Bitcoin’s Wild Ride to $50,000: From ‘Crypto is Dead’ to Alive

Bitcoin (BTC) managed to break the $50,000 mark today. This marks an important milestone for the cryptocurrency. The king of cryptocurrencies has not managed to reach the $50,000 mark since December 2021.

Dutch analyst Michael van de Poppe reflects on this moment and looks back on a turbulent time. “We did it, Bitcoin is here to stay,” the analyst wrote on X.

Between Bitcoin crash and comeback

The road to recovery has been anything but easy for Bitcoin and the entire crypto sector. Since December 2021, we have witnessed some of the most turbulent moments in cryptocurrency history.

For those who have recently joined; At the end of November 2021, Bitcoin reached its current price record of $69,000, after which the price fell sharply. In December 2021, BTC was still at a price of $50,000. But after that things continued to go downhill. The Dutch analyst gives a brief overview.

Terra (LUNA) collapses and causes great chaos

One of the most shocking events was the LUNA crash, which had a significant impact on the market and investor confidence.

LUNA, a cryptocurrency closely tied to the Terra ecosystem, collapsed in May 2022.

The collapse of LUNA and its related stablecoin TerraUSD (UST) can be attributed to a combination of design flaws, massive selling pressure, and loss of trust.

Bankruptcy of the crypto exchanges FTX, Celsius and Blockfi

The bankruptcy of FTX, once a leading cryptocurrency exchange, subsequently triggered waves of uncertainty and doubts about the stability of the crypto sector. The collapse was partly caused by the crash of LUNA. But founder Sam Bankman-Fried didn’t seem to have his affairs in order either.

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The demise of prominent lending platforms like Celsius and Blockfi highlighted the malaise the market has long been in. All of these major parties formed dominoes in the negative sentiment that developed into a deep bear market in the following months.

Amid these crises, Bitcoin, along with the entire crypto industry, has of course been declared “dead” multiple times by skeptics and critics. Despite hitting a low of $15,000 in November 2022, BTC price has recovered significantly.

Bitcoin is here to stay

The rally to $50,000 is not only a sign of recovery but also a confirmation of Bitcoin’s resilience. Van de Poppe concludes his X-Post with positive words:

“We did it. Bitcoin is here to stay. The future will be great,” says Michael van de Poppe.

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