10 years ago, the “greatest“ Crypto Crash ever happened as BTC at the price of $260 declined -50% in a matter of a few hours.

I think everyone here has experience with our last bear market in 2022, at its peak we were down -70% from our ATH at $69k just one year prior to that. While most alts were even down further, with some down over -90%. Of course all of this sounds and even felt painful but it still happened over the span of months. In the earlier days of Crypto it was different.

The greatest crash Crypto (which consisted mostly of BTC back then) saw was 10 years ago, on the 10th April 2013. On this day BTC halved its value in just a matter of a handful of hours, in six ours BTC fell -50%, from $260 to about $130.

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BTC chart from period around 10th April, daily

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Minute chart from April 10th, picture from Pete Rizzo on Twitter

This is way greater than any fall we had so far, even the Covid crash does not come near that even if it is seen as one of the fastest drops of BTC. The reason for this crash was apparently Mt.Gox, yes the old Crypto exchange that was latter rug-pulled and left thousands of users with their BTC that would have made them millionaires today.

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Excerpt from BBC article about the situation back then

Back then 80% of all trades were done there and in that period it was having some issues, which they explained to be due to too many users but many had their suspicious that it were hacks in reality.

We obviously all know the history after that day until now, if you would have held on during that massive 50% crash you would have had a return of over 20000% today. Just a small fun fact as hindsight does not help you any further and probably less than 0.00000001% of us here ouwld have hold until now from then on.