In this second part of the article, we will learn about remaining Bitcoin Crashes.
5. April 10, 2013: April fell
5th Bitcoin crash happened on April 10, 2013. Like last month’s crash, Wednesday’s decline left the currency’s values where it started at the beginning of the month. Price crashed by 75% and touched 55$ from its latest high 261$. Some of erosion was quickly recovered but price stayed down for a long time.
6. Q1, 2014: Winter fall
The next major Bitcoin crash happened in 2014, this crash mattered much since this time Bitcoin was trading above $1000 mark. Two bots were carrying out a bunch of false trades in Oct –Nov of 2013, which drove the price of Bitcoin up to record high of $1200, later this value fell down, value erosion started from December 2013 and in mid-Feb price has come down to 300$ mark. Huge 75% erosion. Mt.Gox claimed for bankruptcy protection citing that Bitcoins were stolen leading to a sharp fall in prices.
7. H2 2014: Second Bitcoin crash of the year
Next Bitcoin crash happened in H2, 2014. After Winter fall of 2014 price rose to 700$ and again plummeted to 300$ in the same year. By June 2014 Bitcoin market recovered out of Mt.Gox hack and was aiming higher , but price started to go down and touched 300$ in Oct 2014, price won’t recover the whole remaining part of year, in fact, price went down for more than a year, it only rose in Nov 2015 when Bulls finally returned to Bitcoin market.
8. Sept 2017: China crackdown
Once Price started climbing from Oct 2015 it never saw down except minor slumps, just upside it ran, touched 1000$ at end of the year 2016 then it saw astronomical surge in the year 2017. In the first half of year, it touched 3000$ mark. Next notable Bitcoin crash happened in September 2017, in Sep 2017 Bitcoin touched $5000 and then it started falling and didn’t stop before it touched 2850$ mark almost half fall, price jumped quickly and resumed its bull run again.
The major reason for this crash was one country: China. After it cracked down on “initial coin offerings,” widespread rumours were that next whip of the socialist government is gonna fall on cryptocurrency trading. This rumour alone caused bitcoin price to slump almost half amid a major bullish run.
9. 2018: Year of Bear
Sep 2017 crash was short-lived, price ran like crazy and crashed 20000$ mark briefly in some exchanges, almost five times price surge in just 70 days, and then it fell like cards.
Price saw upside but only to fall further, after May 2018 Bitcoin was called dead and crypto market bubble finally popped. Bulls had disappeared and only bearish year advanced further. Price touched 3200$ before it stabilized around 4000$.
85% erosion of value was not seen for long in bitcoin market and with a currency which touched 325 billion $ market cap, this is first.
These are bitcoin crashes seen till date, more will come but in future.
