Cryptocurrency has had its fair share of groundbreaking partnerships and catastrophic crashes over the years. Here’s a review of eight extraordinary events that have reshaped the industry:
February 2014: The Mt. Gox Hack
Mt. Gox, once the largest crypto exchange in the early days of Bitcoin, closed its doors following a massive hack that saw hackers steal 744,408 BTC from customers’ wallets. The exchange filed for bankruptcy protection in Japan and the United States, marking the end of an era.
August 2017: Bitcoin Cash Hard Fork
Bitcoin’s size restriction of 1 megabyte (MB) led to scalability issues manifested as prolonged transaction times and costly fees. This led to a hard fork of the Bitcoin blockchain, giving birth to Bitcoin Cash, which increased the block size from 1 MB to a range between 8 MB and 32 MB.
March 2020: Covid Crash
Bitcoin’s perception as a safe-haven asset and a hedge against inflation was severely diminished when it fell short of expectations during the COVID-19 pandemic. Its price plummeted, sinking below $4,000 within hours.
March 2021: Beeple $69M NFT
Non-fungible tokens (NFTs) became a mainstream phenomenon in 2021, with digital artist Beeple’s artwork fetching a staggering $69 million.
Other events that have reshaped the industry include the successful launch of the Ethereum network in July 2015, the rise of Decentralized Finance (DeFi) in 2020, the Dogecoin frenzy in May 2021, and the El Salvador Bitcoin Law in June 2021. These events have left an unforgettable mark on the collective consciousness of the crypto world, shaping its present and future. They highlight the importance of security, regulation, and transparent operations in building trust within the crypto ecosystem.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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