![]() ![]() Gox into an unprecedented total shutdown, sending prices from nearly $260 to $50. Gox couldn’t handle the volume, and when it crashed, hackers attacked the vulnerability. In April 2013, Bitcoin became a victim of its own success as investors piled on to the exciting new opportunity that was buzzing in the mainstream media. Promising incredible returns of 7% weekly interest, the culprit - later charged, convicted, fined and imprisoned - had stolen 700,000 Bitcoins by deception. In August 2012, the public learned that a classic Ponzi scheme updated for the digital age had been bilking crypto investors for months. In a single day, the value of a Bitcoin fell to one penny. Gox - the largest Bitcoin exchange in the world by far - admitted that criminals had hacked hundreds of accounts and stole millions of dollars worth of Bitcoins. In 2011, Bitcoin hit the big time when it soared from $2 to more than $32, achieving parity with an ounce of silver. Keep in mind that many major corrections of 20%, 30%, 40% and more didn’t make the list. The following is a chronology of the worst percentage-based crashes in Bitcoin history. Money Investments: How Does Cryptocurrency Work – and Is It Safe? A Look at Bitcoin’s Lowest Lows Read More: 10 Best Cryptocurrencies To Invest in for 2021 ![]() Each and every time, flocks of investors who were already nervous about such an unknown quantity fled for safer, more familiar pastures. The emerging technology fell victim to criminal hacks, exchange shutdowns, scams and Ponzi schemes, and inconsistent and often arbitrary government regulations. Their optimism about getting in on the ground floor of a potentially seismic game-changer fueled super-inflated bubbles as no one wanted to be left out once the bandwagon started rolling.Įach and every time, brutal reality checks popped those bubbles. When Bitcoin first gained mainstream traction, people put money down based mostly on a feeling, not on a true understanding of things like blockchain technology. See: Why Some Money Experts Believe In Bitcoin and Others Don’tīitcoin Investments: 10 Major Companies That Accept Bitcoin Why the Decade-Long Roller Coaster Ride? Here’s a look at the biggest crashes in the bubble-bust-repeat history of Bitcoin. More than a decade after it emerged from the shadows of the internet, Bitcoin has still not gotten past its tendency for stratospheric highs and subterranean lows. Fortunes have been made, indeed, but they’ve also been lost - often overnight or close to it. From the very beginning, the story of Bitcoin has been one of white-knuckled investors holding on for dear life as they rode the digital currency from a few pennies in value to tens of thousands of dollars per token. ![]()
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