Here’s how institutional investors ignited Bitcoin’s rally to $40,000

From the COVID-19 pandemic to mass-scale money printing and social unrest, 2020 was a wild year. Alongside a barrage of newsworthy events, (BTC) also turned in a standout year in the price category, ultimately rising from $3,600 to past $41,950, besting its 2017 all-time high of $19,892.

A number of events, both crypto-specific and mainstream, appeared as catalysts for Bitcoin’s price action. Several crypto industry players weighed in on the events they believe affected BTC’s price action the most in 2020.

1-week chart. Source: TradingView
Bitcoin price appreciation as institutional investors stepped in. Source: TradingView
Bitcoin price on Black Thursday. Source: TradingView