Today's lesson of what you need to know about crypto trading.
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1. You could lose everything in a day
Speculate on crypto and you probably won't sit back and watch your investment skyrocket.
Bitcoin (BTC) alone has seen at least eight significant crashes - or market corrections, depending on your perspective - over the last decade or so.
In June 2011, after surging in value from $2 to more than $32, Bitcoin lost 99% of its value in a single day. If the average property los' much value, it'd go from around £286,000 to £2,860.
Comparisons aside, BTC holders found that every £100 worth of the coins they owned fell to just £1.
It crashed again in August the following year (down 56%), then the following April (down 83%) followed by December in the same year (down 50%).
Five years later, between 2017 and 2018, Bitcoin's value dropped by more than 80%. As the pandemic began in March 2020, BTC fell by 50%, followed by another 53% in May 2021 and, finally, the asset lost around another 50% in value between November 2021 and May 2022.
There were, of course, rises in value in between these tumbles, but it's clear that the bellwether of the crypto flock has seen many dramatic fluctuations over time.
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