Even though the recent bear market for Bitcoin (BTC), which has fallen by 66% since January, is not encouraging, it is still better than the bear market of 2018.
According to recent data, the current bear market performed better than in 2018, but worse than in 2014.
According to CoinMarketCap, the price of bitcoin, which began the year at $50,700, has dropped by more than 66% to $16,847.51 at press time.
The 2022 crypto bear market was precipitated by the Russia-Ukraine war. Furthermore, the entire crypto market, including Bitcoin, suffered as a result of Terra-demise. Luna’s
Following the crash of FTX on November 7, the market experienced new lows, with Bitcoin trading between $15k and $17k in a new sideways range.
Following the FTX debacle, several companies, including BlockFi and Genesis, declared bankruptcy. The Fed’s rising interest rates to combat inflation also did not help Bitcoin’s situation.
On December 27, a modest rally lifted Bitcoin just below the $17,000 mark before falling 1.5%.
After reaching $1,000 for the first time in December 2013, Bitcoin’s price fell to $601.78 within a month, ushering in a prolonged bear market. The cryptocurrency fell further over the next two years, reaching a low of $320 in June 2014 before bottoming out at around $170 in January 2015.
The 2014 cryptocurrency winter was blamed on Mt. Gox’s hack, which halted Bitcoin withdrawals in early February. The platform eventually ceased all trading and declared bankruptcy in Japan and the United States.
Several major financial institutions have also expressed reservations about Bitcoin. As a result, general sentiment toward Bitcoin remained negative until August 2015, when it began to change.
Bitcoin’s price fell by more than 59% in 2014, from $773.44 to $462.53 by the end of the year.
After regaining $1,000 in January 2017, Bitcoin surged to as high as $20,000 by the end of the year. However, Bitcoin’s peak of $20,000 was fleeting, as it lost more than 81% of its value in a year to $3200.
The crypto winter of 2018 began with a massive hack of Coincheck, a Japanese cryptocurrency exchange, which resulted in the loss of approximately $530 million in NEM (XEM).
In March and June, Facebook and Google banned advertisements for ICOs and token sales. Regulatory efforts to regulate the crypto market also contributed to the bear market, with the US Securities and Exchange Commission rejecting applications for BTC exchange-traded funds.
Bitcoin’s price fell by more than 74% to $3746.71 at the end of the year, from $14,978 at the start of the year.
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