We’ve clarified the latest data: Bitcoin is trading just above $37,000 today. Here’s a four-hour chart of the cryptocurrency, including its new local bottom at $32,917. BTC hasn’t fallen this low since the summer of 2021.

Bitcoin’s four-hour chart

Although BTC fell more than 50 percent from its all-time high of November 2021 during this correction, it’s still not the hardest collapse in the digital asset’s history. Below is a list of the most notable market declines of all time.

Contents

  • 1 Bitcoin collapse on June 19, 2011
  • 2 Cryptocurrencies fall in December 2013
  • 3 Bitcoin collapse in December 2017
  • 4 Cryptocurrency market collapse March 12, 2020
  • 5 Bitcoin collapse in May 2021

Bitcoin collapse on 19 June 2011

This is the first and largest crisis in the history of the crypto industry. In 2011, there was no CoinMarketCap or Coinbase yet, and all of Bitcoin’s largest transactions were conducted on a long-closed, hacked and bankrupt exchange called Mt. Gox. The price of BTC rose from $2 to $32 in the first half of the year, and then there was a correction to $17.50.

Mt. Gox investors are still demanding compensation for their losses

That was before the disaster began – the Mt. Gox hack, which allowed hackers to collapse the cryptocurrency’s price to a few cents. Thus, in just one day, its value “sank” by 99.9 per cent. This was not a “natural” drop in the asset, and the BTC price quickly rose. However, this correction remains among the industry’s negative records.

Cryptocurrency fall in December 2013

Now on the Bitcoin chart, this time period looks like a small bump in a straight line, but at the time, the 2013 correction was a notable disaster for the market. Recall that BTC peaked around $1,151 on December 3, with the cryptocurrency trading at $200 a month earlier.

The very same correction on the current scale

At the same time, the first major ban from China was announced: the local government issued a decree that Chinese banks could not do business with cryptocurrencies. This led to a prolonged correction, and by January 2015 the price of Bitcoin had already fallen below $200.

Bitcoin collapse in December 2017

This month saw the first signs of a “crypto-zima” – a long period of market decline and low trader activity. According to Decrypt sources, Bitcoin managed to rise to a high of around $19,497 by the end of 2017. Six days after peaking, the cryptocurrency’s value fell almost 29 per cent to $13,800.

Bitcoin exchange rate in 2017-2018

After some more time, things only got worse: by February 2018, the coin was already trading below $7,000. It spent the next nine months in a horizontal channel between $6,000 and $10,000. Finally, in December, Bitcoin “fell” out of the channel to $3,300, where it spent several more months.

Cryptocurrency market collapse on March 12, 2020

This is the last major market crash before the current bull run. It came amid a worldwide panic when the danger of the COVID-19 virus was officially recognised as a pandemic. In just one day, Bitcoin collapsed 37 per cent from $7,911 to $4,970.

Cryptocurrency collapse

Fortunately, the panic has been replaced by the realization that the global economy needs strong support from governments. The US started printing the dollar on an unprecedented scale. The flow of “new money” quickly inflated the stock market, and with it, crypto went up.

Bitcoin’s fall in May 2021

Almost 8 months ago, the first major bullrun correction occurred – the market collapse reached its climax by May 19, when Bitcoin fell to $30,000, although before that the main cryptocurrency had reached a new all-time high of around $64,000.

Bitcoin exchange rate since last December

This time, several factors contributed to the correction. The first was Tesla’s refusal to accept BTC as payment for its electric cars. The second is a complete ban on Bitcoin mining in China. Incidentally, it was just after that that China was no longer considered the world’s main mining hub.

In conclusion, on a large scale, each of these collapses led to a new wave of Bitcoin growth. Globally, the cryptocurrency is still rising, especially if you compare its current price – even after the correction – with what it was just a few years ago.


We believe that after a list of these events, it is clear that Bitcoin and other cryptocurrencies are capable of significant declines, but can also recover properly afterwards. Therefore, even in the current collapse environment, one should not give up on digital assets. Still, their potential is too great to sink to zero and become part of history.

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