2018 cryptocurrency crash
The 2018 cryptocurrency crash (also known as the Bitcoin crash and the Great crypto crash) is 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 also peaked from December 2017 through January 2018, and then followed bitcoin. The cryptocurrencies' market capitalization lost at least 342 billion US dollars in the first quarter of 2018, the largest loss in cryptocurrencies up to that date. 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. By 26 November, bitcoin also fell by over 80% from its peak, having lost almost one-third of its value in the previous week.
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The price of bitcoin in 2017 had grown to a maximum of about 2,700%, and in the same year, some cryptocurrencies had achieved far higher growth than bitcoin. Bitcoin set a record high of 19,891 US dollars on 17 December on the Bitfinex exchange. Some economists, famous investors, and finance professionals warned that rapidly increasing cryptocurrency prices could create a burst of the "bubble." When Chicago Board Options Exchange (CBOE) and Chicago Mercantile Exchange (CME) started listing bitcoin futures in December, that allowed mainstream investors to short bitcoin on a large scale. The period immediately before the crash, bitcoin price reached its peak, and plunged about 46 percent, though it recovered quickly to 17,252 US dollars on 6 January 2018 on Bitfinex.
- December 17, 2017: bitcoin's price briefly reaches its all time high of $19,783.06.
- December 22, 2017, bitcoin fell below $11,000, a fall of 45% from its peak.
- January 12, 2018, Amidst rumors that South Korea could be preparing to ban trading in cryptocurrency, the price of bitcoin depreciated by 12 percent.
- January 26, 2018, Coincheck, Japan's largest cryptocurrency OTC market, was hacked. 530 million US dollars of the NEM were stolen by the hacker, and the loss was the largest ever by an incident of theft, which caused Coincheck to indefinitely suspend trading.
- From 26 January to 6 February, the price of Bitcoin halved, and reached 6,000 US dollars. Additional negative news for the cryptocurrency market continued in the first quarter of 2018. The price remained low though the level slightly recovered in the first quarter of 2018.
- March 7, 2018, Compromised Binance API keys were used to execute irregular trades.
- Late March 2018, Facebook, Google, and Twitter banned advertisements for initial coin offerings (ICO) and token sales.
- November 15, 2018, Bitcoin's market capitalization fell below $100 billion for the first time since October 2017 and the price of Bitcoin fell to $5,500.
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