From Mt.Gox's collapse to the macro shocks of 2026: What really happened behind Bitcoin's plunge?
The crypto market is facing another winter, with BTC currently retreating to the $60,000 level after reaching a historic peak of $126,200 in October 2025. To see the future clearly, we need to review several key "crashes":
1️⃣ 2014: Trust Crisis (Mt.Gox Bankruptcy)
That was the industry's first systemic shock. The largest exchange at the time, Mt.Gox, lost 850,000 BTC due to a hacking attack. At that time, people thought cryptocurrencies would go to zero, but the result was that the infrastructure became more secure.
2️⃣ 2018: ICO Bubble Burst
It was an era where “air coins” were rampant. BTC dropped from $20,000 to $3,100, a decline of 85%. The market cleared out useless projects, making room for real technological development.
3️⃣ 2022: Collapse of Giants (LUNA and FTX)
The most painful year. The collapse of the algorithmic stablecoin UST and the downfall of the FTX empire proved that even giants can fall overnight. This lesson taught us the importance of transparency and proof of reserves (PoR).
4️⃣ 2026: Macroeconomics and the Trump Effect
The current adjustment (a 50% drop from the 2025 peak) is completely different from the past. Why?
✅ There has been no internal systemic collapse or major hacking incidents.
✅ The market is primarily driven by institutional liquidity.
✅ The core drivers are the global macroeconomy and geopolitics (such as the impact of Trump’s policies).
As noted by analysts at Wintermute, what we are experiencing is not a simple "bear market," but a deep structural transformation. Bitcoin is no longer an island; it has become part of the global financial system.
Summary:
History tells us that every squat is to jump higher next time. We are transitioning from the "wild growth" to the era of institutional liquidity.
📢 Do you think $60,000 is the bottom? Or will it drop deeper? Let's discuss in the comments! 👇
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