June 2011: -98%
Bitcoin hit the big time in 2011 when it climbed from $2 to more than $32. The bottom then dropped out. Mt. Gox, the world's largest bitcoin exchange, acknowledged on June 19 that thieves had hacked hundreds of accounts and stolen Bitcoin worth millions of dollars. Bitcoin's value plummeted to one penny ($0.1) in a single day.
The public learned in August 2012 that a traditional Ponziscam modified for the digital era has been defrauding crypto investors for months. Later on, the perpetrator was accused, fined, and imprisoned for defrauding 700,000 Bitcoins by promising amazing returns of 7% monthly interest.
Investors piled on to the exciting new possibility that was buzzing on the mainstream media in April 2013, and Bitcoin became a victim of its own success. The volume of trading was so high that Mt. Gox couldn't handle it, and when it crashed, hackers exploited the flaw. Mt. Gox was forced into an unprecedented total shutdown, with prices plummeting from roughly $260 to $50.
Bitcoin's price began to correct after rising in the previous year. Again, difficulties at Mt. Gox exacerbated the situation. Mt. Gox froze all withdrawals on February 10, 2014, before filing for bankruptcy on February 28, 2014, claiming that they had lost 850,000 Bitcoin valued at $450 million at that time.
Bitcoin had a historic year in 2017, breaking all records and peaking at $20,000. Then, on Dec. 27, it all came crumbling down as speculators cashed in on a clearly inflated market, sending the price down below $12,000. Major cyber-attacks in Korea and Japan, as well as reports that both nations were about to prohibit bitcoin, led already jittery investors to flee the market in 2018.
Without mentioning the outbreak of the pandemic, no history of Bitcoin crashes would not be completed. To be fair, COVID lockdowns put a stop to pretty much everything; stock markets plummeted as investors hoarded cash and liquid assets. Bitcoin was also given up. The price dropped 37 percent in a single day, from $7,911 to $4,970, and altogether reached $3,753.
Bitcoin was the focus of the investment realm in April when it soared beyond $64,000 for a single coin. Then, in a few weeks, $1 trillion in value was erased from the worldwide crypto market. Elon Musk first broke his commitment to accept Bitcoin as payment for Tesla vehicles. Then China declared another crackdown on cryptocurrency.
“This objectified research is Just to appraise what we have seen in the Crypto market.”
And still, we are 581000%up to date.
Be calm and remember fortune always favors the brave.
