94 Incident in the Cryptocurrency Circle: The Blood and Tears History and Rebirth of Leeks (from Coinsradar.net)
Today we are going to review an important turning point in the history of the cryptocurrency circle - the 94 Incident. This is not only a huge change in the market, but also a magnificent blood and tears history of many investors.
Let us first go back to the turbulent year of 2017. At that time, the digital currency market was in its heyday, ICO (initial coin offering) projects emerged in an endless stream, and investors, with their visions of the future, flocked to this new field that seemed to be full of infinite possibilities.
However, the good times did not last long. On September 4, 2017, a bolt from the blue shook the entire cryptocurrency circle.
Seven ministries and commissions jointly issued an announcement, clearly prohibiting any token issuance and financing activities, and requiring all ICO token trading platforms to clean up and close transactions before the end of the month. This policy is like a basin of cold water, instantly extinguishing the market's enthusiasm.
The altcoins began a long road of decline, and many projects lined up to zero. Investors watched their assets shrink significantly, but they were powerless. Although the three major exchanges at that time - BTCC, Okcon, and HuoB - did not directly participate in ICO, the panic in the market has spread.
Just when everyone thought the storm was about to subside, on September 14, 2017, Bitcoin suddenly plummeted. It was rumored that all Bitcoin exchanges in China, including the three major exchanges, would be completely cleared out. On this day, Bitcoin fell from $3,900 to $3,200, a drop of 17%. The panic in the market reached its peak.
September 15th, which followed, became a nightmare for many investors. The Beijing Internet Finance Regulation Group interviewed the heads of various virtual currency platforms and required all trading platforms to immediately stop all virtual currency transactions.
This news was like a heavy bomb, instantly detonating the panic in the market. Investors frantically sold their virtual currencies, fearing that they would lose all their money if they were one step late.
Bitcoin plummeted again on this day, from $3,250 to $2,950. Litecoin was directly cut in half, and the market was wailing.
However, just when everyone was in despair, at 9 pm, the exchange issued an announcement: it would gradually stop all digital asset trading business before October 31. This huge bad news came suddenly, but unexpectedly brought a rebound in the market.
Bitcoin rose directly from $2,950 to $3,700, and Litecoin almost doubled. This scene stunned many investors. It was obviously a huge negative news, so why did the market soar?
It turned out that after the 915 incident, because investors had sold all the coins in the market and could not deposit money to buy again, the remaining coins in the market suddenly became popular. This phenomenon also indicates that the real bull market has just begun.
From this day on, Bitcoin embarked on a ten-fold journey, and the altcoin started a hundred-fold journey. However, there are very few investors who really make money. Because the currency circle is an extremely anti-human place, sometimes what you think is a negative is actually a positive, and what you think is a positive is actually a real negative.
Looking back on this history, we can't help but feel sorry for those investors who have experienced the 94 incident. But at the same time, we must also see that it is these twists and turns and hardships that make the currency circle more mature and tenacious.
On the road ahead, we will continue to move forward and explore more possibilities and opportunities.
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