The crypto market is still in unfavorable sentiment after declining to around $ 32,900 last night.
But fortunately at the time of writing, this crypto king recorded an 11% price increase and traded at $ 36,395 since yesterday’s daily record low.
The direction of BTC is also seen as difficult to predict as anything can impact its price.
Here are the 5 biggest incidents of BTC price collapse ever recorded:
19 Jun 2011
The BTC price increased from $ 2 to $ 32 in half a year.
However, the price dropped to around $ 17.50 during the hacking at MtGox.
The incident invited a BTC price collapse of up to 99.9% in a day, to a value of $ 0.01.
December 2013
BTC touched an all -time high (ATH) at $ 1,151.17 on December 3rd.
Then on December 17, the price dropped more than half that record.
The price collapse stems from China’s first sanctions on cryptocurrencies - involving instructions to all banking institutions not to engage with cryptocurrency assets.
2015 - BTC situation is so volatile that the price drops below $ 200.
January 2017 - then BTC redeemed the ATH level recorded on December 3, 2013.
December 2017
Throughout 2017, Bitcoin jumped 20x and touched ATH with a record $ 19,497 on December 15th.
6 days later - BTC slipped 29%, trading at $ 13,831 before becoming increasingly murky when the asset slipped below $ 7,000 in early February 2018.
Throughout 2018, it can be said that Bitcoin will only play at the $ 6,000 - $ 10,000 price level.
The BTC price collapse apparently has something to do with Ethereum confirming ETH as silver to Bitcoin, including the initial coin offering (ICO) in 2017 has attracted major investors to invest in Ethereum’s latest project.
This year, Bitcoin is also synonymous as a 'bubble' that has burst.
March 10, 2020
The incident of Bitcoin price collapse was linked to the spread of the COVID-19 epidemic to the point of forcing the entire market other than crypto-to collapse.
Within a day, the BTC price dropped 37%, from $ 7,911 to $ 4,970.
But, the involvement of big companies like MicroStrategy and Tesla that put Bitcoin in their balance sheets has brought BTC to ATH with a record top $ 60,000 the following year.
May 2021
In early 2021, the crypto market is growing with the presence of new Ethereum competitors - Solana, Compound, and meme assets: Dogecoin (DOGE) and Shiba Inu (SHIB).
Bitcoin jumped to ATH - $ 63,314 before declining to $ 58,803 on May 7, and continued to decline to $ 34,770 on May 22nd.
During the period, the value of the cryptocurrency market declined sharply from $ 2.39 trillion to $ 1.58 trillion.
Latest
As can be seen, when writing Bitcoin traded at $ 36,369, it increased almost 3% in 24 hours.
However, these assets have declined over 13% over the past week and declined over 47% since ATH on November 10, 2021.
At the very least, this price collapse is not as severe as in June 2011. But for sure, if viewed on the timeline recorded, every collapse will inevitably end with an incredible price spike.
Just wait and the time will come!
