Why Bitcoin Has Been Crashing Since ATH
Last Updated on 6 November 2023 by CryptoTips.eu
Bitcoin has been in a bearish move since October 2021, at an all-time high of $69,000. But this isn’t the first time Bitcoin crashed. And to better understand the future of this crypto, we need to go back to its history.
The value of Bitcoin has been questioned, with some critics saying it’s an overprice crypto gold. However, this coin remains at the top of all other cryptos by holding the highest price compared to the rest.
Walking down memory lane, this isn’t the first time Bitcoin has crashed. In 2018, Bitcoin crashed from $20,000 to $3,000 and caused a lot of panic and fear all over the crypto world. Most Bitcoin enthusiasts thought that this was finally the end of this crypto. However, for some reason, history is repeating itself. What happened then is somewhat similar to what is happening right now.
In 2018, a Ponzi scheme known as Bitconnect collapsed; last year, FTX, one of the biggest exchanges in the world, went down. Back then, the Fed was also hiking interest rates, and now Jerome Powell is also hiking the interest rates. That’s not all! In 2018, the largest crypto hack happened, where hackers stole over $1B from crypto exchanges. The second largest crypto hack, Ronin Network, occurred in 2022, causing a strong bearish move.
Additionally, CME launched its futures program in 2018, and now ETF futures have also been launched. International tension, Midterm quantitative tightening, denying spot ETFs, and so much more are similar between these two years. All of this happened and is currently happening two years before Bitcoin’s halving. However, after the 2018s collapse, Bitcoin jumped from $3,000 to a record-breaking $69,000. With that in mind, what do you think will happen in the next two years if history is anything to go by?
