In the long history of the cryptocurrency circle, those who have experienced the Mentougou, 94, 312, 519, and LUNA/FTX crashes are undoubtedly veteran investors in the cryptocurrency circle. Now, as another 519 is approaching, let us review the thrilling cryptocurrency tragedies.

Let's trace back to the Mentougou incident in February 2014, which is one of the most serious incidents in the history of the cryptocurrency circle. At that time, the world's largest Bitcoin exchange Mt.Gox was hacked, and nearly 850,000 Bitcoins were lost, accounting for about 7% of the total number of Bitcoins in the world. This incident not only caused the price of Bitcoin to plummet by 80%, but also triggered a crisis of confidence in the cryptocurrency market. However, ten years later, due to the sharp rise in Bitcoin prices and the judicial department's judgment of compensation in legal currency, the remaining Bitcoins after the liquidation of Mentougou are enough to compensate all the losses of the original creditors. Recently, there are reports that Mt.Gox is preparing to distribute about 142,000 Bitcoins (BTC) and 143,000 Bitcoin Cash (BCH) to creditors, with a total value of more than US$9 billion.

Then came the 94 incident in 2017, which was triggered by the supervision of mainland China. That year, the myth of getting rich in the cryptocurrency circle continued to emerge, and countless people's desire for financial freedom was ignited. A large number of ICO projects spread like a virus, and even square dance aunts joined in. But the chaotic situation soon attracted the attention of regulatory authorities. On August 21, the central bank headquarters received an emergency report, which clearly pointed out that ICO was a disguised illegal fundraising. On September 4, seven ministries and commissions jointly issued the "Announcement on Preventing the Risks of Token Issuance and Financing", defining ICO as an act of illegal public financing without approval. As soon as this announcement came out, Bitcoin fell 32% and Litecoin fell 57.3%. However, after a short impact, Bitcoin went out of the super bull market. By the end of 2017, Bitcoin reached its historical high of 20,000 US dollars, which doubled six times in three months. Binance also took advantage of the opportunity of many exchanges to move overseas to achieve a super counterattack and climb to the top of the exchange.

In 2020, the 312 incident broke out. According to Binance data, Bitcoin fell from a high of $7966.17 to a low of $4410, and on March 13 it fell to a low of $3782.13, with a maximum drop of more than 50% in two days. At that time, affected by the epidemic, the global economy was in recession and US stocks plummeted. Although many crypto investors regard Bitcoin as a safe-haven asset, whether a target is a safe-haven asset depends on the consensus of more investors. Today, only four years have passed since the 312 incident, and the Bitcoin that was more than $3,000 at that time has now increased more than twenty times.

In 2021, the 519 incident shocked the cryptocurrency circle. Prior to this, Bitcoin had soared to more than 60,000 US dollars, and those who bought the bottom of Bitcoin on 312 realized more than ten times the profit in a year. On May 18, 2021, the central bank issued a document, and the three major associations of the financial industry spoke out, pointing out that providing virtual currency trading services was suspected of engaging in illegal financial activities. The market was relatively stable that day, and even rose slightly, but on the evening of May 19, Bitcoin fell from 44,000 US dollars to 29,000 US dollars, a drop of 34%. This incident triggered a chain reaction of mine closures, mining machines going overseas, and financial delisting, and the cryptocurrency circle was in a panic. However, after 519, Bitcoin suddenly made a comeback and broke through a new high again, reaching 67,000 US dollars, almost clearing out the contract players.

In 2022, Luna and FTX collapsed one after another, triggering a crisis of trust in the entire cryptocurrency market, and the market entered a deep bear market. Around 2018, Korean Do Kwon established Terra, a public chain ecosystem centered on stablecoins. Its token Luna and stablecoin UST operated through a specific interactive mechanism. However, in May 2022, large investors sold UST, causing Luna prices to plummet and UST to decouple. Although some people bought at the bottom, Luna was almost zero in the end. Many exchanges removed Luna and suspended trading, and the Terra public chain was shut down. FTX, as the second-ranked exchange in the crypto market at the time, received investment from many formal large funds, but it collapsed at the end of November 2022, with chaotic internal management and arbitrary misappropriation of customer funds. Affected by this, the price of Bitcoin fell from 60,000 at the beginning of the year to a minimum of 15,000 at the end of the year, a 75% plunge.

Looking back at these five thunderstorms, we found that only two of them were related to encryption technology, namely the Mentougou theft in 2014 and the LUNA/FTX thunderstorm in 2022. After the Mentougou incident in 2014, Bitcoin fell for a year and a half before rising again. During this period, investors had a deep distrust of cryptocurrencies. After the LUNA/FTX thunderstorm in 2022, both investment institutions and ordinary investors also had a sense of distrust in cryptocurrencies, and Bitcoin took a year and a half to recover. The other two were affected by the policies of the Chinese government, which shows the deep influence of Chinese people in the encryption circle. The price recovered only two months after the 94 incident in 2017, and it surged at the end of the year. Only four months after the 519 incident in 2021, Bitcoin hit a new high. The 312 incident was more affected by the epidemic, and the price of Bitcoin recovered two months later.

In addition, Marvin (address 7055), as a meme coin related to Musk's pet dog, has a strong community consensus, is expected to be 500 times higher, and is expected to be listed on major exchanges. Its current market value is low, and it is indeed a good time to build a position. #新币挖矿已上线HMSTR #AI概念币普涨 #币安上线CATI #本周美国将公布PCE、GDP数据 #BNBChain与Telegram集成 $BTC