Luis R ©
Luis R © 1 minutes reading from Bitcoin

Bear Market #1: Bitcoin Price Breaks $1,300, Lost 99% in a Few Days

Bear Market 1 BTC (Bullish) The Bitcoin price broke its first major psychological mark of 1 at the end of April 2011 to initiate its first ever rally until reaching 32 on June 8, 2011.

(Start of bear market) But the joy did not last long, as the value of Bitcoin plummeted to a low of 0.01 over the course of a few days.

The abrupt sale was largely blamed on safety issues at the now-defunct Mt. Gox.

a Japanese cryptocurrency exchange that traded most of Bitcoin at the time

"By this date, 850,000 BTC was stolen due to a security breach in its platform, raising serious concerns about the security of amounts of Bitcoin stored on exchanges." (notice something similar to the present)

Lost close to 99% of value, in just a few days, this June 2011 lightning crash became a big part of Bitcoin history.

The event opened a long period before the BTC price rallied to the previous high of 32 and only climbed to new highs in February 2013.

This post is based on this twitter thread.

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