These days there is constantly new bad news on the crypto market. The development of the Bitcoin price is a good example. But how dramatic is the development really and how justified are concerns that the entire crypto industry is being talked into an existential crisis due to the rising corona infection numbers? The fact is that in the past ten years there have been repeated problematic situations in which the BTC price has crashed dramatically. But as the saying goes: Those who are written off live longer. So let’s take a look at some of the major crisis situations, the causes and the actual effects. <\/p>\n
After its founding in 2009, Mt.Gox K.K. was considered a beacon of hope for many fans of digital currencies. From Japan, the company started its success story in the first phase after the market launch. One year after the start of business, the original trading platform for Bitcoin investors became a \u201creal\u201d crypto exchange. But the company’s history was not only accompanied by positive headlines. The year 2011 is considered by many industry experts to be one of the first black ones for the sector as a whole. The stock market crash did not follow until 2014. But there were already problems in 2011. Security gaps in the platform software and the resulting hacker attacks led to massive price corrections for the leading currency in the crypto world. <\/p>\n
It was striking how quickly slumps in prices for digital currencies can occur. In the worst phase in mid-June 2011, the Bitcoin price crashed to just one US cent. However, this was only able to curb the high flight of numerous cryptocurrencies for a short time. After that, the currency successively recorded new increases, which continue with interruptions to this day. <\/p>\n