The year 2020 is drawing to a close — as one internet-famous figure once said, “It came quickly.” Before we could react, waves of chaos, surprises, and breakthroughs crashed over the crypto world. From the terrifying March 12 market crash to the explosive rise of DeFi, and the bitter internal battles at Bitmain, the year was packed with drama and transformation.
Yet amid the noise and turmoil, we also witnessed warmth, innovation, and resilience. Blockchain-powered pandemic relief efforts, institutional adoption of Bitcoin, and the launch of Ethereum 2.0’s beacon chain — these moments shine as beacons of progress.
As the year concludes, let’s revisit the top 10 most defining moments in cryptocurrency in 2020, highlighting the industry’s challenges, triumphs, and turning points.
The Most Heartwarming: Blockchain’s Fight Against the Pandemic
When the pandemic struck in early 2020, the global community mobilized rapidly — including the blockchain industry. From January onward, crypto organizations and individuals stepped up with donations, supply chain coordination, and humanitarian aid.
Huobi employees sourced protective gear globally. OK Group staff worked overnight to manage logistics. Binance staff in Wuhan coordinated relief from the epicenter. Platforms like MXC, KuCoin, and Kraken joined the effort.
By February 6, over 30 blockchain companies had contributed resources and funds totaling 1.7 billion RMB (approx. $250 million). Behind every number was a story of compassion and solidarity.
👉 Discover how blockchain is transforming humanitarian aid today.
While cities went quiet and streets emptied, the crypto community proved that even in isolation, people can unite for a common cause.
The Cruelest Truth: The Collapse of FCoin
For many, the year began with heartbreak. On February 17, FCoin — once hailed as the “number one exchange in the universe” — admitted its downfall.
In an official post titled The Truth About FCoin, founder Zhang Jian revealed that due to data errors and poor decisions, 7,000 to 13,000 BTC could not be withdrawn by users.
What started as a revolutionary “trade-to-earn” model ended in betrayal. Investors lost everything. Trust evaporated.
This wasn’t the first such collapse — MtGox in 2014, Bitfinex in 2016 — but it was a painful reminder: in crypto, trust is fragile, and transparency is non-negotiable.
The Darkest Hour: The March 12 Black Swan Crash
March 12 will be remembered as one of the most devastating days in crypto history.
Amid global pandemic fears and oil price wars, financial markets crumbled. The U.S. stock market hit multiple circuit breakers. Crypto followed.
Bitcoin plunged over 20%, dropping from nearly $8,000 to **$5,555 — then further to $3,800** the next day. Total crypto market cap halved, from **$260B to $130B**.
Over 138 billion RMB ($20B) in positions were liquidated on March 12 alone. By March 13, 140,000 traders had been wiped out.
It was chaos. It was fear. But it also tested the resilience of long-term holders — many of whom saw this not as an end, but a rebirth.
The Wildest Power Struggle: Bitmain’s Boardroom Battle
In May 2020, Bitmain — a mining giant — became the stage for a real-life corporate thriller.
Jihan Wu and Micree Zhan’s fight for control escalated when Zhan attempted to collect a new business license at a Beijing government office — only to be blocked by dozens of unidentified individuals sent by Wu’s faction.
The clash symbolized deeper tensions in the industry: governance, ownership, and decentralization.
After months of legal battles, a settlement was reached in December: Zhan would borrow $600 million from Bitmain to buy out Wu’s shares. The feud ended — but not without scars.
The Most Expensive “Air Coin”: The Rise of YFI
In July 2020, Andre Cronje launched Yearn.finance (YFI) — a DeFi yield aggregator with no pre-mine, no VC allocation, no founder tokens.
Priced at $3**, YFI rocketed to **$43,948 by September — a 14,000x gain in under two months.
While Bitcoin took a decade to reach $20K, YFI did it in weeks. It became the most expensive “air coin” — a token born from code and community trust.
YFI’s success wasn’t just about price; it proved that fair launches and decentralized governance could capture global attention — and reshape finance.
The Fiercest DEX: Uniswap’s Meteoric Rise
Decentralized exchanges (DEXs) exploded in 2020, with Uniswap leading the charge.
Powered by automated market makers (AMMs), Uniswap eliminated gatekeepers. Anyone could list a token. Anyone could trade.
By August, Uniswap’s daily volume hit $426 million — surpassing Coinbase Pro. In just four months, DEX trading volume rose from under 1% of CEX volume to over 6%.
SushiSwap emerged as a fork-and-compete challenger, but Uniswap remained dominant.
👉 See how decentralized finance is redefining trading in 2025.
Uniswap didn’t just change how we trade — it challenged the very foundation of centralized exchanges.
The Largest Crypto Scam: The Fall of PlusToken
In July 2020, authorities dismantled PlusToken, the largest crypto Ponzi scheme in history.
Promising monthly returns of 60%, it lured over 2 million users across 3,000+ referral levels. It amassed:
- 314,200 BTC
- 9.17M ETH
- 184M LTC
- Over $4 billion in total value
By November, courts upheld prison sentences of up to 11 years for its leaders.
PlusToken was a grim lesson: if it sounds too good to be true, it is. Greed blinds even the smartest investors.
The Most Inspiring: Bitcoin’s Historic Rally
Bitcoin’s 2020 journey was legendary.
After bottoming near $3,800** in March, it surged past **$10K, then $19K**, finally breaking its 2017 high of **$20,086 in December — and soaring to $28,597 by year-end.
Its 274.9% annual return outperformed gold and stocks.
Why? Institutional adoption.
Grayscale added over 607K BTC to its trust. MicroStrategy invested hundreds of millions. PayPal enabled crypto purchases. MassMutual bought $100M worth.
Today, over 23 institutions hold more than $50M in Bitcoin — totaling nearly 5.5% of all BTC.
This wasn’t just a bull run — it was a financial revolution.
The Biggest Staking Event: Ethereum 2.0 Beacon Chain Launch
On December 1, Ethereum 2.0’s beacon chain went live — but only after reaching the critical threshold of 524,288 ETH staked.
By year-end:
- 66,105 validators joined
- Over 2.1M ETH staked
- Value locked exceeded $1 billion
The launch sparked a new ecosystem: staking-as-a-service platforms from exchanges and wallets.
ETH price rose from $400 to $748, fueled by DeFi growth and staking demand.
Many now believe ETH could reach $1,000 — once unthinkable, now plausible.
The Most Vulnerable: XRP Under Siege
While Bitcoin and Ethereum thrived, XRP faced existential threats.
On December 23, the SEC sued Ripple for conducting an unregistered securities offering worth $1.3 billion.
The fallout was immediate:
- XRP price dropped 52%
- Over 54 exchanges delisted it
- Coinbase suspended trading
The case raised critical questions: What defines a security? How should regulators treat digital assets?
XRP’s future remains uncertain — but its struggle reflects a broader tension between innovation and regulation.
Frequently Asked Questions (FAQ)
Q: What caused the March 12 crypto crash?
A: A combination of global pandemic fears, oil price collapse, and stock market turmoil triggered massive sell-offs across all asset classes — including crypto.
Q: Why did YFI become so valuable so quickly?
A: Its fair launch model, no pre-mine structure, and utility as a DeFi yield optimizer created massive community trust and speculative demand.
Q: Is DeFi safe for average investors?
A: While innovative, DeFi carries risks like smart contract bugs and impermanent loss. Due diligence is essential before investing.
Q: How did institutions impact Bitcoin’s 2020 price surge?
A: Companies like MicroStrategy and Grayscale injected billions into Bitcoin, signaling long-term confidence and reducing circulating supply.
Q: What is Ethereum 2.0 staking?
A: It allows ETH holders to lock up coins to help secure the network and earn rewards — transitioning Ethereum from proof-of-work to proof-of-stake.
Q: Can XRP recover from the SEC lawsuit?
A: Its recovery depends on legal outcomes and whether exchanges outside the U.S. continue supporting it. Regulatory clarity will be key.
👉 Start your crypto journey with secure trading and staking options today.
As we close this tumultuous yet transformative year, one truth stands clear: cryptocurrency is no longer a fringe experiment. It’s reshaping finance — one breakthrough at a time.