Bitcoin today records the longest bear market ever. The Bitcoin market has primarily showcased three major cycles in its history of 10 years. The three cycles have some remarkable similarities, only each is bigger than the last one.
2011- The first ever Hype in Bitcoin
The driving force for the adoption of Bitcoin had earlier been anonymity and decentralization. The tech-savvy could efficiently mine a couple of bitcoins using his PC only. However, with increasing recognition and value we say the evolution of GPU miners.
The Price of Bitcoin reached a dollar of the first time on 14th February 2011. The FOMO got the better of the US, Japanese and Chinese investors who pushed the price till 20$ before Bitcoin went under a flash crash after the infamous Mt. Gox theft. As much as 50,000 BTC were stolen.
The hope of a new decentralized global currency with limited supply to eliminate financial corruption is lost. The Mt. Gox crisis lost people’s faith because it was a common notion that…
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