Bitcoin has experienced brutal crashes since its first block was mined back in 2009, so many crashes, but what are the biggest drops in Bitcoin history?
Will the crypto market recover, or should I accept my loss and sell off my remaining coins?
These and many more are questions people ask during a bear market when there are fear, doubt, and uncertainty in the entire crypto industry.
In this post, I will share the biggest drops in Bitcoin history.
But first, I want you to know that Bitcoin has survived brutal crashes, even when so many people have given up on it.
And looking at these past Bitcoin price drops, and how Bitcoin always recovers, it is easy to predict a comeback regardless of how low the price falls.
5 Biggest Drops in Bitcoin History
I am not talking about 10% to 20% dips, but 50% to even 99% dips.
1. Bitcoin drop from $32 to $0.01 in 2011
2011 was a good year for Bitcoin as the cryptocurrency hit $1 for the first time and later went as high as $32 that same year.
But it didn’t take long before we witnessed what can be seen as one of the biggest price drops in Bitcoin history.
It all happened after Mt. Gox, a crypto exchange handling 70% of all Bitcoin transactions worldwide back then admitted that criminals had hacked customers’ accounts and stolen millions of dollars.
This bad news caused a massive sell-off that lead to the Bitcoin price falling to one penny in a matter of minutes.
Bitcoin lost over 99% of its value from this drop.
[READ: 7 Hard Lessons from The Crypto Crash]
2. Bitcoin drop from $1,163 in 2013 to $152 in 2015
After 2011, 2013 became another good year for Bitcoin.
In 2013, Bitcoin hit $100 for the first time before rising to $259 in April and later going as high as $1,163 in November.
But it didn’t take long before the joy ended, as Bitcoin price came crashing again.
This time, it started when China began a crackdown on Bitcoin in December 2013.
And with Mt. Gox suspending all trading and going offline in February 2014, Bitcoin had a long downward trend, reaching a low of $152 in January 2015.
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3. Bitcoin drop from $19,666 in 2017 to $3,122 in 2018
2017 started well for Bitcoin again, breaking its previous ATHs in February before reaching a high of $19,666 by December 2017.
But again the joy was short-lived as it all came crashing down afterward, falling to a low of $3,122 in December 2018.
This Bitcoin crash can be traced to major hacks in Korea and Japan, tech giants like Facebook and Google banning crypto ads, as well as rumors that some countries were planning to ban Bitcoin.
NOTE: both Facebook and Google have since changed their stance on crypto.
4. Bitcoin drop from $64,895 to $28,600 in 2021
The last week of November 2020 saw Bitcoin breaking its previous ATH, and by December it was trading above $20,000 for the first, setting the pace for a strong start in 2021, when Bitcoin price later went as high as $64,895 for a single coin.
It was a massive bull run that lead to massive crypto adoption and big companies accepting Bitcoin as a payment.
At this point, it was looking like nothing is ever going to stop Bitcoin.
Yet Bitcoin suffered another huge setback when Elon Musk announced that Tesla will stop accepting Bitcoin as a payment for Tesla cars.
And with China announcing yet another crypto crackdown, Bitcoin fell to $28,600 on 22 June 2021.
[READ: Seven Common Mistakes Crypto Investors and Traders Make]
5. Bitcoin drop from $69,000 in 2021 to $15,479 in 2022
The 2021 crash didn’t last long as Bitcoin started another bull run in July, breaking its previous ATH of $64,895 by October before reaching a new ATH of $69,000 in November 2021.
Everyone was looking forward to Bitcoin reaching $70,000 and possibly $100,000 for a single coin.
That never happened, instead the crypto market slipped into a downward trend, forcing a massive sell-off.
It was already looking bad, but just when the market was trying to stabilize, another panic set in.
A stablecoin in the name of TerraUSD (UST) that was designed to maintain a 1-to-1 peg with the U.S. dollar has lost its dollar peg.
UST had managed to become the third-largest stablecoin, so confidence in crypto evaporated when it crashed with its sister token Luna.
It was as if nothing in crypto was safe.
After that, the crypto platform 3AC collapsed, followed by Voyager, then Celsius, before the FTX collapse, driving Bitcoin price to as low as $15,479 in November 2022.
[READ: The top 3 Safest Stablecoins to Use]
Conclusion
If there is one thing to learn from the biggest drops in Bitcoin history, it is that each event was triggered by something, but those who sold during the crash are the real losers.
If you ask me, I will say you should embrace the crypto crash, don’t be afraid of it, rather learn how to profit from it, to buy low and sell high.
NOTE: these are just the major Bitcoin drops in history.
read also:
- 10 Facts about Bitcoin that you Shouuld know
- 7 Top Tips on How to Stay Sane During a Crypto Crash
- 5 Top Tips on How To Avoid Crypto Scams
IMPORTANT;you must never send money to anyone you meet online asking to help you invest in cryptocurrency. They are scammers. Crypto is easy, and you can do it all by yourself.
DISCLAIMER:
The information presented here should not be used as the sole basis of any investment decisions, nor should it be construed as financial, tax, legal, or accounting advice. I will also advise that you invest in cryptocurrency only what you are comfortable living without, at leasttemporarily.
[READ: How To Choose a Crypto Exchange]
