Bitcoin had recently hit a record high of around $5,000 and fell abruptly to the $3,000 mark.. It can be said that this month has been quite confusing.
Such sudden drops and rises are quite common in digital currencies, and sudden changes of 10%, 20%, even 40% are no longer surprising.
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April 2013 Meltdown
Bitcoin’s serious decline in the past. Bitcoin price dropped 71% from $233 to $67 in 12 hours, and it took seven months to recover.
Bitcoin’s reason for this decline was shown to be spreading for the first time. Bitcoin, which never crossed the $15 limit before 2013, expanded to $200 with the promotion of the media.
The 2013 Bubble
After April, the Bitcoin price remained around $120 for a while. But by the end of the year, in late November, it “takes off” to hit $1,150.. By mid-December, the price even dropped below half of $1,150 and remained there for 4 years until it saw the $1,000 mark again.
The drop in late 2013 is a really good bubble example. New investors flocking to Bitcoin made the price skyrocket. Around this time, governments started to take Bitcoin seriously and exchanges like Coinbase made it much easier to buy Bitcoin.
Mt.. Gox Incident
A blow to Bitcoin, which started to recover after the fall in December 2013, came from Mt.. This blow would have almost completely wiped out Bitcoin, beyond causing an ordinary price drop.. While Bitcoin rose steadily through January and February, it suddenly dropped by almost 50% from $867 to $439 in February.
This event is Mt.Gox, The stock market, which stopped its withdrawals on February 7, later made a statement and announced that the thieves who carried out the attack stole 850,000 Bitcoins (currently about $ 3.5 billion).
2017 Summer Sale
Earlier in January this year, Bitcoin once again crossed the $1,000 mark and continued to rise to $3,000 by June.. However, it fell 36% to $1,869 in mid-July.
Despite Bitcoin’s growing popularity and appeal, there was a “civil war” among the cryptocurrency community.. The August 1 hard fork made many investors worried about the future of Bitcoin, as miners and users took different sides.
China’s Intervention
With the fork out of the way and the closing of the hostilities of the defenders, Bitcoin once again became active and experienced great growth.. Although it saw the $5,000 limit in early September, it saw a 37% increase around September 15th, reducing Bitcoin’s market cap by close to $30 billion.
Obviously this China is the only reason. The country initially attacked ICOs, then digital currency exchanges, causing concern among investors.
Lessons to be Learned
One of the most basic things to know in the digital currency market is that the market is very volatile. .
Again, one of the most basic things, when we look at the declines in the past, we can see that the news, speculations and rumors in the media can affect this market very seriously.
When we look at the past once again, we see that Bitcoin It has survived all these falls and has risen higher and higher each time.. This period of rise can sometimes last for 1 week, sometimes for 1 year.
Compared to the previous declines, it can be said that the declines that we have experienced are a little tricky.. However, after the recent declines, Bitcoin is recovering much faster and more comprehensively than before.. This indicates that the market is starting to mature. Today, the cryptocurrency market is much larger and more stable than before.. These features seem to increase as time goes on.
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