In an X post titled 'A stroll down memory lane,' crypto enthusiast James Murphy, aka MetaLawMan, revisited the U.S. government's alleged plan to 'asphyxiate' the crypto industry. He recalled the crypto sector's severe downturn in March 2023, triggered by a stringent government crackdown that unfolded over just 18 days.
Key Events of the Crash
In March 2023, the crypto market faced significant challenges. On March 8, 2023, financial giant Silvergate announced its cessation of operations, marking one of the initial steps in a series of actions aimed at the market's collapse.
Details of the Events
Over the course of 18 days, the U.S. government undertook a series of coordinated actions against the crypto industry. In his X posts, James Murphy chronicled each of these actions, including abrupt policy changes and the shutdown of key financial services.
Community Opinion
MetaLawMan provocatively stated, 'When the history of crypto is written, this may be a March to remember.' The community of crypto enthusiasts believes that the government will continue its attacks on the market, and therefore, resilience is necessary.
The events of March 2023 have left a significant mark on the history of the crypto industry. Opinions among experts and market participants remain divided, but most agree on the need to be prepared for further challenges.
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