Taking stock of the several collapses and halvings in the history of virtual currencies, each one was thrilling and heart-wrenching!
Although Bitcoin has been rising steadily since its birth in 2009, it has gone through a long period of time (three years) and its price was only US$10 until it encountered the first halving in its career.
The first Bitcoin halving occurred on November 28, 2012.
Within a year after the first halving of Bitcoin, Bitcoin quickly rose from around US$10 to over US$1,100, an increase of more than 100 times in one year, and the entire market was crazy about it.
It was not until December 5, 2013 that the People's Bank of China and five other ministries issued a notice on preventing Bitcoin risks, stating that Bitcoin cannot and should not be circulated and used as currency in the market.
In just two weeks, Bitcoin fell rapidly from $1,152 to $519. A few months later, just as the entire market was slightly calming down, another major event occurred.
February 24, 2014, known in history as the Mentougou Incident
At that time, Mt.Gox, the largest virtual currency exchange, discovered that 100,000 bitcoins of the exchange and 750,000 bitcoins of investors were stolen by hackers. A total of 850,000 bitcoins disappeared overnight, and the entire market took a sharp turn for the worse. The market also went further and further away with this black swan. In the subsequent long bear market, Bitcoin fell to as low as $178. The highest decline in this wave of market reached 85%. Most of the altcoins returned to zero, and the remaining altcoins were also terrible. Countless investors left the market with nothing and felt disappointed, thinking that there was no chance for the entire virtual currency market.
The second Bitcoin halving on July 9, 2016
After three years of bear market, people still have doubts about this market. We stumbled into the second halving of Bitcoin. At this time, the price of Bitcoin was around $650. What no one expected was that after the halving, along with various favorable factors, Bitcoin actually rose from $650 to $19,800. Various altcoins soared wildly, and the whole market gave people a feeling of chaos.
However, with the closure of domestic exchanges in the 2017 "94 Incident" and the vigorous rectification of ICO by relevant departments in early 2018, this bull market has inevitably come to an end. In the continuous decline over the past few years, Bitcoin has fallen from $19,800 to around $3,000. This time the decline has reached 85% again. 90% of the altcoins are almost zero, and all the altcoin holders in the entire market have been wiped out.
March 12, 2020: 312 Incident
After several years of bear market, the price of the currency had just stabilized and everything was moving in a good direction. As a result, new coronavirus cases were discovered in various countries, and the U.S. stock market also ushered in 4 circuit breakers this month. The currency circle suddenly began to collapse. This collapse is the most fierce and brutal collapse of virtual currency in history, and almost all the currency friends were exposed. Bitcoin fell from $8,000 to $3,800 in just two days, and it was cut in half in an instant. Most of the altcoins fell several times in two days, and some fell more than ten times in two days. ETH actually fell from the high point of $1,500 in the bull market to $87. All investors doubted their lives and felt that there was no hope in the currency circle. Many people left the market after losing all their money.
Bitcoin's third halving will take place on May 11, 2020
Just as the entire virtual currency market was in a depression, Bitcoin ushered in its third halving. This halving was accompanied by the circuit breaker of the US stock market, the intensification of the epidemic, and the global brokerage crisis. But at the same time, the entire financial world also ushered in an unexpected surprise, that is, the United States began to open the floodgates, and about 4.5 trillion US dollars were printed in 2020. As expected, Bitcoin began to soar again. During the entire bull market, Bitcoin rose from US$3,800 to a peak of nearly US$70,000. All altcoins followed suit and soared. Coins that increased by 100 times and 1,000 times emerged one after another, and people who became rich overnight were everywhere.
May 19, 2021 "519 Incident"
On the 18th, the Mutual Finance Association and other institutions jointly issued a document stating that relevant institutions are not allowed to conduct business related to virtual currencies. As soon as this document came out, the market took a sharp turn for the worse. Bitcoin was halved in a few days. Many altcoins even fell several times on 519, and countless investors were bloodbathed again on this day. The entire bull market also came to an end with the outbreak of the 519 incident. By November 2022, Bitcoin fell to US$15,450, a drop of 77%. In 2024, Bitcoin will usher in the fourth halving between March 2024 and June 2024. The difference between this halving and the past is that the encryption market is more mature and the audience is increasing, but relatively, the world economic growth is also slowing down. But no matter what, based on past experience, each halving is worth our imagination, and there are many stories about to happen. Let us quietly look forward to the arrival of this big show!