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Has the Bitcoin Price Ever Dropped Like This in the Past?

The current bearish Bitcoin price pressure has made a lot of traders and enthusiasts uneasy. It is evident there isn’t much to be excited about given the current circumstances, but there are precedents for this negative market pressure as well. An extensive bear market is nothing new, nor is a massive price decline following a new all-time high. Below are some very similar incidents which may put some people’s minds at ease.

5 Past Bitcoin Price Crashes:

The 2011 Onslaught

For those who have been involved in Bitcoin for more than a year or two, the period between December 2011 and December 2012 may sound somewhat familiar. Although Bitcoin has no real traction by that time, it slowly became apparent there was more to this currency than met the eye. In the first half of 2011, the value of Bitcoin rose from $1 to $31, which is a net 3,100% increase.

Shortly after that all-time high, Bitcoin dropped to $2, which represents a decline of over 90% in a five-month period. This is eerily similar to what the current Bitcoin price is going through. Eventually, it took a full year to regain the $13 level, which indicates that the bear trend lasted for over 17 months. To put this in perspective, the current bear market has been around for only nine months, a relative short period in comparison to what happened in 2011.

The 2013 Price Debacle

Less than 18 months after recovering from the dip to $2, BTC went through another big dip. Its value dropped from $266 to $100 in April of 2013, and even dipped to $70 later on in July. It took until November of 2013 to reach $200 again. The price then quickly jumped to $1,242 by the end of the same month, although it seems unlikely that will happen again this time around.

The 2014 China Ban

China has always played a big role in the Bitcoin world, unfortunately there have been numerous fake reports pertaining cryptocurrency related news from Asia. In 2014, fake reports came out claiming Bitcoin was banned in China, pushing the Bitcoin price from $700 to $340 in a matter of seven weeks. There was a small reversal in May of 2014, although further bearish pressure remained in place until March of 2015, when BTC hit $200. Another rather extensive period of Bitcoin market uncertainty to keep in mind.

September 2017 Caused a Near 50% Drop

In more recent times, a pretty big price drop occurred when the value of a single Bitcoin went from $5,000 to $2,900 in just a few days. This was another example of China-related news making an impact on the price, although the dip was eventually turned into a new uptrend in early October 2017. Violent price swings or slow price declines, Bitcoin has seen its fair share of retraces regardless of how one looks at it.

The Quick Decline in December 2017

Even though Bitcoin’s price did quite well toward December of 2018, it was a sign for the upcoming bear market when the value dropped from $18,000 to $13,800 within a week. Ever since that time, Bitcoin has not officially recovered in a meaningful manner, and the price decline is still going on today. Given all of these historic declines, it seems this trend may continue for some time, as no one knows where the bottom is right now.

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XRP Price Reaches $0.29 Again Following Fake Amazon Rumor

The current hourly cryptocurrency charts look incredibly weak, which means most cryptocurrencies will see another retrace in the coming hours. Until that happens, there is still some positive momentum where the XRP price is concerned. Although it hasn’t reclaimed the $0.3 level just yet, there is some positivity among community members. That sheer optimism can usually go a long way in this rather volatile industry. XRP Price Inches Higher It is quite interesting to keep an eye on the value of XRP during this bearish year. This asset has been beaten up quite severely, yet it seems to come up stronger every single time. It is also one of the more resilient markets to date, even though it can’t escape the gravitational pull of the world’s leading cryptocurrency these days. Over the past 24 hours, however, there has been an interesting XRP uptrend on the charts. The 2.2% gain in USD value is promising, as it pushes the value to $0.29 again. This is still a hair short of retaking $0.3, although this current price is seemingly more than acceptable as well. There is also a 0.2 uptick in the XRP/BTC ratio, albeit that is almost negligible. There is another rumor swelling when it comes to XRP. More specifically, some sources – wrongfully -assume there will be a partnership between Ripple and Amazon to push the usage of XRP forward. Since neither company has made any official statements in this regard, it is evident those rumors are nothing more than just that. It creates some excitement, albeit it may not necessarily materialize anytime soon, if ever. What is genuine, however, is the Binance XRP buy wall which materialized just a little while ago. It was valued at a total of $1,1m, which is very significant bullish pressure first and foremost. It is not exactly common for such massive buy orders to stack up on regular exchanges, although this may very well be a fake order to create some artificial momentum. That's a buy wall on @binance of $1.1m right now. Live. #xrpcommunity #xrparmy #xrpthestandard #cryptocurrency #crypto #RippleNet #XRP #xRapid pic.twitter.com/GC6mf7xXN0 — XRP_Canada (@XRP_Canada) December 16, 2018 When looking at the technical fundamentals for XRP, it seems a bullish breakout is more than warranted. The asset is entering a narrowing channel and will either rise or decline in value in spectacular fashion. So far, the chart leans toward breaking out on the upside, albeit nothing has been set in stone just yet. Ripple #XRP Todo Listo Para Un Gran Brote En Las Próximas Semanas #criptomonedas https://t.co/nMfxVITVGQ pic.twitter.com/F7ylDhDLT9 — Americancripto (@americancripto) December 16, 2018 All current signs point toward further XRP price stability, which is never a bad thing for enthusiasts and investors. While some people would prefer to see a big uptrend materialize prior to New Year’s Eve, that seems highly unlikely. Nothing warrants a big bull run right now especially because the weekdays will usually wipe out any gains sustained throughout the weekend. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post XRP Price Reaches $0.29 Again Following Fake Amazon Rumor appeared first on NullTX.

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