In 2020, Bitcoin began to soar, reaching a high of $65,000, which drove other cryptocurrencies to rise as well. However, at that time, the valuation of cryptocurrencies was extremely fragile. In 2022, with the bankruptcy of the FTX exchange, Bitcoin once dropped to $15,000, and many coins that were popular that year, such as EOS, have now disappeared.
However, Bitcoin did not turn into electronic waste as a result; instead, it started to build a bottom and rise from $15,000, and this round of increase is very healthy, maintaining a high valuation for the long term. In fact, the cost of mining one Bitcoin has now skyrocketed to over $80,000. With the flourishing development of various DeFi projects, USDC and USDT have completely replaced the old coins like BCH and LTC, shining brightly in the payment field.
Therefore, Trump's pardon of CZ is actually just following the historical trend, adding a piece to the puzzle for the development of cryptocurrencies.
