As a virtual currency, Bitcoin has experienced a magnificent development process between 2011 and 2017. Its price fluctuated greatly during this period, which attracted widespread attention and heated discussions. This article will explore the ups and downs of Bitcoin during this period in depth, revealing the reasons and impacts behind it.

Bitcoin's price fluctuations are not just a game between numbers, they reflect changes in the global financial market and people's expectations for the future. In 2011, the price of Bitcoin soared to a record high, triggering a wave of investment. However, this prosperity was not long-lasting, and then the price of Bitcoin fell rapidly, and was even declared "dead" by some people. What secrets are hidden behind this drastic fluctuation?

Behind the skyrocketing price of Bitcoin, there are countless investors' crazy pursuit and speculation. People have abandoned traditional financial assets and turned their attention to this emerging digital currency. The limited supply of Bitcoin also makes its price more susceptible to market sentiment and demand fluctuations. Investor emotional fluctuations often amplify market shocks, leading to extreme fluctuations in Bitcoin prices.

However, Bitcoin is not just a speculative tool, there are more technical and social significance behind it. As the foundation of Bitcoin operation, blockchain technology has the characteristics of decentralization and high security, and is considered to be an important development direction in the future financial field. The rise and fall of Bitcoin also reflects people's confidence and doubts about blockchain technology and virtual currency.

When the price of Bitcoin plummeted, some people declared Bitcoin "dead". However, Bitcoin did not really disappear, but re-emerged after a reshuffle. In 2017, Bitcoin once again triggered an investment boom, and the price once exceeded 20,000 US dollars. Whether this prosperity can continue and whether it will experience another plunge is still the focus of people's attention.

The rise and fall of Bitcoin is not only a microcosm of the digital currency market, but also a part of the global financial landscape. In the future, with the continuous advancement of science and technology and the continuous changes in society, what will be the fate of Bitcoin is still an unknown. However, it is certain that behind the fluctuations of Bitcoin are the dreams and realities of countless investors, as well as the infinite possibilities of technological development. I hope that Bitcoin can move forward steadily in the future journey and create a better future.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

According to coinmarketcap data, today's bitcoin price has continuously fallen below three important thresholds of $15,000, $14,000 and $13,000. The current price on the platform is $13,857.60
USD, a drop of 18.10%.

Before this drop, many unfavorable news broke out:

1. Tether, the company that issued USDT, was hacked and 30 million US dollars of digital currency was stolen

2. South Korea's Youbit declared bankruptcy due to hacker intrusion

3. It is rumored that 60,000 bitcoins were stolen from the Liqui platform

4. Analyst Steven pointed out that the futures market may be the "culprit" of the sharp drop in bitcoin

Various unsafe factors have caused panic in the currency market, but the sharp drop in bitcoin is not the first time in history. Now, let us review the major events of the bitcoin crash:

2011: Mt Gox hacker attack

It was not until February 9, 2011 that bitcoin was equivalent to the US dollar. At that time, the price of bitcoin on the Mt Gox exchange was $1. However, on June 19, 2011, after Mt
Gox was hacked, the price of Bitcoin fell by $3 in a few minutes, falling below $16.

February 2012: Paxum

A similar incident occurred again on February 11, 2012, when Paxum announced that it would no longer accept Bitcoin, and Bitcoin fell by $2 to about $4.

March 2012: Linode

A few weeks later, on March 1, Linode was unfortunately hacked and 46,000 BTC were stolen, and the price of Bitcoin fell to $4.89. These lost Bitcoins were worth nearly $230,000 at the time.

August 2012: Priateat40

Although the value of Bitcoin rose slightly in some months in 2012, the price of Bitcoin fell by $3 to as low as $11 after Priateat40 stopped Bitcoin payments on August 17, 2012.

April 2013: DDos Attack

In the following months, as people's interest in Bitcoin grew, the price of Bitcoin rose steadily. However, on April 10, 2013, Bitcoin plummeted by $60 to $122. This was reportedly due to an apparent DDoS attack.

December 2013: China Ban

On December 5, 2013, the People's Bank of China banned financial institutions from using Bitcoin, causing Bitcoin to plummet by $300 to around $840.

February 2014: Mt Gox Shuts Down

On February 21, 2014, Bitcoin fell by $100 as major exchanges were hit by DDoS attacks, and by $30 due to a dispute between Bitcoin miners and developers over block size. On February 24, 2014, the announcement of Mt
Gox's closure caused Bitcoin to fall by about $57 to $550.

March 2014: IRS Ruling

After the Internal Revenue Service (IRS) declared Bitcoin to be property and taxable, Bitcoin plummeted by $150 to $453.

January 2015: Bitstamp hacked

Bitstamp shuts down after being hacked, resulting in the theft of 19,000 BTC; however, they reopened just a week later.

August 2015: Scaling Issues

In the following year, Bitcoin experienced constant ups and downs. On August 19, 2015, the price of Bitcoin dropped by $45 to $214 after the release of the new client software XT Fork to solve the scaling problem.

November 2015: Unicode

On November 3, 2015, the Bitcoin logo was included in Unicode, but the price still dropped by $50 to $334.

January 2016: Hearn Effect

After Mike Hearn claimed that Bitcoin was a "failed product", the price of Bitcoin dropped by $40.

August 2016: Bitfinex hack

On August 2, 2016, Bitfinex suffered the second largest vulnerability in Bitcoin history. Unknown hackers stole 120,000 BTC from Bitfinex.

January 2017: China's central bank intervened

On January 5, 2017, Bitcoin fell 31% to $889 after the Chinese government announced restrictions on Bitcoin transactions.

Although Bitcoin's journey has been very bumpy, the existence of Bitcoin is still an unshakable fact, which means that despite so many setbacks, people still choose to believe in Bitcoin.

July 2017: Bitcoin fork is imminent, Bitcoin price volatile

Bitcoin fork was planned on August 1, 2017. On July 12, Bitcoin fell nearly 8.82%, approaching $2,297 at one point. Almost none of the top 100 cryptocurrency market capitalization rankings rose, like a massacre covering the entire cryptocurrency ecosystem.

September 2017: Chinese government cracks down on ICOs

The price of Bitcoin fell below $4,000 for the first time since August 22. After the government policy was implemented, it fell 20% from the high point on September 1.

December 2017: Bitcoin fell again by 17%, the specific reason is yet to be determined

The price of Bitcoin fell below three important levels of $15,000, $14,000 and $13,000. The current price on coinmarketcap (December 22) is $13,857.60
USD, a drop of 18.10%.