FX CRYPTOCURRENCIES
and $196.42 per coin. But then November came and it skyrocketed from $194.42 per coin to close the month out at a huge $1113.06 per coin. In 2013 Bitcoin had finally arrived. It carried on rising due to increased demand from consumers in China hitting a new high of $1242 per coin. This caught the attention of the Chinese authorities who then stepped in and banned all the banks from handling bitcoin transactions.
Further bad news for Bitcoin was on the way with the black market website Silk Road which allowed the purchase of illegal drugs with bitcoin was
shut down
by the FBI and its alleged operator arrested. Then in January 2014, the CEO of BitInstant, one of the first Bitcoin exchanges, Charlie Shrem was arrested for selling $1 million bitcoins to Silk Road clients. Negative headlines at the time went hand in hand with the crypto currency which then culminated with the MT.GOX $460 million
10 FX TRADER MAGAZINE January - March 2018
his lack of leadership and business prowess was blamed but either way the light had gone out for bitcoin and the recording breaking run it experience at the tail end of 2013 was over and it crashed to a low of $100.91 per coin in August 2014. After that for the next two years its traded fairly side wards not making any market noise until January 2017
disaster in March 2014. MT.GOX was the world’s largest bitcoin exchange which collapsed into bankruptcy due to an apparent hack of its systems which led to the theft of $460 million. Mark Karpeles the CEO of MT.GOX and
and we all know what has happened since then.
Can History repeat itself?
Bitcoin is different today. First of all, like in 2013 we have had further i nt e r v e nt i o n by Chinese a u t ho r it ies and other Government s, but bitcoin has just this
off.
shrugged In
Negative headlines culminated with the MT.GOX $460 million disaster in March 2014
D e c em b er this year, cryptocurrency – mining service NiceHash was hacked losing nearly $70 million which is the 4th largest breach in bitcoins history, but again, bitcoin didn’t not care and it continued its bull run. There
have also been high profile arrests, such as the Alexander Vinnik who was arrested for allegedly laundering $4 billion bitcoins for the criminal underworld and the digital currency once again paid no attention what so ever.
Bitcoin is so different
than it was back in 2013. Why is it different? Simply the world has started to embrace it. First driven
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