Bitcoin in 2014: A Rough Year for the Cryptocurrency

From Highs to Lows

2014 started promisingly for Bitcoin, but the year quickly took a turn for the worse. Just one month after it closed, BTC China reopened for trading, and it seemed as though the cryptocurrency was set to resume its upward trajectory. However, things did not go as planned and by the end of the year, Bitcoin had lost over 50% of its value.

The End of a Bull Market

Bitcoin's surge in price and popularity came to a screeching halt in 2014. After continuing the rally from the previous year, it peaked around $850 in January. However, it soon began to lose value, and by the end of the year, it had fallen to $320. This marked the first year in which Bitcoin ended lower than it started. The volatility of Bitcoin in 2014 was a major factor in its price decline. The cryptocurrency experienced several sharp drops in value, including a 30% drop in April and a 20% drop in November. These drops were caused by a number of factors, including regulatory concerns, security breaches, and competition from other cryptocurrencies.