The blockchain and cryptocurrency landscape in 2019 was anything but quiet. Marked by dramatic shifts, regulatory crackdowns, institutional breakthroughs, and global innovation, the year proved to be a pivotal chapter in the evolution of decentralized technology. From the rise of DeFi to the unveiling of Libra and China’s strategic embrace of blockchain, 2019 set the stage for a new era of digital transformation.
This comprehensive review explores the top ten global blockchain events and emerging trends that defined the year—offering insights into how these developments shaped market dynamics and paved the way for future growth.
1. Libra Whitepaper Launch: A Global Financial Experiment Begins
Impact Level: ★★★★★
In June 2019, Facebook unveiled the Libra whitepaper, proposing a permissioned blockchain-based digital currency aimed at creating a global financial system accessible to over five billion people. With ambitions spanning everyday payments—from shopping to travel—Libra promised to redefine digital finance.
Despite its noble vision, Libra faced immediate pushback. Regulators and central banks worldwide expressed concerns over monetary sovereignty, financial stability, and data privacy. The U.S. Congress held multiple hearings, and several founding members, including Visa and Mastercard, withdrew from the association.
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Yet, Libra’s impact was undeniable. It ignited a global conversation about central bank digital currencies (CBDCs) and accelerated innovation in stablecoin development. Even in retreat, Libra succeeded in pushing blockchain into mainstream financial discourse.
Trend Insight: While full-scale Libra may be delayed, expect phased rollouts of single-currency stablecoins like LibraUSD or LibraEUR—first within controlled ecosystems such as Facebook’s platforms.
2. China’s Strategic Embrace of Blockchain Technology
Impact Level: ★★★★★
In a landmark moment, Chinese leadership publicly endorsed blockchain as a core technology for national innovation. This came amid escalating U.S.-China tech tensions and domestic economic slowdowns, positioning blockchain as a strategic lever for technological self-reliance.
The government emphasized applications in digital finance, supply chain management, IoT, and smart manufacturing. Unlike previous years, this support was top-down and policy-driven, signaling long-term commitment.
Trend Insight: Demand for blockchain education, consulting, and enterprise solutions surged across government agencies and private firms. Domestic tech giants expanded their Blockchain-as-a-Service (BaaS) offerings, accelerating adoption in public and private sectors.
This dual-track approach—supporting blockchain while restricting private cryptocurrencies—underscored a clear distinction between technology and asset regulation.
3. Bakkt Launches Physically-Settled Bitcoin Futures
Impact Level: ★★★★
After over a year of delays, Bakkt—a subsidiary of Intercontinental Exchange—launched physically-settled bitcoin futures in September 2019. Initial trading volume was underwhelming at just $600,000, but within months, daily volumes soared to $124 million.
Bakkt didn’t stop there. It introduced bitcoin options, institutional custody services, and even explored consumer payment use cases—positioning itself as a full-service digital asset platform.
Trend Insight: Bakkt’s institutional-grade infrastructure marked a turning point. It validated the demand for regulated crypto derivatives and intensified competition with existing players like BitMEX, OKX, and Binance.
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The derivatives market saw explosive growth in 2019, with more exchanges launching futures and options. However, a clear divide emerged: regulated "mainstream" platforms like Bakkt versus unregulated "wild west" exchanges operating globally.
4. Canaan Creative’s Nasdaq IPO: A Gateway to Traditional Finance
Impact Level: ★★★★
Canaan Creative became the first publicly traded cryptocurrency mining hardware company when it listed on Nasdaq in November 2019. This milestone opened the door for crypto-native businesses to access traditional capital markets.
While post-IPO performance was lackluster due to market volatility, the listing itself was symbolic. It demonstrated that well-structured crypto firms could meet stringent financial reporting standards and gain investor trust.
Trend Insight: Mining hardware manufacturers are likely to lead further listings. However, cryptocurrency exchanges face higher regulatory hurdles. Coinbase and Bakkt remain the most plausible candidates for future IPOs due to their compliance focus and institutional backing.
5. China Tightens Cryptocurrency Regulations
Impact Level: ★★★★
Amid growing enthusiasm for blockchain, China simultaneously cracked down on cryptocurrency trading. Authorities shut down six domestic platforms, blocked over 200 offshore sites targeting Chinese users, froze thousands of payment accounts, and removed hundreds of WeChat mini-programs related to crypto.
This reinforced the continuity of China’s 2017 “94 Ban,” which prohibited ICOs and exchange operations. The message was clear: blockchain innovation is welcome; speculative digital assets are not.
Trend Insight: Regulatory pressure remains high and is expected to persist. However, historical patterns show short-term market impacts—typically under two months—suggesting that long-term industry direction is driven more by innovation than regulation.
6. China’s Central Bank Digital Currency (DC/EP) Advances Rapidly
Impact Level: ★★★
The People’s Bank of China made significant progress on its Digital Currency Electronic Payment (DC/EP) system—a digital version of the yuan designed to replace physical cash (M0). Utilizing a two-tier distribution model, DC/EP aims to maintain transaction privacy while enabling oversight.
Pilot programs were launched in cities like Shenzhen and Suzhou, involving state-owned banks and telecom providers.
Trend Insight: DC/EP is not a cryptocurrency like Bitcoin or Ethereum. It's a sovereign-backed digital currency focused on efficiency, control, and financial inclusion. Full rollout will be gradual, prioritizing stability over disruption.
7. DeFi Emerges: The Dawn of Decentralized Finance
Impact Level: ★★★
2019 was dubbed the "Year of DeFi." Platforms like MakerDAO (collateralized loans), Compound (lending), dYdX (trading), and UMA (derivatives) gained traction. Total value locked in DeFi protocols tripled to $670 million.
Built primarily on Ethereum, DeFi offers permissionless, programmable financial services without intermediaries.
Trend Insight: While still niche, DeFi laid the foundation for an open financial system. Challenges remain—scalability, user experience, regulatory uncertainty—but innovation continues at pace.
8. Binance Security Breach Tests Exchange Resilience
Impact Level: ★★
In May 2019, Binance suffered a major hack resulting in the theft of 7,000 BTC (~$40 million). Unlike many exchanges that conceal breaches, Binance disclosed the incident and used its Secure Asset Fund for Users (SAFU) to fully compensate affected customers.
This transparency strengthened user trust and set a new standard for crisis management.
Trend Insight: As attacks grow more sophisticated, exchange security must evolve. Institutional licensing and insurance mechanisms will become critical defenses against cyber threats.
9. Academic Study Alleges Tether Market Manipulation
Impact Level: ★★
A study published by researchers from the University of Texas claimed that Tether (USDT) was used to manipulate Bitcoin prices during the 2017 bull run. The paper suggested coordinated issuance of USDT to buy Bitcoin during market downturns.
Given USDT’s dominance in crypto trading volume, the findings sparked debate about market integrity.
Trend Insight: Increased academic scrutiny will pressure regulators to act. Tether and Bitfinex remain under investigation, highlighting risks associated with unregulated stablecoins.
10. Justin Sun’s Missed Buffett Lunch Sparks Media Frenzy
Impact Level: ★
TRON founder Justin Sun made headlines after winning the Warren Buffett charity lunch with a $4.6 million bid—then canceling last minute due to “health issues.” His apology tweet admitted excessive self-promotion.
While largely symbolic, the event highlighted how crypto figures navigate public perception through media stunts.
Frequently Asked Questions (FAQ)
Q: What was the biggest blockchain trend in 2019?
A: Institutional adoption through products like Bakkt futures and corporate initiatives like Libra drove major momentum.
Q: Did China ban blockchain?
A: No—China banned cryptocurrency trading but actively promoted blockchain technology for enterprise and government use.
Q: Is DeFi safe to use?
A: DeFi offers innovation but carries risks including smart contract vulnerabilities and lack of consumer protection—use with caution.
Q: Will Libra ever launch?
A: Full Libra may be delayed, but simplified versions like single-currency stablecoins are likely to emerge in limited environments.
Q: Can real-world assets be tokenized via blockchain?
A: Yes—projects in 2019 began exploring tokenization of real estate, art, and commodities using blockchain for transparency and liquidity.
Q: How did Bitcoin perform in 2019?
A: Bitcoin started below $4K, surged past $13K amid Libra hype and China’s blockchain endorsement, then settled around $7K by year-end—showing strong event-driven volatility.
Final Thoughts
2019 was not defined by price surges or crashes alone—it was a year of structural transformation. Regulatory clarity took shape, institutions entered the space, and foundational technologies like DeFi and CBDCs matured.
As we look ahead, one truth remains: market cycles come and go, but innovation endures. Those building real solutions will outlast the noise.
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