The crypto industry is known for its market-shaking dips. These dips have broken the hearts of many and even brought tears to some people’s eyes.
In this article, we’ll look at five Bitcoin dips that shook the market and left people rattled.
1. June 2011:
This can be said to be one of the worst Bitcoin crashes ever in history, and it all started with a scam.
In the year’s first half, Bitcoin rose from $2 to $32 and later reduced to about $17.
In 2011, the major crypto exchange was Mt. Gox. On June 19, 2011, an unfortunate incident occurred.
Mt. God admitted that hackers had hacked hundreds of accounts and got away with millions of dollars in Bitcoins.
Due to this, Bitcoin fell from $17 to just a penny, falling by 99.9%
2. April 2013:
In April 2013, Mt. Gox was hit hard once again, but this time, it was kind of caused by them.
2013 witnessed the success of Mt. Gox, and they were getting so many trades on the platform that they could not handle the volume of transactions, and it eventually crashed.
Crypto hackers took advantage of this crash, and Mt. Gox had no option but to shut down.
As a result, Bitcoin’s price dropped from $260 to $50. Bitcoin price fell by 83%
3. December 2017:
December 2017 witnessed the massive rise of Bitcoin to about $19,000, but in just a matter of days, it fell below $13,000.
The dip didn’t end there; it got much worse. In the space of one year, from December 2017 to December 2018, Bitcoin fell lower and lower. In February 2018, it fell below $7,000.
From November 2018 to December 2018, Bitcoin fell from $6,359 to lower than $3,000.
In the space of a year, Bitcoin fell 83%
4. March 2020:
The COVID-19 pandemic affected a lot of things, and the crypto industry was not left out of the chaos.
When the full wave of the pandemic hit in March 2020, the value of Bitcoin was halved in just two days.
From February to March 2020, Bitcoin fell from $10,000 to below $4,000
5. May 2021:
Despite the troubles and dips Bitcoin faced in the past, the digital currency still managed to soar and reached an all-time high of above $64,000 per Bitcoin.
This was a ground-breaking record for Bitcoin, although it has reduced in value. But suddenly, over $1 trillion in value was wiped off the global cryptocurrency market in a week, decreasing from $2.39 trillion to $1.58 trillion.
Bitcoin reduced by 53% and was at the price of about $34,000
Conclusion
Over the years, Bitcoin has experienced quite some troubles. From the crypto winter to scams, Bitcoin has indeed demonstrated the volatile nature of cryptocurrency.
Although the crypto market took quite the low blow this year, it cannot be compared to the massive dips that have occurred in the past.
For this reason, we are hopeful for the future and rise of Bitcoin once again. But remember, if you wish to sell your Bitcoin for some quick cash, Breet got you.
Head on to Breet App and sell your Bitcoin, convert it to cash and withdraw straight to your local bank account instantly!
