Famous YouTuber Ben Armstrong, fan-named ‘Bitboy,’ surrounds the audience with the thought that the crypto is not nubile and it can somehow face the downturns like FTX crash.
He also highlighted the crash of Mt.Gox, one of the largest Bitcoin exchange which was based in Tokyo, Japan. It handled almost 70% of all BTC transactions worldwide until 2014.
Then it suddenly ceased its operations due to the disclosure of its involvement in the mismatch of millions of dollars. In late February 2014, the BTC exchange halted its trading activities, stopped withdrawals, and shut down its financial services and websites.
The massive attack of over 840,000 BTC hack led to its downfall. Just in the mid of 2013, BTC was soaring high to that time’s high of $1,100. After that crash, the world’s largest cryptocurrency by market capitalization slumped to almost 85% until early 2016.
In 2017, a spectacular year for the crypto industry, BTC broke its record of touching almost $20,000 and then suddenly dragged to the dust at less than $11,000. The investors’ hard-earned money came crashing down due to the bubble surrounding the crypto market, again breaking the bone of the entire crypto market
.As per the media reports suggest, the crypto markets remained drowsy in 2018 with the ongoing major attacks in Japan and Korea combining the rumors flying for banning BTC laid the trust of investors over the crypto down.
As on 19 November, Bitboy tweeted-
“Crypto is not dead. NO MATTER what happens with GBTC/Genesis/Silvergate.., remember this: When $BTC was barely relevant Mtgox was hacked. 90% of Bitcoin transactions happened there. Almost the entire market at one place… gone… poof. And we survived and thrived.”
In April 2021, the BTC won the hearts of all investors hitting a new all-time high above $68,000. The richest man on the earth announced acceptance of the BTC as the mode of payment for Tesla cars. But then in June, China suddenly banned all domestic crypto mining and outlawed all cryptocurrencies in one slash. Tesla’s also stopped accepting BTC as payment.
After Sam Bankman-Fried’s crypto exchange FTX crashed. The contagion fear spread all over the market, leading many other crypto firms to be adversely affected by the collapse. It is considered to be the crypto’s Lehman Brothers crash.
Back in June 2022, Luna Terra crash led to the downfall of the firms such as Three Arrow Capital, Voyager Digitals and Celsius Network leading to the crypto winter. Crypto veterans predicted that the black swan event and the FTX crash will extend the crypto winter ahead to 12-18 months.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.