In March of 2013, the government of Cyprus announced a bail-in for banks, meaning that the financial institutions would have to impose losses on their shareholders, debt holders and even large depositors. After the bail-in was announced people ended up rushing to their bank accounts to withdraw funds and a lot ended up putting the money into bitcoin, where governments could not touch it. Bitcoins were growing slowly until Cyprus. Cyprus was the catalyst for the big increase in the price. The price started trading at about $40 and then doubled within a couple of days. Because of Cyprus, prices pushed towards $200, but dropped to about $60 after the banking crisis abated and surprise internet attacks on a few of the exchanges. Those attacks caused these exchanges to go offline for short periods. After a summer lull of relatively stability, the crypto-currency started making headlines again as the latest, safe-from-government-seizure, investment vehicle.