On June 19, the largest Bitcoin exchange in the world admitted that criminals had hacked hundreds of accounts and stole millions of dollars worth of Bitcoins.
In April 2013, Trading was so intense that Mt. Gox couldn’t handle the volume, and when it crashed, hackers attacked the vulnerability - Prices done from nearly $260 to $50.
When China banned Bitcoin, it lost 50% of its value overnight. China’s relationship with cryptocurrency remains turbulent and the country continues to add new restrictions today.
2017 was a landmark year for Bitcoin, which broke all its own records and it all came crashing down as investors harvested gains from what was an obvious bubble.
The pandemic did not spare Bitcoin, and when the markets crashed in March 2020, the Bitcoin market crashed even harder. Bitcoin lost half its value in two days.
First, Elon Musk went back on a promise to accept Bitcoin as a payment for Tesla cars. Then, China announced yet another crypto crackdown - that's $1T in value was wiped off.
Bitcoin faced selling pressure around the resistance level of $66,000 and fell below $33,000 in the following two months. Crypto crash erases more than $0.5 trillion in market value
Bitcoin's price is just as likely to fall back down as it is to continue climbing. Rising inflation interest rate hikes and geopolitical instability could be the reason