12 years ago, the Great Bitcoin Crash of 2011 began with seven daily -20% declines in a span of five months.
2 min read
We may all be paralysed by the bear market in 2022 that in some way is still persisting until today with our recent SEC lawsuits which basically said everything and all is a security. For many of us we would think that 2022 surely was the worst year ever for Crypto, with multiple crashes like the LUNA, 3AC/Celsius and then the FTX crash, but that is foolish of us to say…
About 12 years ago from today, in 2011, BTC had just increased from under $5 to $30 in a span of two months, but then in June 2011 followed the real nightmare. BTC corrected all the way down to under $5 again by November of the same year, meaning in five months we had a -90% drop. In the whole of 2022 we peaked at a -70% drop and that just for a few days.
Chart from Pete Rizzo showing the infamous 2011 crash
And even worse, during the duration of those hellish five months, we had seven daily drops of over -20%, some of them even happened during the later stages. Now imagine 2022, but just with a LUNA or FTX crash every 21 days instead of the months we got between them. This sub would surely be a complete ghost town by the end of it.
But the moral of the story even here is that once you had conviction no price crash could stop you and the people who did hodl through that crash in 2011, had returns of 1.7M %. We surely won‘t get those returns now, but dedication and commitment to something usually get rewarded.
submitted by /u/partymsl
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