Best Website for Crypto Trading Signals - Crypto Bubbles - Urdu
Channel: Hamza khan
Date: 2022-05-27

2013 boom and 2014–15 crash
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In November 2013, Bitcoin's price rose to US$1,127.45. It then gradually declined, bottoming out at US$172.15 in January 2015.[1]

2017 boom and 2018 crash
The 2018 cryptocurrency crash[2][3][4][5][6] (also known as the Bitcoin crash[7] and the Great crypto crash[8]) was the sell-off of most cryptocurrencies from January 2018. After an unprecedented boom in 2017, the price of Bitcoin fell by about 65 percent during the month from 6 January to 6 February 2018. Subsequently, nearly all other cryptocurrencies which had also peaked from December 2017 through January 2018, then followed Bitcoin's crash. By September 2018, cryptocurrencies collapsed 80% from their peak in January 2018, making the 2018 cryptocurrency crash worse than the Dot-com bubble's 78% collapse.[8] By 26 November, Bitcoin also fell by over 80% from its peak, having lost almost one-third of its value in the previous week.[9]

By 19 May, Bitcoin had dropped in value by 30% to $31,000, Ethereum by 40%, and Dogecoin by 45%. Nearly all cryptocurrencies were down by at least double-digit percentages.[28] Major cryptocurrency exchanges went down amid a market-wide price crash. This was partly in response to Elon Musk's announcement that Tesla would suspend payments using Bitcoin due to environmental concerns, along with an announcement from the People's Bank of China reiterating that digital currencies cannot be used for payments.[28]

Bitcoin and other cryptocurrencies experienced a solid recovery after Elon Musk met with leading Bitcoin mining companies to develop more sustainable and efficient Bitcoin mining.[29] As of October 2021, China has continued shutting down crypto trading and mining activities, and Tesla has not yet resumed payments with Bitcoin.

2021–2022 crash
Since November 2021, several major cryptocurrencies, including Bitcoin and Ethereum, saw consecutive and significant declines in value.[30][31] By 21 January 2022, the crash had erased over US$1 trillion of market value,[32] which is more than the inflation adjusted loss of value witnessed after Black Tuesday in 1929.[33]

Collapse of Terra-Luna
Main article: Terra (blockchain) § Collapse
In May 2022, the stablecoin TerraUSD—which was pegged to the US dollar via a complex algorithmic relationship with its sister currency Luna—fell to 10 cents.[34] This resulted in Luna falling to "virtually zero", down from an all-time high of $119.51.[35] The collapse wiped out almost $45 billion of market capitalization over the course of a week.[36] In the wake of Terra-Luna's collapse, another algorithmic stablecoin, DEI, lost its peg to the dollar and started to collapse.[37][38]

Bitcoin
Further information: Economics of bitcoin
Bitcoin has been characterized as a speculative bubble by eight winners of the Nobel Memorial Prize in Economic Sciences: Paul Krugman,[39] Robert J. Shiller,[40] Joseph Stiglitz,[41] Richard Thaler,[42] James Heckman,[43] Thomas Sargent,[43] Angus Deaton,[43] and Oliver Hart;[43] and by central bank officials including Alan Greenspan,[44] Agustín Carstens,[45] Vítor Constâncio,[46] and Nout Wellink.[47]

The investors Warren Buffett and George Soros have respectively characterized it as a "mirage"[48] and a "bubble";[49] while the business executives Jack Ma and J.P. Morgan Chase CEO Jamie Dimon have called it a "bubble"[50] and a "fraud",[51] respectively. However, Dimon said later he regrets calling Bitcoin a fraud.[52]

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