💀 The worst days in crypto history

⚫️ On Sunday, a crypto market crash triggered a massive wave of liquidations. Many panicked, thinking, «This is it, everything's over.» But seasoned traders smirked: «This doesn’t even make it into the top 10 worst days for crypto.» To put things into perspective, let’s revisit other moments when people lost huge sums of money.

⚫️ For Ethereum, one of the biggest shocks came on June 17, 2016, when The DAO was hacked, and nearly a third of its funds were stolen. The ecosystem was still young, and events like this raised serious doubts about its future. The crisis was ultimately resolved through a hard fork, with the community deciding to recognize a version of the network where the hack was reversed.

⚫️ 2017 saw the rise of «ICO fever», with projects launching left and right, raising millions through token sales. But the hype didn’t last — by 2018, the crypto winter hit hard. Investors pulled back, projects shut down, and Bitcoin’s price plunged from $20,000 to under $10,000 — not just for a few days, but for years. The market only fully recovered in 2021.

⚫️ In March 2020, Bitcoin’s price dropped 30% in just a few days. The date can give you an idea of the reason: the world was gripped by the uncertainty of the COVID-19 pandemic, and no one knew how badly it would impact the global economy. As we can see, crypto prices don’t just react to industry events but also to major global crises.

⚫️ 2022 brought two massive disasters: the collapse of Terra’s algorithmic stablecoin and the bankruptcy of FTX. Crypto trader Ruslan Khairullin once shared on a podcast how poor decisions during Terra’s crash cost him over a million dollars. And he wasn’t alone — entire fortunes were wiped out when the stablecoin lost its peg.

⚫️ Against this backdrop, Sunday’s crash seems minor. Yes, almost every cryptocurrency dropped in value. But Bitcoin, for example, fell from around $100,000 to $93,000 — only to bounce back the next day. Compared to the 2018 crypto winter, where prices halved and stayed low for years, this was nothing more than a small dip — and, as many joke, an opportunity to «buy the dip at a discount.»

@thedailyton