In today’s list, we are going to take a look at the top 5 events/tweets that had the most influence on the crypto market, some of the events were so influential that they completely changed the direction of where the market is going or that changed the image of cryptocurrency. let’s dive straight into it.
5. Elon musk tweets
Twitter influencers always have had a huge influence on crypto. John Mcafee for example knew how to manipulate the market in the early days. However, nothing compared to the influential power of Elon Musk. His tweets caused the market to crash about 50%. Elon Musk, the owner of Tesla had announced that Tesla would stop accepting bitcoin payments for their electric automobiles, causing a lot of people to panic because they knew how far Elon’s reach would go. In combination with bad news coming from china (CRYPTO MINING BAN) caused the market to crash even more.
Effect: 50% crash
4. MT. GOX DATA LEAKS
On number 4 we have one of the biggest crashes in cryptocurrency history, why do we keep this so low on the list? Because it happened in the early stages of crypto making it easy to get influenced by bad news. On the 13th of June MT. Gox reported that 25,000 bitcoin was robbed out of 478 accounts. On June 19th a stream of fraudulent trades caused the price to drop below one cent on MT. Gox.
Effect: the biggest crypto crash in history.
On number 3 we have one of the worst things that has happened in crypto history alongside MT. Gox because these events had a direct effect on the cryptocurrency holders/believers instead of just giving bitcoin a bad name. Bitconnect was one of the biggest coins /Ponzi schemes the cryptocurrency market has ever seen. It plummeted from 500 dollars to below 1 dollar in 2018. The coin was created in 2016 and the company claimed people would receive dividends from a trading bot performing trades on the cryptocurrency market. Unfortunately, people just invested in a Ponzi scheme that eventually collapsed taking all the people’s money with it.
Effect: distrust in the crypto market + insane amounts of losses.
2. The Silk Road arrests
The second place on this list goes to the Silk Road arrests, The Silk Road was a deep web market place that one could enter with, for example, the Tor browser. To keep its users/sellers anonymous the site used Bitcoin and Monero for payments. When the owner of The Silk Road, Ross Ulbricht got arrested in 2013 it gave bitcoin a really bad name in the news + bitcoin wasn’t being used for transactions anymore it also scared away (potential) investors in the cryptocurrency.
Effect: bad name + no more transactions using bitcoin
- MT. GOX
At nr 1 we find the horrible conclusion of MT. GOX. As one of the largest crypto exchanges around 2013 / 2014, it was handling around 70% of all bitcoin transactions worldwide. However, in 2014 it suddenly suspended trading, closed its website and exchange service, and immediately after that filed for bankruptcy protection from creditors. Then they announced that about 850,000 bitcoins belonging to customers went missing and were likely “Stolen”.
effect: causing the market to dive.