When the crypto market crashed hard last week, naysayers once again predicted the end of Bitcoin. But we are used to this. In its 10-year lifespan, Bitcoin has been declared dead a total of 326 times! Bitcoin not only survived but also came back stronger. Now let’s take a look at Bitcoin’s worst moments and resurrections over the past few years.
After reaching a new all-time high, the first “Bitcoin bubble” burst due to over-speculation and the hack of now-defunct exchange Mt.
Gox. Bitcoin dropped from almost $30 to a 2$ bottom on October 20, 2011. In April 2013, a banking crisis in Cyprus triggered the price of Bitcoin to rally. Mt Gox overwhelmed by high transaction volumes, suspended trading, causing Bitcoin to fall sharply in the following hours.
Increased investment from China in Bitcoin made the prices skyrocket in the fall of 2013. Concerned by Bitcoin’s increasing popularity, the Chinese Central Bank began to clamp down on crypto, by banning domestic financial institutions from offering crypto services.
As a result, Bitcoin lost 60% of its value in under two weeks. Together with the Mt Gox bankruptcy in February 2014, the Chinese ban marked the beginning of a steady decline, reaching a bottom of $209 in January 2015. The period of relative stability that followed paved the way for a massive crypto rally in late 2016 In the last quarter of Bitcoin’s most bullish year, China continued its crackdown by banning exchanges and ICOs.
The ban deeply impacted the market but that didn’t stop bitcoin.
After a final surge, bringing prices to an all-time high of $20,000 in December 2017, Bitcoin crashed again, losing almost a third of its value within just one week. That was the start of a very long winter for Bitcoin, and it’s still pretty cold outside. So hodlers don’t lose hope, remember, the night is always darkest just before dawn..