Cryptocurrency enthusiasts in particular are now accustomed to such crises Mt. Gox attack, FTX crash and THODEX scandal There have been a number of significant crises.

Here you will find the top 10 of these crises and Effects on cryptocurrency prices:

1. Mt. Millions of dollars worth of Bitcoin were stolen in the Gox attack.

In 2014, what was once the largest Bitcoin exchange in the world Mt. gox suddenly closed and filed for bankruptcy. The reason for this sudden closure was the theft of approximately 850,000 Bitcoins. This amount of Bitcoin It was worth about $450 million at the time.

This crisis caused the price of Bitcoin to plummet in just a few weeks. From $800 to $200 caused it to fall.

2. Bitcoin’s name was damaged by the closure of Silk Road.

Online marketplace for the sale of illegal goods and services in 2013 Silk Road was closed by the FBI. This caused the Bitcoin price to drop from $140 to $110.

Compared to other crises, this event caused Bitcoin for illegal activities He emphasized that it is an easy-to-use currency.

3. With the bursting of the ICO bubble in 2017, there was a sense of panic among investors.

During the ICO craze of 2017, thousands of new cryptocurrencies entered the market. Many of these were fraud-based projects. When the ICO bubble burst, the price of Bitcoin rose It dropped from $20,000 to $6,000.

At the same time it influences the market ICO token prices are falling rapidly It caused panic among investors.

4. Floods in China brought Bitcoin mining to a standstill.

Due to floods that affected six cities in China on June 26 and 27, 2018 More than 91,000 people were affected. This natural disaster has seriously affected the cryptocurrency market.

At the time, China was a leader in cryptocurrency mining and flood damaged mining equipment. This caused the Bitcoin mining rate to drop sharply. In fact, the Bitcoin network is almost has come to the point of closure.

Bitcoin Mining Speed; It refers to the speed at which the Bitcoin network verifies and secures transactions. This event; Bitcoin, decentralized It cast a shadow over the idea that it was a coin.

5. Many investors took a big financial hit due to the collapse of Bitconnect.

In January 2018 it was announced that Bitconnect, seen at the time as a platform with a lot of potential, was actually one It turned out to be fraud.

Bitconnect was a cryptocurrency lending and trading platform that operated on the promise of providing high returns to investors. When it turned out to be a Ponzi scam, the platform’s native token, BCC, was forfeited within hours. It dropped from $400 to a few dollars.

This crisis in the cryptocurrency industry Regulatory efforts against fraud made it increase.

6. COVID-19, which affects the economy in general, did not ignore Bitcoin and other cryptocurrencies.

Due to global uncertainties, investors turned to traditional assets such as gold in search of safe havens, pushing up the price of Bitcoin. He lowered it from $9,000 to $4,000. This rapid decline has dealt a major blow to the perception of Bitcoin as digital gold.

7. China, the heart of cryptocurrency mining, has banned mining in 2021.

This move caused the price of Bitcoin to drop It caused it to drop from $40,000 to $30,000. This attitude of the Chinese government raises concerns among investors that cryptocurrencies are unreliable. the image reinforced that

8. With the performance of the Chinese real estate giant, Bitcoin price did almost the opposite of what was expected.

In 2021, a real estate crisis broke out, associated with Chinese real estate giant Evergrande. This event, led to global economic uncertainty.

At the beginning of the crisis, the price of Bitcoin rose above $50,000, but… It then quickly dropped to $40,000.

9. Millions of investors lost their investments when FTX crashed.

In 2022, FTXwhile it was considered one of the best and most reliable cryptocurrency exchanges at the time. Within a few days it went bankrupt.

Uncertainties in the process leading to stock market failure, I last saw Bitcoin over a year ago He lowered it to $25,000. Behind the decline were allegations that the exchange was experiencing financial difficulties and had sold off its cryptocurrency investments.

But in reality, the stock market was in a difficult situation, which led to bankruptcy. He used users’ cryptocurrencies. With the emergence of these facts, the entire cryptocurrency market entered a new period of decline.

10. More than 400,000 Turkish investors were affected by the THODEX scandal.

2021 and THODEX, which was previously considered a reliable Turkish cryptocurrency exchange platform, was suddenly closed in April of the same year. As a result of this incident, users gained access to this platform with over $2 billion in crypto assets More than 400,000 users fell victim.

The founder of the fair, Faruk Fatih Özer, mysteriously disappeared. However, in April 2023, Özer was caught He was sentenced to 11,196 years, 10 months and 15 days in prison. His brothers were also fined 135 million Turkish liras.

This scandal, especially against cryptocurrencies in Turkey the need for stricter legal rules and emphasized the need for investors to be protected by the government.

Despite all these crises, Bitcoin has proven to be a very durable asset so far and generally regained value after a certain period of time following these crises. Recently, Bitcoin has become more accepted and recognized as a legal asset.

The history of cryptocurrencies is full of crises, major developments, sharp rises and falls. However Such events test crypto assets. Therefore, there is potential for digital assets to become more widely accepted in the future, both in Turkey and around the world.