If you invest in cryptocurrencies, you might think that the present bear market would never end. History, however, indicates such is not likely to be the case. Over the course of its 14-year existence, Bitcoin has been deemed dead more than 467 times. It’s worthwhile to examine the many bear markets that have occurred for Bitcoin since its launch until 2023 in order to gain some perspective, highlighting the key catalysts that sent prices and general social sentiment getting out of control.
2011 Bear Market Crypto Exchange Hack Era
(163 days) June 8th, 2011 – Nov 18th, 2011
In 2010 Bitcoin was listed on a crypto exchange at this time BTC sold in pennies, and the majority of its early investors are now wealthier because they bought in BTC in penny
It increased to a brand-new all-time high of almost $30 by June 2011. But by November of that year, the cryptocurrency had fallen more than 92% from its high and was back below $2.50.
Volume was still minimal that year, and there weren’t any of the numerous now-famous trading exchanges like Coinbase. Mt. Gox, a bitcoin exchange based in Tokyo, was managing over 70% of all cryptocurrency transactions worldwide.
The website was hacked for the first time in 2011, and its eventual demise occurred in 2013 during the subsequent weak market for bitcoin.
2013 Bear Market Regulatory Issues
2013-2015 (406 days) Dec 4th, 2013 – Jan 14th, 2015
Two years later, most bitcoin trading was still done on the soon-to-be-defunct Mt. Gox bitcoin exchange. Mt. Gox was essentially shut out of the American banking system for the two years prior to 2015 due to regulatory problems. The company shut down its website, stopped trading, and sought bankruptcy protection.
In December 2013, Bitcoin became the first cryptocurrency to surpass $1,100, according to data from tradingview. It fell back below $200 two years later. Between those two years, the value of the cryptocurrency dropped by more than 86%.
2018 Bear Market
2017-2018 (364 days) Dec 16th, 2017 – Dec 15th, 2018
In December 2017 bitcoin make a new all-time high which is $19,666 but the next week BTC plumped and made a bottom in 2018 December at $3,122 level.
2022 Bear Market Hacks, Fraud & Bankruptcy Era
2021-2022 (423 days – continue) Nov 8th, 2021 – still
This bear market still continues I called this the worst-ever crypto market in history too many FUD, frauds, Hacks, too many bankruptcies, and overnight $60 Billion project collapsed…
here Genesis, DCG and Gemini is might be in danger and the US Regularity authorities are strictly action on the crypto project because of recent bad events
Jim Cramer has said: "I would not touch crypto in a million years." pic.twitter.com/hIuBj679kC
— unusual_whales (@unusual_whales) January 2, 2023