What was the significance of the Soviet launch Sputnik 1 in 1957?

I do not know if you were provided multiple choice answers but it showed that the US was no longer the only western developed country with an atomic bomb. The atomic bomb made the US really powerful and now that there was another nation, this threatened their title. During the Cold War, the Americans and the Soviets constantly wanted to one up each other and with Sputnik, they were “equal”.

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