From the initial phase, the story of Bitcoin has been quite the same – the investors praying for the market not to go down. However, that hasn’t always been the case, though.
As the price of BTC goes up, you should always expect it to crash down again. After all, that is precisely what happened in November 2021, when Bitcoin’s price rose to 49,000 GBP.
It was an all-time high at that point.
But, now, at the time of writing this article, the price has gone down to 16998.32 GBP. A loss in value of more than 30% within six months!
However, as I said before, this is not the first time when Bitcoin suffered such a painful fate. It’s been going on since the beginning of Cryptocurrency’s journey. And that’s what we’re going to take a look at in this article. So, let’s get on with it.
Bitcoin’s Lowest Low – How Does It All Look Like?
Since its inception in 2009, Bitcoin has been rising pretty moderately in the market. However, whenever the price went up all of a sudden, it didn’t take too much time to come down. And I have a record of its history to prove my point. So, let’s check them out.
June, 2011 – A Loss Of Almost 99%!
2011 was the first successful year of Bitcoin in the mainstream market. During the same, its price of it rose from 1.67 GBP (USD 2.00) to 26.79 GBP (USD 32.00). It was monumental at that period of time. However, the smile of success didn’t last too long.
On June 19th, the most prominent Bitcoin exchange in the world, Mt. Gox, explained that it lost millions of pounds worth of BTC. And, the result? The price fell down to a single penny.
August, 2012 – A Breakdown Of 56%!
In the month of August, 2012, we all learned that a standard Ponzi scheme has been milking every Crypto investor since 2011. The move was quite classic too.
It promised an incredible return of 7% in weekly interest but gave nothing at all. The culprit was later found and convicted. But, at that point, they had already stolen 700,000 BTCs.
Due to this very reason, most people tend to use a safe and secure trading platform, like bitcoin smarter, today. They’re pretty fast and work quite seamlessly too.
December, 2013 – The 50% Crash!
Since the previous breakdown, it was all going well until China banned BTC in December 2013. According to the Guardian, it lost its overall value by 50% within a single night.
But, the relationship between Cryptocurrency and China didn’t improve anymore. On the flip side, it degraded a little, as the nation put more and more restrictions recently.
December, 2017 – The Monumental Crash Of 84%!
Like 2011, 2017, too, was a landmark year for Bitcoin. During the beginning of the same, Cryptocurrency broke all of its records and saw an increase in value near 16,700 GBP.
But, on December 27th, the price started crashing down and halted at around 10,000 GBP. It continued till December, 2018 due to the hacking issues suffered by Korea and Japan.
March, 2020 – Another 50% Crash In Value!
Like the common financial segment, the COVID-19 pandemic didn’t showcase any mercy to the Bitcoin market. And, the effect of the same was seen in the month of March (2020) when the price went down by 50%.
Over the month, it fell from the grace of being at 8,500 GBP (approx) to 3,000 GBP. And it suffered another drawback in March 2021 before getting to the all-time high in November.
The Final Verdict!
When it comes to investing in the Bitcoin market, it’s always best to learn about the history of the segment closely. This way, you can understand how the market might behave in the near future. Once you have the right idea, all you need to do is create a roadma
David Prior
David Prior is the editor of Today News, responsible for the overall editorial strategy. He is an NCTJ-qualified journalist with over 20 years’ experience, and is also editor of the award-winning hyperlocal news title Altrincham Today. His LinkedIn profile is here.
