Bitcoin domain “bitcoin.org” was registered on August 18, 2008, by “Satoshi Nakamoto”. On October 31, 2008, Satoshi Nakamoto wrote a page entitled Bitcoin: A Peer-to-Peer Electronic Cash System. Nakamoto used his idea of bitcoin software as an open-source code and released it in January 2009. The first recipient of the bitcoin transaction was Hal Finney. Finney was the person who downloaded the software first time and received ten bitcoins from Nakamoto himself. The first commercial work was done by program editor Laszlo Hanyecz in 2010 to deliver two Pope John’s pizzas for ₿10,000.
Price Movements in the History of Bitcoin
In 2011, prices started at $0.30 per bitcoin, growing to $5.27 per year. The price went up to $31.50 on June 8. During the month, the price dropped to $11.00. The following month it dropped to $7.80, and in another month, it reached $4.77. In 2012, bitcoin prices were at $5.27, growing to $13.30 per year. On January 9, the price rose to $7.38 but dropped by 49% to $3.80 in the next 16 days. The price rose to $16.41 on August 17 but dropped by 57% to $7.10 over the next few days. The Bitcoin Foundation got released in September 2012 to promote the development and use of bitcoin. Despite fluctuations, if you want to trade bitcoin, visit bitcoin evolution trading.
In 2013, prices starting at $13.30 increased to $770 on January 1, 2014. In 2014, prices starting at $770 dropped to $334 that year. In 2015, prices starting at $334 went up to $434 a year. In 2016, prices rose and went up to $998 on January 1, 2017. Prices started at $998 in 2017 and went up to $13,412.44 on January 1, 2018, after reaching a total of $19,783.06 on December 17, 2017.
China has banned trading, with the first steps taken in September 2017 and a total ban on February 1, 2018. Bitcoin prices then dropped from $9,052 to $6,914 on February 5, 2018.
How Does the Crypto Market Survive?
Throughout the first half of 2018, the price of bitcoin fluctuated between $11,480 and $5,848. As of July 1, 2018, the value of bitcoin was $6,343. On January 1, 2019, it was $3,747, down 72% in 2018 and 81% from the top. In February 2019, the Canadian cryptocurrency exchange named Quadriga Fintech Solutions failed with nearly $ 200 million missing. However, by June 2019, the price had returned to $13,000.
On March 13, 2020, bitcoin fell below $4,000 during the broad market selloff after trading more than $10,000 in February 2020. On November 30, 2020, the value of bitcoin reached a record high of $19,860, exceeding the highest level of December. 2017.
On January 19, 2021, Elon Musk posted the #B Bitcoin handle on his Twitter profile, writing, “Looking back, it was inevitable”, causing the price to rise briefly by about $5000 an hour to $37,299. On February 8, 2021, Tesla announced a $1.5 billion bitcoin purchase and brought the price of bitcoin to $44,141. After 49 days of receiving digital money, Tesla postponed studies on May 12, 2021. In September 2020, Canton of Zug, Switzerland, announced that it would begin accepting bitcoin tax payments in February 2021.
In June 2021, the El Salvador Legislative Assembly voted in favor of the official Bitcoin tender in El Salvador. The law went into effect on September 7. In the same month, the development of bitcoin software called “Taproot”, which added support for Schnorr’s signature, and improved performance of Smart and Lightning Network contracts, allowed for a fundamental change to the planned network in November 2021. On October 16, 2021, the SEC approved the Bitcoin futures ETF paid. The first Bitcoin ETF in the United States was found to be trading on October 19, 2021, and the price of bitcoin rose to $67,016 the next day.
The Bottom Line
Bitcoin’s value is unpredictable and volatile. Therefore, every beginner must understand the fluctuations that occur in the price of bitcoin from the above paragraphs and then decide on investing in it.