The first correction in this table, which was triggered by a Mt. Let us take a look at these price developments. Please note that I took the daily average prices for the highs and lows. Table 1: major Bitcoin crashes (created by author). Since this table gives a nice overview of price development, I will paste it here again: Previous crashes In a previous article I wrote about Bitcoin, I created a table of major Bitcoin crashes and drawdowns. Now let us put numbers on these corrections and see what happened in the past compared to today. Also, in another less pretty chart which you can find here, you can find the all-time price development of Bitcoin on a log scale since 2010 (this is very useful since the other charts do not go back this far).Īs we can see in all the graphs, the current drawdown looks bad but still not as bad as it was in 2013-2015. Since YCharts data does not go back this far, you can find a graph which goes back until 2013 here. Graph 1: Bitcoin price development over the last couple of years (logarithmic) (Source: YCharts) Let us take a look at what happened between 20, and how it compares to the current situation. Gox events triggered or at least strongly exacerbated the slump in Bitcoin price which happened between 20. A company as large as this, handling 70% of worldwide transactions in 2014 might have been an even larger negative event for Bitcoin than the recent FTX downfall. This exchange already experienced some problems with hacks and leaks in the years leading up to 2014, but in February 2014 the firm went bankrupt due to a bug in their software leading to stolen Bitcoin. Goxwas a large currency exchange which, at one point, handled about 70% of Bitcoin transactions worldwide. Most Bitcoin investors will have likely heard about Mt. Bitcoin has had its problems in the past, for instance in 2014. This is not a wholly unprecedented situation. Of course, most notably the sudden bankruptcy of FTX ( FTT-USD ) which has the potential to negatively affect Bitcoin in the near future, and might even trigger a larger crisis. While worldwide markets seemed to recover during the last couple of weeks, there seems to be no let-up for cryptocurrencies with a never-ending stream of bad news for Bitcoin and crypto investors. Bitcoin ( BTC-USD) has been stuck in a crypto winter since some time now, which the picture above this article very fittingly illustrates.
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