With Bitcoin’s current price correction, its share of the cryptocurrency market has also declined. Altcoins have shown relative resilience during this price correction, which has caught the market’s attention. There are two speculations about the reasons for the relative strength of altcoins: one is that altcoins may have hit the bottom of their prices; the other may be that Bitcoin’s correction was affected by news related to Mt. Gox.
Reports indicate that Mt. Gox plans to start returning some bitcoins to creditors in July, a move that is a follow-up to its 2014 hacking incident, which has been ten years since.
It is reported that Mt. Gox currently owes customers approximately 140,000 bitcoins. The return of these bitcoins is expected to bring a certain degree of compensation to the victims back then. This return behavior is believed to have a significant impact on the market price of Bitcoin, and may even be the trigger for the recent decline in both Bitcoin’s market share and price.
At the same time, it is worth noting that the Mt. Gox incident in 2014 only affected Bitcoin, because there were no altcoins on the market at that time, and all 140,000 affected coins were Bitcoin.
When we look back at the Mt.Gox incident in 2014, we can find that Mt.Gox occupied a huge market share in the field of cryptocurrency trading at that time, and its scale even exceeded that of Binance today. Imagine if Binance suddenly declared bankruptcy today, what a huge impact it would have on the entire cryptocurrency market. This is exactly what Mt. Gox experienced back then.
Because, at the peak of Mt. Gox, more than 70% of Bitcoin transactions were conducted on the platform. Therefore, when Mt.Gox was hacked and eventually collapsed, it had an extremely serious impact on the entire Bitcoin market. This incident not only caused huge losses to investors at the time, but also posed severe challenges to the trust and security of the entire cryptocurrency industry.
This historical event reminds us that where there is Key, there is Crypto.
