This was the first major crash in the price of Bitcoin this three-year-old Technology's value Rose quickly to 29 and then lost almost all of its value declining to two dollars over the next few months.
The major reason for this epic crash was the hacking of again Mt.Gox the dominant centralized crypto Exchange in bitcoin's early days a hacker gained access to Mt.Gox user accounts and was able to falsely crash bitcoin's price to one cent .
Although this crash wasn't real it was a huge blow to bitcoin and the broader ecosystem in its early days the centralized point of failure here was Mt. Gox and early red flag for keeping funds on centralized exchanges.
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