June 19, 2011:
The first one was very bad. Bitcoin mainly was traded on the now-defunct Mt. Gox before CoinMarketCap began tracking its price and even before Coinbase was around to facilitate buys and sales. Bitcoin cooled back down to roughly $17.50 by the time a hack on the exchange allowed BTC to be traded for only a cent, after soaring from $2 to $32 in the first half of the year. That’s right: Bitcoin’s price dropped 99.9% in a single day. It didn’t last too long; we consider a flash crash though this one was malicious.
The price of Bitcoin had reached $1,151.17 (December 3), and back then, that was considered pretty high because just a month before this rise in value, it was trading at approximately $200.
By December 17, however, the price went down more than a half. This was due to Chinas first cryptocurrency ban, where they banned local banks from having anything to do with the asset.
The year 2014 came with dramatic falls for the Bitcoin world, and by January 2017, it went back down to $200.
December 2017 :
When crypto enthusiasts talk about earlier bear markets, they’re almost certainly talking to the Crypto Winter (indeed, it was so widespread that it was given a name) that began in December 2017. Bitcoin had a fantastic year in 2017, with its price nearly doubling and reaching a new all-time high of $19,497 on December 15. Six days later, it had dropped to $13,831, a drop of 29%. After this drop, it kept getting worse and fell below $7,000 in February 2018. The next nine months following this incident would waver between $6,000 and $10,000.
In November, bitcoin’s price stood at $6,359, and a month later, it dropped below $3,300. From December 2017 until a year later, Bitcoin fell 83%. This crash was particularly bad because, at this point, it wasn’t only Bitcoin in danger. Ethereum had been considered silver to Bitcoin’s gold.
March 10, 2020:
Covid by now had made an appearance and just about affected everyone somehow. The equities markets crashed as investors began to hoard cash and assets, and bitcoin was abandoned. In only a day, bitcoins price dropped 37% from $7,911 to about $4,970. The economy was still somehow pumping, and soon enough, so were the crypto markets.
This inflow of cash, together with the addition of MicroStrategy and Tesla putting Bitcoin on its balance sheets, undoubtedly had a significant influence in propelling Bitcoin to new all-time highs exceeding $60,000 the following year.
By early 2021, Ethereum rivals like Solana, decentralized finance tokens like Compound, and even a new generation of meme assets like Shiba Inu had flooded the crypto market. On April 14, the price of Bitcoin hit a new high of $63,314.
By May 7, the price stood at $58,803, and on May 22, it dropped down to $34,770. During this period of highs and lows, the total value of the crypto market was also affected. It experienced a decline from $2.39 trillion to $1.58 trillion.
Currently, in 2022:
Bitcoins numbers as of lately are not at their best however it’s not as bad as a 99.9% flash crash. Booms followed those market crashes, and new gains followed the low points. However, the opposite is also true: some of the sharpest losses have occurred due to record highs.