This time, the situation is similar. During the three days during which the Bitcoin price fell from $266 to $60, nearly every Bitcoin exchange was subject to heavy stress, with MtGox being inaccessible for ten hours and BitStamp, BitFloor and BTC-E for one to three. Three Bitcoin exchanges saw their bank accounts closed for legal reasons, and Bitcoin Central lost several hundred BTC in a hack. Bitcoin's critics, who had remained strangely silent while the currency was still going up to its new all-time high, came out of the woodworks to criticize the currency as soon as the price started falling on April 10. Google Trends volume, after seeing a new all-time high, is now once again back to the same levels that it saw in mid-March.
To those of us who have been with Bitcoin long enough to have seen the great bubble of 2011, what is perhaps the most suprising about the aftermath of this crash is just how similar it is to the previous. In the run-up to June 9, it seemed as though everything was going well for Bitcoin. There was some negative media attention regarding Silk Road, but even there many of the articles were positive, detailing the potential of the website rather than fearing governmental attack. Around June 3, prices started rising super-exponentially increasing from $10 to $30 in less than a week. After the crash on June 9, however, everything seemed to go wrong at the same time. Half a dozen major Bitcoin services were hacked all at once, MtGox went down for nearly a week, and media attention quickly turned sour as a result.
However, there are also signs of hope. Unlike after the previous crash, dozens of new businesses have started accepting Bitcoin, and many columnists even came out to defend Bitcoin, or at the very least the idea of cryptocurrency more generally. News reports of venture capital investors being interested in Bitcoin are only continuing to increase in number. It's a claim repeated often both here and elsewhere that there is simply no way to tell where Bitcoin will go from here; for now, perhaps it's best to simply enjoy the ride.
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