An Illustrated History Of Bitcoin Crashes

Wednesday saw one of the largest declines in Bitcoin prices in the cryptocurrency’s lifetime.

Many commentators declared the fall the beginning of the end for Bitcoin. I’m not sure if that’s correct or not, but in any event a sense of perspective is always helpful. So here are the biggest Bitcoin crashes since I started paying attention to the currency in early 2011.

June 8-12, 2011

Peak price: $32

Price decline: 68 percent

This was the peak of the great Bitcoin bubble of 2011. Prices rebounded somewhat after this initial plunge, but there followed a long bear market that bottomed out at $2 in November 2011, a total decline of 94 percent. Prices wouldn’t return to this peak again until 2013.

January 17, 2012

Peak price: $7.20

Price decline: 36 percent

After prices fell to $2 in the fall of 2011, Bitcoin prices began to recover. They ended the year at $4.50, and rose to $7.20 in early January. Then on January 16 and 17 prices plunged, briefly falling to $4.60 before settling around $6.25. Bitcoin prices would not regain their previous highs for another six months.

August 17-19, 2012

Peak price: $15.25

Price decline: 51 percent

Bitcoin prices more than doubled between July 1 and August 18, 2012. Then in a matter of minutes, the price of Bitcoins fell from $15.25 to $10.50. The decline continued over the next two days, reaching a low of about $7.50. The price didn’t rise above $15 again until the new year.

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