El Salvador’s President Nayib Bukele tried to reassure people about the bitcoin (BTC) price decline by promising an inevitable rebound:
Stop looking at the chart and enjoy life,” he tweeted on June 19. – If you invested in BTC, your investment is safe, and its value will rise significantly after a bear market. Patience is the key.
Of course, this is not the first decline of BTC, there have been several during its existence, and each time the price of the main cryptocurrency has recovered. In fact, that’s what we saw on Sunday night, when bitcoin added 15% and rose to $25,500.
In December 2017, after setting a record high of $19,497, the price of bitcoin dropped 29%, and in February 2018, it dropped below $7,000. In December 2018, BTC was worth only $3,300.
In March 2020, during Covid-19, the major cryptocurrency experienced another crash when BTC’s price dropped about 37% from $7,911 to $4,970 in one day.
May 2021 also brought a wave of volatility to the bitcoin market: after reaching a yearly record high of $63,314 on April 14, the cryptocurrency price dropped to $58,803 on May 7 and then plunged to $34,770 on May 22.