Over the past three years, bitcoin prices have typically fallen from highs; the most recent top was reached just seven months ago.

The price of Bitcoin (BTC), which peaked at $68,000 in 2021, fell as low as $20,000 in June of 2022, making it one of the most devastating crashes in the history of cryptocurrency.

June 2022 is now the worst month for Bitcoin since September 2011 due to its 40% monthly losses. Additionally, the value of Bitcoin suffered its greatest quarterly losses in 11 years.

Despite the recent market decline, bear markets and Bitcoin crashes don’t have to wait until 2022. There have been a number of crypto winters since the genesis block was created in January 2009.

Cointelegraph has highlighted five of the most notable price declines in the renowned cryptocurrency’s history as we zoom out the price chart for Bitcoin.

In 2011, Bitcoin fell from $32 to $0.01

In late April 2011, the price of Bitcoin burst above its key psychological threshold of $1.00, kicking off the first-ever uptrend that saw it reach $32 on June 8, 2011. However, the happiness was short-lived as Bitcoin’s value eventually crashed, bottoming out at only $0.01 over a few days.

Security problems at the now-defunct Mt. Gox, a Japanese cryptocurrency exchange that traded the bulk of Bitcoin at the time, were mainly blamed for the sudden sell-off. Due to a security flaw in the exchange’s infrastructure, 850,000 BTC were taken, which has raised serious questions about the safety of Bitcoin on exchanges.

A significant event in BTC history, the June 2011 flash collapse, saw BTC lose around 99 percent of its value in a few days. The event began for a considerable time before the price of BTC rebounded to its prior high of $32 and only reached new peaks in February 2013.

Compared to more current charts, it’s challenging to follow the Bitcoin price before 2013. For example, CoinGecko and CoinMarketCap, well-known websites and services for price monitoring, do not track Bitcoin values before April 2013.

According to Bobby Ong, COO of CoinGecko, “Bitcoin was very much in its infancy before 2013, and there were not that many businesses trading Bitcoin back then.” He continued by saying that since there haven’t been many requests for data collected before 2013, the platform doesn’t give it much attention.

In 2015, Bitcoin falls from $1,000 to under $200

Bitcoin price information gathered by Cointelegraph shows that it peaked at $100 in the middle of April 2013 and then surged to exceed $1,000 in November 2013 temporarily.

Shortly after breaching $1,000 for the first time in history, Bitcoin entered a severe bear market, and one month later, the BTC price fell below $700. Then, as the Chinese central bank started to crack down on Bitcoin in late 2013, banning local financial institutions from processing BTC transactions, the price fell.

The price of the cryptocurrency continued to decline over the following two years, reaching a low of $170 in January 2015 after first bottoming out at about $360 in April 2014.

The hacked Mt. Gox cryptocurrency exchange, which stopped all Bitcoin withdrawals in early February 2014, became known as the cause of the lengthy cryptocurrency winter. The platform subsequently halted all trade before declaring bankruptcy in Tokyo and the U.S.

Several important financial institutions expressed alarm about Bitcoin, with the U.S. Commodity Futures Trading Commission asserting in late 2014 that it had authority over “Bitcoin price manipulation.”

Up until August 2015, the overall attitude of BTC was primarily unfavorable; however, this tendency began to turn around over time. In January 2017, Bitcoin reached the $1,000 price again amid the robust bullish market. In the history of Bitcoin, this was the longest all-time high price recovery period.

BTC falls below $3,200 after hitting $20,000 in December 2017

By the end of that year, Bitcoin had risen to a high of $20,000 from its January 2017 low of $1,000.

The victory of $20,000 was fleeting, though, as BTC fell and lost more than 60% of its value in a few months. This was identical to Bitcoin’s last historical peak of $1,000.

As the Bitcoin market continued to decline, calling for a “crypto winter” in 2018, BTC’s lowest price was $3,200 in December.

Security vulnerabilities on Coincheck, another Japanese cryptocurrency exchange, marked the beginning of the crypto winter. A significant attack on Coincheck in January 2018 cost the cryptocurrency NEM (XEM) around $530 million.

The bear market intensified as digital behemoths like Facebook and Google forbade advertisements for initial coin offerings and token sales on their platforms in March and June of 2018.

The U.S. Securities and Exchange Commission’s denial of requests for Bitcoin exchange-traded funds also contributed to the bear market’s decline.

• The Genesis Stage Of Bitcoin Will Come To An End In 2022
• Why Bitcoin Neutrality Is Its Greatest Humanitarian Asset
• Crypto Donations Flood in After Ukraine Government Requests Bitcoin and Ether — $17 Million Raised So Far 

BTC falls to $29,000 in 2021 after hitting $63,000

The cryptocurrency market was dominated by bearish sentiment until 2020, when Bitcoin not only recovered to $20,000 but also started a strong bull run that peaked at more than $63,000 in April 2021.

Despite the cryptocurrency hitting a $1 trillion market valuation in 2021 and becoming one of the largest years, Bitcoin also had a little setback.

The price of BTC finally fell to as low as $29,000 in three months after it briefly reached fresh all-time highs in mid-April.

The 2021 mini-bear market occurred simultaneously as a media narrative emerged that Bitcoin mining had problems with social, corporate, and environmental governance (ESG).

Tesla, an electric vehicle manufacturer, founded by Elon Musk, ceased taking Bitcoin in May due to ESG concerns. This increased the ESG-related FUD against Bitcoin over the world. Musk stated that around half of the energy needed for Bitcoin mining came from renewable sources three months later.

The bear market didn’t last long despite China’s harsh crackdown on surrounding mining farms. However, the upward trend returned by the end of July, and BTC ultimately climbed to its still-unbreakable record high of $68,000 in November 2021.

BTC falls below $20,000 from $68,000 in 2022

After failing to surpass $70,000, bitcoin started to decline in late 2021. Since November of last year, the cryptocurrency has been in a bear market and will have one of its greatest falls in 2022.

The BTC fell below $20,000 for the first time since June 2020, which stoked market hysteria.

The recent bear market is mostly related to the crisis of algorithmic stablecoins, namely the TerraUSD Classic (USTC) stablecoin, which uses blockchain algorithms rather than equal cash assets to maintain a stable 1:1 peg with the U.S. dollar.

USTC, formerly a significant algorithmic stablecoin, lost its peg to the dollar in May. Given that USTC managed to rise to become the third-largest stablecoin before it crashed, the debugging of USTC caused a significant panic in the larger crypto markets.

Due to enormous liquidations and uncertainty that sparked a crisis in cryptocurrency financing, the fall of Terra had a cascading impact on the rest of the cryptocurrency market. Due to their failure to sustain liquidity in the face of challenging market conditions, a number of international crypto lenders, including Celsius, were forced to halt withdrawals.

Historically, the price of BTC has stayed below prior peaks for more than three years. However, just seven months ago, BTC reached its previous high of $68,000; it is unknown whether and when this will happen again.