Bitcoin is a digital currency that was introduced in 2009. Since its inception, it has experienced numerous ups and downs, with its value fluctuating dramatically. The lowest that bitcoin has ever been was in January 2015 when it hit a low of $177.
Bitcoin’s value is determined by supply and demand, much like any other currency. The value of bitcoin is highly volatile and can fluctuate rapidly, which makes it a risky investment. In 2013, bitcoin experienced a massive surge in value, reaching an all-time high of $1,242. However, this was short-lived, and the value of bitcoin plummeted, reaching a low of $177 in January 2015.
The reasons for bitcoin’s decline in value in 2015 were multifaceted. One of the primary factors was the collapse of the major bitcoin exchange, Mt. Gox. Mt. Gox was once the world’s largest bitcoin exchange, handling over 70% of all bitcoin transactions at its peak. However, in February 2014, Mt. Gox suspended all withdrawals, stating that it had discovered a glitch in its system. This led to a massive panic among investors, and the value of bitcoin plummeted.
Another factor that contributed to the decline in bitcoin’s value was the ongoing regulatory crackdown. Governments around the world were beginning to take notice of bitcoin and other cryptocurrencies, and many were introducing new regulations to control them. This added to the uncertainty surrounding bitcoin, leading to a decline in its value.
The decline in bitcoin’s value in 2015 was not unexpected. Bitcoin had experienced a massive surge in value in 2013, and many industry experts had predicted that a correction would occur. The decline in value was seen as a necessary correction that would bring the value of bitcoin back to more reasonable levels.
However, the decline in bitcoin’s value did not last long. By the end of 2015, the value of bitcoin had started to rise again, and it has continued to rise ever since. In December 2017, bitcoin reached an all-time high of $19,783, before falling back to more reasonable levels.
In conclusion, the lowest that bitcoin has ever been was in January 2015 when it hit a low of $177. The decline in bitcoin’s value was caused by a combination of factors, including the collapse of the major bitcoin exchange, Mt. Gox, and the ongoing regulatory crackdown. However, the decline was seen as a necessary correction that would bring the value of bitcoin back to more reasonable levels. Since then, the value of bitcoin has continued to rise, reaching an all-time high of $19,783 in December 2017.