Bitcoin Falls Below $19k Sends Fear Into Crypto Market; Here are the other Biggest Bitcoin Crashes in History

Bitcoin Falls Below $19k Sends Fear Into Crypto Market; Here are the other Biggest Bitcoin Crashes in History

  • Bitcoin investors are currently holding for their dear life as they watch their investment drop heavily
  • For the first time in 18 months Bitcoin, the world's most valuable crypto asset is trading below $19,000
  • This is not the first time Bitcoin investors have experienced such a big crash, there were other seven significant ones in history

Bitcoin has fallen below $19,000 for the first time in 18 months, wiping off more than $240.18 billion of its value since the beginning of June, when it stood at $31,643.75.

However, it recovered slightly to trade at $19,148.61 at the time of writing data obtained from CoinDesk shows.

The most valuable cryptocurrency in terms of market capitalization has been declining since the beginning of June, and it now has a market valuation of N364.32bn, down from N604.50bn at the beginning of June.

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Bitcoin crash in history
A chart on Bitcoin crash Credit: Coindesk
Source: Facebook

It is believed Bitcoin and other cryptocurrencies' market poor performance is escalating due to monetary tightening and also fears of a recession are suffocating enthusiasm.

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US monetary policymakers also indicated that they will continue to hike aggressively this year in the fight against inflation, a move that will further hit the crypto market.

Other cryptocurrency markets

In the early hours of Saturday, Ether the second most valuable currency is trading below the $1K mark at the time of writing this report, its lowest level since January 2021.

Also, Binance Coin is trading below $201.78 a 5.87% below what it was trading 24 hours ago.

A Look at Bitcoin’s Lowest Lows in history

June 2011: -99%

In 2011, Bitcoin hit the big time when it soared from $2 to more than $32, however in a single day, the value of a Bitcoin fell to one penny.

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August 2012: -56%

April 2013: -83%- In April 2013, Bitcoin crashed from nearly $260 to $50 in a blink.

December 2013: -50%- Bitcoin at the end of 2013, it lost 50% of its value overnight, according to the GuardianUk.

December 2017-December 2018: -84%

In 2017 bitcoin peaked near $20,000. Then, on Dec. 27 it crashed below $12,000.

March 2020: -50%- Over a month, it fell from above $10,000 in February to below $4,000 in March.

May 2021: -53% Bitcoin was the talk of the investing world as it roared past an astonishing $64,000 for a single coin but in a flash began to drop.

Trouble hits Luna investors as stablecoin drops to zero in value

It should be recalled Legit.ng reported that investors of Luna, the stablecoin that collapsed on Thursday, May 12, are crying as the value of the cryptocurrency equals nothing, trading at $0 on Friday, May 13, 2022.

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Nigerian investors have bemoaned their luck as the value dropped to about N23 per LUNA, while it crashed on the international market.

As Bitcoin staged a comeback, surging above $30,000 irrespective of the ongoing troubles of stablecoins like TerraUSD that created panic in the market, investors of LUNA are in a hypertensive mood.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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