Bitcoin price has experienced many violent fluctuations in history, and multiple plunges have caused heavy losses to investors. This article will review the many major plunges of Bitcoin since 2011, including the 85% drop caused by hackers in 2011, the plunge caused by the Mt.Gox incident in 2013 and 2014, as well as the multiple sharp drops caused by factors such as the epidemic period from 2017 to 2018, 2020, China's cryptocurrency ban and the Federal Reserve's interest rate hike, as well as the 66% drop caused by the LUNA/UST collapse in 2022, and even the 6.83% plunge in February 2025, with losses of up to US$2.21 billion. Understanding these historical events will help investors better understand the risks in the Bitcoin market and make smarter investment decisions.
Bitcoin has experienced multiple plunges in history, and here are some of the major plunges:
- 2011: From April to June 2011, Bitcoin rose from US$0.95 to US$32, and then began to fall back, and fell all the way to US$2 in 2012, with a maximum decline of 94%. Another time was on June 8, 2011. After the transaction price of Bitcoin reached US$31.9, the security of digital currency was questioned due to hacker theft incident. It fell from US$31.5 to US$4.77 in one and a half months, a drop of 85%.
- April 2013: The price of Bitcoin rose from $13 at the beginning of the year to $250 at the end of April in 2013, but in less than a week, it fell to around $40, a drop of up to 80%.
- Late 2013 to early 2015: Bitcoin price soared to a high of $1,156 in November 2013, and fell sharply to $467 in mid-December, plunging more than 55%. By the beginning of 2015, the price of Bitcoin was less than $150, and the decline was more than 85% from its high at the end of 2013.
- 2014: Mt.Gox, the world's largest Bitcoin exchange, was attacked by hackers and stolen 850,000 bitcoins, and the price of Bitcoin fell from $949 to $358, a drop of nearly 60%.
- 2017-2018: After Bitcoin hit a record high of nearly $20,000 in December 2017, it immediately entered a bear market, falling to a low of $3122.28 in 2018, a drop of 84%.
- March 2020: The COVID-19 pandemic triggered global financial panic, and Bitcoin plummeted from about $9,000 to $3,850 in 24 hours, a drop of more than 50%.
- May 2021: China issued a cryptocurrency mining ban, and the price of Bitcoin plummeted from US$64,000 to US$30,000, a drop of more than 50%.
- July 2021: Fed rate hike expectations heat up, with Bitcoin falling from $40,000 to $29,000, a drop of 27%.
- 2022: The Fed's interest rate hike policy combined with the collapse of the LUNA/UST algorithm stablecoin caused Bitcoin to fall from $48,000 to $16,300, a drop of up to 66%.
- February 2025: On February 3, 2025, Bitcoin plummeted 6.83% in a single day, hitting a low of US$91,130. At the same time, mainstream currencies such as Ethereum fell by more than 20%, resulting in 720,000 people losing their positions and losses of up to US$2.21 billion.
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