xi pump”, China’s President, Jinping Xi, called on his country to embrace blockchain technologies, a move that caused a Bitcoin (BTC) pump from the $7,000 region and past $10 K in a day. The comments by the most powerful man in the world were probably misinterpreted as successive reports from the China Communist Party (CCP) condemned investment in virtual currencies.

However, with the People’s Bank of China (PBoC) set to launch their own digital currency, investors are looking closely at China’s treatment of cryptocurrencies in 2020. Moreover, the IDC report released in November shows blockchain investment in the country will increase to over $2 billion USD by 2023 – so much promise.

3. Decentralized Finance reaches all-time highs

2019 was the year of Decentralized Finance, popularly referred to as DeFi. The industry grew to proportions few crypto analysts thought would be possible. DeFiPulse, an aggregator site, shows the total value of USD locked in DeFi platform crossed the all-time high recording $682 million USD on November 28th 2019. This represents a 150% increase in the past 12 months and the industry shows no signs of slowing in 2020.

Image from DeFipulse

Honorable mentions; Ethereum’s Constantinople and Istanbul hard forks, Bakkt’s exponential growth after a slow start to institutional investment, crypto hacks heading to record highs (Upbit), Twitter feuds across the community, Jack Dorsey on enhancing BTC development and BTC showing signs of hitting a new ATH.

The list in no way exhaustive, given the growth experienced across the industry in the past 12 months. Any additions will be appreciated.

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