Maite Knorr-Evans


The fall of

When the covid-19 pandemic struck, consumers moved online, prompting historic interest in cryptocurrency.

In 2020, bitcoin's value more than quadrupled from $6,500 to $26,400.

In January 2021, Tesla CEO Elon Musk tweets ""In retrospect, it [bitcoin] was inevitable."

February 8 Musk announces that Tesla will acquire $1.5 billion in bitcoin and accept the crypto as payment

A little over a month later the price of bitcoin hits $50,000 for the first time

In May, Tesla reverses its decision to accept the crypto as payment citing environmental concerns

The value of bitcoin plummets, losing all gains made since January

In June, El Salvador makes bitcoin the country's legal tender, followed by domestic and international condemnation

Greater interest in cryptos, including NFTs, led the bitcoin price increase to $58,000 per coin in November 2021

Very quickly the price begins to fall as investors lose faith in NTFs and scrutinize fraud within the crypto market

Bitcoin price falls to $31,324 after the collapse of Terra the UST stablecoin experiment in late May

This week the Celsius Network, a crypto-loan company, paused all trades leading bitcoin to fall under $20,000 per coin

Cryptocurrencies: when was the last time the Bitcoin price dropped below $24k? What are the reasons?