Bitcoin, the world’s first decentralized digital currency, has come a long way since its inception in 2009. It has seen massive gains and drops in its value, which has been both exciting and terrifying for investors. In this article, we’ll explore what the lowest bitcoin has ever been and the reasons behind it.
The lowest bitcoin has ever been was on July 6, 2013, when it traded at $69.00. This was a significant drop from its previous high of $260.00 in April 2013. The drop was caused by a number of factors, including a crackdown on bitcoin exchanges by the Chinese government and a massive sell-off by investors who had bought bitcoin at its high.
China was one of the biggest markets for bitcoin at the time, and the government’s crackdown on bitcoin exchanges caused a panic in the market. Chinese authorities had instructed banks to close the accounts of bitcoin exchanges, making it difficult for people to buy and sell bitcoin. This led to a massive sell-off, with investors dumping their bitcoin holdings in fear of losing their money.
Another reason for the drop was the Mt. Gox hack, which occurred in February 2014. Mt. Gox was one of the largest bitcoin exchanges at the time, and the hack resulted in the loss of 850,000 bitcoins, worth around $450 million at the time. This caused a further panic in the market, with investors selling off their bitcoin holdings in fear of losing their money.
The low price of bitcoin did not last long, however. By November 2013, the price had risen to $1,000, and by the end of 2017, it had reached an all-time high of $20,000. This was due to a number of factors, including increased media coverage, more widespread adoption of bitcoin, and the launch of bitcoin futures on major exchanges.
In conclusion, the lowest bitcoin has ever been was $69.00, which occurred in July 2013. The drop was caused by a number of factors, including a crackdown on bitcoin exchanges by the Chinese government and a massive sell-off by investors who had bought bitcoin at its high. However, the price of bitcoin did not stay low for long and has since seen massive gains and drops in its value. As with any investment, it’s important to do your research and understand the risks before investing in bitcoin or any other cryptocurrency.