On October 10, 2025, the cryptocurrency market experienced a significant downturn, erasing $19 billion in leveraged Bitcoin and other crypto assets. Despite this massive loss, it wasn’t among the largest percentage declines in Bitcoin’s history.
From the early days of Mt. Gox to the shocking downfall of FTX, here are some notable instances when Bitcoin’s value plummeted dramatically—and what caused these crashes.
1. Mt. Gox Flash Crash (June 2011)
This was a monumental event. After a hacker infiltrated Mt. Gox and sold vast amounts of stolen BTC for mere pennies, Bitcoin’s value dropped by about 99.9%. At that time, Mt. Gox was responsible for around 90% of all Bitcoin transactions globally. Its internal collapse momentarily obliterated nearly all market value.
The breach occurred on June 15 but wasn’t publicly acknowledged until later that month when an auditor account at Mt. Gox was compromised to steal approximately 740,000 BTC from users and another 100,000 from the exchange itself. The sale led to prices crashing to just cents per coin.
2. The April Meltdown at Mt. Gox (April 2013)
The price of Bitcoin tumbled from $265 down to $150 in April due to distributed denial-of-service (DDoS) attacks on Mt.Gox. These attacks overwhelmed their systems with fake traffic, causing trading disruptions and sparking panic sales among investors.
3. China’s Regulatory Shock (December 2013)
The People’s Bank of China announced its disapproval for banks engaging with cryptocurrencies because they lacked national backing or central authority oversight.
4. “A New Chinese Ban” (September 2017)–
Eager not only targeting ICOs but also domestic exchanges which were forced into closure shortly thereafter – causing BTC values drop roughly twenty-five percent within two days’ time frame! This shift marked end era where China dominated crypto trade while paving way towards Japanese Korean markets gaining prominence instead!
5. Unwinding Leverage Positions Late December ’17
- Bitcoin soared near unprecedented heights almost reaching USD$20k mark late year before futures contracts introduced regulated exchanges spurred sudden correction wiping third off valuation over course single day alone resulting prolonged bear phase following subsequent months ahead…
By March twelfth twenty-twenty COVID-19 pandemic triggered investor panic leading one biggest crashes recorded history… WHO declared global emergency preceding day followed next morning saw dramatic plunge below eight thousand dollars eventually bottoming out forty-eight fifty levels after losing half worth during span hours…
More than billion dollars leveraged long positions liquidated across major platforms including BitMEX Binance others cascading selloffs ensued thereafter marking infamous “<em title="">Black Thursday"</em> moniker despite bullish recovery period ensuing record-breaking highs set subsequently…
In May nineteenth same year Tesla reversed decision accept payments sending shockwaves through community though temporary respite given soon dashed week later PBOC reiterated stance prohibiting mining operations effectively cutting supply drastically forcing prices nosedive again wiping billions overnight…
Dubbed “<strong style="color:red";>Black Wednesday”</strong> significant enough earn place alongside prior collapses annals cryptocurrency lore…
Amidst turbulent times June thirteenth Celsius Network froze withdrawals citing extreme conditions reigniting fears systemic failure echoing TerraUSD debacle mere months earlier prompting another round sharp declines particularly affecting flagship asset BTC itself tumbling fifteen percent intraday lows beneath twenty-two thousand dollar threshold further exacerbating already fragile sentiment prevailing throughout space then onwards…