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I believe that many senior investors in the currency circle are aware of the Bitcoin 94 incident. This is a disaster that investors in the currency circle do not want to mention again. The occurrence of the Bitcoin 94 incident is of great significance to the entire currency circle. Yes, it has allowed the wildly growing virtual currency to be included in the framework of strong financial supervision. As soon as the Bitcoin 94 incident came out, some investors chose to withdraw from the market. Of course, some investors chose to stay put. In order to avoid the domestic system, many large exchanges chose Going overseas to make a living, the Bitcoin 94 incident severely hindered the development of cryptocurrency trading in China, and caused a sharp decline in the price of Bitcoin in a short period of time. I believe many investors don’t know how long it took for the Bitcoin 94 incident to start skyrocketing? Below, the editor of Coin Circle will introduce it to you in detail.

## How long did it take for Bitcoin to start skyrocketing after the 94 incident?

Bitcoin began to skyrocket about 3 months after the 94 incident. Bitcoin’s 94 incident occurred on September 4, 2017. This day was the lowest day in the currency circle. The central bank and seven ministries and commissions determined that ICO was an illegal financing behavior. Domestic Exchanges were also closed, so ICOs were banned, projects were withdrawn and shut down, and the market collapsed instantly. Most currencies in the market fell by more than 50% in one day, but within 3 months, Bitcoin was in December 2017. Taking the major mainstream currencies to the historical peak, it ushered in the bull market of cryptocurrencies, but only a small number of investors held on to 94, and in the end their assets increased more than ten times.

The "94 ban" has allowed virtual currencies, which have been growing wildly, to be included in the strong financial regulatory framework. On that day, 12 token issuance platforms announced the suspension of token issuance business on their official websites, announcing that they would stop issuing new financing projects. 88 different DIGICCY exchanges and 85 token issuance and trading platforms in China have either stopped withdrawing coins or gone overseas to seek opportunities.

On September 15, 2017, the price of Bitcoin reached the bottom, quoted at US$2,980; on December 10 of the same year, the price of Bitcoin reached its historical peak of US$20,000. A new round of bull market began, and the market became crazy again, which also marked a perfect year for 2017. period. In January 2018, Bitcoin fell back to US$16,000, and currencies such as XRP began to enter the myth of a hundred times or a thousand times. Thereafter, there was a decline, ushering in the cold winter of cryptocurrency.

## The significance of Bitcoin 94 events

In fact, the rapid development of blockchain in the world began in 2012. At that time, the number of global blockchain companies grew rapidly at a compound growth rate of more than 65.2%. By the end of 2016, there were 753 companies participating in the blockchain industry worldwide. Later, as the prices of digital currencies represented by Bitcoin, Ethereum, etc. skyrocketed, in early 2017, the myth of getting rich overnight began to attract more and more people and companies to get involved in the token investment craze. In March of the same year, the amount of financing for token issuance, also known as ICO, experienced explosive growth. The hundreds-fold increase in many tokens set the digital currency market on fire.

This round of explosion has pushed blockchain technology and digital currency to the forefront. Countless capitals have flowed in. Media, projects, and other related derivative industries, such as digital currency funds, have all sprung up and developed one after another, creating a chasing industry. Hot spots, the phenomenon of chasing the wind. Since then, due to the collapse of the token issuance project, the phenomenon of deceiving investors has become the norm, and corresponding illegal activities of various pyramid schemes and air coins have emerged. The market is a mixed bag and chaotic.

Therefore, the regulatory authorities launched a one-size-fits-all supervision. On September 4, 2017, the "Announcement on Preventing Token Issuance and Financing Risks" was issued: From now on, all types of token issuance and financing activities should be stopped immediately. Organizations and individuals should make arrangements such as liquidation and exit, reasonably protect the rights and interests of investors, and properly handle risks.

The promulgation of the "Announcement" clearly defines ICO as an illegal financing activity. This has allowed virtual currencies, which have been growing wildly, to be included in the strong financial regulatory framework. On that day, 12 token issuance platforms announced the suspension of token issuance business on their official websites, announcing that they would stop issuing new financing projects. 88 different domestic digital currency exchanges and 85 token issuance and trading platforms have either stopped withdrawing coins or gone overseas to seek opportunities.

The above content is the editor’s detailed explanation of how long it took for Bitcoin to skyrocket after the 94 incident. The Bitcoin 94 incident can be said to have caused a depression in the entire global blockchain industry for nearly three months, but in fact, this time also effectively cooled down the frenzied market at the time. In addition, the Bitcoin 94 incident also had a certain impact on the pattern of trading platforms and brought about some changes. Although some exchanges closed directly, there were also some exchanges that seized the opportunity to develop during this incident. Opportunity to make a strong impression on investors by making your own name.