In the early days of Ethereum, co-founder Vitalik Buterin wanted to utilize blockchain to build decentralized applications. Look back at the story!
As Bitcoin continued its early stages of development, the largest exchange at the time was on its way to ruin.
This article explores the pivotal period from 2013 to 2015 in the cryptocurrency world — a time of significant advancements and notable challenges. During this period, the increasing mainstream adoption of Bitcoin marked a critical shift toward recognizing digital currencies. However, this era also witnessed the dramatic fall of Mt. Gox, underscoring the risks and volatility in the burgeoning crypto market.
In an event that sparked widespread attention, Bitcoin achieved a remarkable milestone by reaching a new all-time high of $190 on April 10, 2013, during the Cyprus banking crisis. This crisis highlighted the potential benefits of decentralized currencies, leading many to view Bitcoin as a viable alternative to the traditional financial system’s vulnerabilities. Despite the initial surge, Bitcoin’s value experienced a significant drop to $68 just a week after reaching its peak.
The situation escalated when Mt. Gox sought bankruptcy protection in the United States in March 2014, revealing that 750,000 BTC belonging to its customers and 100,000 of its own coins had been compromised, amounting to a loss valued at around $473 million at that time.While the downfall of Mt. Gox marked a turbulent period in the cryptocurrency sector, it coincided with the emergence of several platforms that would become major players in the future.
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