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Bitcoin\“s performance in 2020 was marked by significant volatility and growth. The year started with Bitcoin trading around $7,000, but the COVID-19 pandemic caused a sharp drop in March, bringing prices down to nearly $5,000. However, the market quickly recovered, driven by increased institutional interest and macroeconomic factors such as government stimulus measures.
By the end of 2020, Bitcoin had surged to over $29,000, setting new all-time highs. This impressive rally was fueled by factors like the halving event in May, which reduced the supply of new Bitcoins, and growing adoption by companies like PayPal and Square. Overall, Bitcoin\“s 2020 performance demonstrated its resilience and potential as a store of value amid global economic uncertainty. |
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