Bitcoin fell from $780 to $600. Was the bizarre shutdown of Bitfinex the main reason?

Recently, Zane Tackett, director of community and product development at Bitfinex exchange, posted a post saying that "r/btc community hates Bitcoin but prefers altcoins." This comment aroused dissatisfaction in the r/btc community. The author ydtm mentioned the bizarre offline incident of Bitfinex and made a clever counterattack. The following is the translation:

Let’s review a strange incident that happened recently on the Bitfinex exchange:

From March to May, the price of Bitcoin has been hovering around $400. Then in June, the market suddenly started to rise (about a month before the halving), and on June 21, the price of the currency once rose to $780.

Then, the rebound in the coin price came to an abrupt halt because the Bitfinex exchange suddenly went offline on June 21.

You can clearly see this massive rally and then the sudden price crash in the chart below, which runs from mid-March 2016 to July 1, 2016:

On June 21, less than a month before the second halving of Bitcoin production, Bitfinex, one of the world's top Bitcoin exchanges, was suddenly offline for several hours due to "technical difficulties." Since then, the price of Bitcoin has immediately collapsed from US$780 to around US$600, abruptly halting the halving trend.

No one except the parties involved knows whether Bitfinex’s sudden shutdown is a coincidence.

But what we can be sure of is that the temporary collapse of Bitfinex was one of the main reasons for the interruption of Bitcoin’s rebound and the drop in the price from $780 to $600.

Now that Bitfinex’s Director of Community and Product Development Zane Tackett (/u/zanetackett) has launched a bizarre verbal attack on the r/btc community, perhaps we should pay more attention to this particular exchange, and at the same time, we should continue to ask why the exchange did not have backups or a disaster recovery plan in place to prevent the collapse disaster on the 21st?

I always thought /u/zanetackett was a nice guy who was always answering customer service questions on the /r/BitcoinMarkets community forum, but now I am no longer so sure about him or the Bitfinex exchange he represents.

In that post, I went on to ask him these questions:

You belittle the r/btc community. Can we understand it this way:

Do you support censorship in the r\bitcoin community?

Are you against simple, safe transitional scaling via moderately large blocks?
(Because these two points are the main points often supported by the r/btc community.)

Hopefully he will respond eventually.

https://np.reddit.com/r/BitcoinMarkets/comments/4qjryo/daily_discussion_thursday_june_30_2016/d4upu07?context=1

Here are some posts from the r/BitcoinMarkets community discussing some of the events surrounding the Bitfinex crash on June 21, 2016:

Bitfinex’s actions today border on criminal, this time as a general warning.

Yes I was crazy... I lost money because they screwed up the trading engine and I couldn't sell my bitcoins and I watched the market go downhill and I couldn't do anything.

https://np.reddit.com/r/Bitcoin/comments/4p4vv6/bitfinex_actions_today_are_bordering_on_criminal/

What just happened?

Can anyone tell me what caused the Bitfinex crash?

https://np.reddit.com/r/Bitcoin/comments/4p1yrn/what_is_going_on_right_now/

At this critical moment, can exchanges not let down their guard? Bitfinex! We are talking about you. We are all watching you.

How wonderful it would be if we could continue to move in a peaceful uptrend without seeing some shameful "shit" on some exchange.

https://np.reddit.com/r/Bitcoin/comments/4p2v0u/can_exchanges_stahp_dropping_the_soap_during_this/

Bitfinex Ignores Their "Network Issues" Warnings

If Bitfinex was fully aware of the serious “network issues”, why didn’t they warn their customers before suspending trading (at least 3 days)?

Why did Bitfinex ignore the warnings?

https://np.reddit.com/r/BitcoinMarkets/comments/4phbp5/