Bitcoin price: Cryptocurrency’s 10th birthday could see first year-on-year loss of 2018

On the eve of Bitcoin‘s 10th birthday, the world’s first cryptocurrency may be about to hit an even more significant milestone. Having fallen by almost $200 over the last 24 hours, Bitcoin may be about to see its first year-on-year loss of 2018, marking a point where its stuttering price falls since January can no longer come with the caveat that it is still trading higher than it had been on the same date the year before.

In late October 2017, Bitcoin was trading at around $6,000, having seen its value rise by more than $5,000 over the course of the year. 12 months later, Bitcoin is trading at just above $6,000, having fallen by more than $10,000 since the start of the year.

If Bitcoin remains around its current price of $6,328, or falls even lower, then it will fall below 2017’s year-on-year price on 31 October – the 10th anniversary of the publication of a paper describing an “electronic cash system” that would eventually give birth to Bitcoin, the blockchain, and an entire cryptocurrency industry.

 

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1/8 Satoshi Nakamoto creates the first Bitcoin block in 2009

On 3 January, 2009, the genesis block of Bitcoin appeared. It came less than a year after the pseudonymous creator Satoshi Nakamoto detailed the cryptocurrency in a paper titled ‘Bitcoin: A peer-to-Peer Electronic Cash System’

Reuters

2/8 Bitcoin is used as a currency for the first time

On 22 May, 2010, the first ever real-world Bitcoin transaction took place. Lazlo Hanyecz bought two pizzas for 10,000 Bitcoins – the equivalent of $90 million at today’s prices

Lazlo Hanyecz

3/8 Silk Road opens for business

Bitcoin soon gained notoriety for its use on the dark web. The Silk Road marketplace, established in 2011, was the first of hundreds of sites to offer illegal drugs and services in exchange for Bitcoin

4/8 The first Bitcoin ATM appears

On 29 October, 2013, the first ever Bitcoin ATM was installed in a coffee shop in Vancouver, Canada. The machine allowed people to exchange Bitcoins for cash

REUTERS/Dimitris Michalakis

5/8 The fall of MtGox

The world’s biggest Bitcoin exchange, MtGox, filed for bankruptcy in February 2014 after losing almost 750,000 of its customers Bitcoins. At the time, this was around 7 per cent of all Bitcoins and the market inevitably crashed

Getty Images

6/8 Would the real Satoshi Nakamoto please stand up

In 2015, Australian police raided the home of Craig Wright after the entrepreneur claimed he was Satoshi Nakamoto. He later rescinded the claim

Getty Images

7/8 Bitcoin’s big split

On 1 August, 2017, an unresolvable dispute within the Bitcoin community saw the network split. The fork of Bitcoin‘s underlying blockchain technology spawned a new cryptocurrency: Bitcoin cash

REUTERS

8/8 Bitcoin’s price sky rockets

Towards the end of 2017, the price of Bitcoin surged to almost $20,000. This…

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