Crypto crash history: a timeline from Mt. Gox to today
The essentials in 30 seconds
- Crypto crash history runs from the Mt. Gox withdrawal halt of 7 February 2014 to the October 2025 liquidation.
- Bitcoin reached $19,783.06 in December 2017 and traded below $4,000 by November 2018.
- Terra, Celsius, Three Arrows Capital and FTX failed within 6 months of 2022.
- About $19 billion of leveraged positions were liquidated on 10 October 2025.
- Each chapter repeats leverage, concentration and a sudden loss of trust.
Crypto crash history runs from Mt. Gox in 2014 to the leverage flush of October 2025, and it shows a market that falls hard, fails in public and rebuilds. This page sets 6 chapters on one timeline as of October 2026, so you can see where each fall fits inside the wider crypto crash picture. Every date comes from a named source, and two detailed guides take the chapters further.
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Why does crypto crash history start with Mt. Gox?
Mt. Gox is the first failure that shaped how the market thinks about custody. By April 2013 and into 2014 the Tokyo exchange handled over 70% of the world’s bitcoin trades. On 7 February 2014 it stopped all withdrawals, and on 28 February it filed for civil rehabilitation in Tokyo.
The company reported almost 750,000 customer bitcoins and about 100,000 of its own as lost, roughly 7% of all bitcoins. One venue held most of the volume, so a technical fault became a market event, and holders learned that an exchange balance is a promise from a company. Creditor repayment ran for years: a rehabilitation plan won official approval on 16 November 2021, and the final payment deadline moved to 31 October 2024.
How did the 2017 Bitcoin peak become the 2018 crypto crash?
Bitcoin reached a new all-time high of $19,783.06 on 17 December 2017 and fell to $13,800 on 22 December. By November 2018 it traded below $4,000, an 80% decline from the peak, and its total value dropped under $100 billion for the first time since October 2017.
A low near $3,100 followed in December 2018. The chapter shows how a market driven by attention can give back most of its value within 12 months once new buyers slow down. Traders who study this chapter learn to ask who funds the next purchase, because prices need a steady supply of new money. A reader gains a simple test from 2018: compare the pace of new buyers with the pace of price gains.
What did the 2020 and 2021 falls add to the crypto crash record?
Bitcoin dropped 50% in early 2020, when the pandemic hit every risk asset at once. It then climbed to $64,800 on 14 April 2021. On 12 May 2021 Tesla stopped accepting bitcoin, and on 19 May the price dropped to $30,000 amid reports about Tesla holdings and new Chinese rules.
Both falls came from outside the sector: a global liquidity shock first, then corporate and policy news. Bitcoin still reached $67,566.83 on 7 November 2021, a new peak after both events. These chapters show a market that can lose a third of its value in weeks and still rebuild its highs within the same year. The lesson for a treasury is that the source of a shock tells you how long the damage may last.
How did Terra, Celsius and FTX reshape crypto crash history?
TerraUSD began to break its dollar peg on 9 May 2022, and the collapse wiped out almost $45 billion of market capitalization within a week. Celsius paused withdrawals on 13 June 2022 and filed for Chapter 11 on 13 July. A British Virgin Islands court ordered the liquidation of Three Arrows Capital on 27 June 2022.
FTX stopped processing withdrawals on 9 November 2022 and filed for Chapter 11 on 11 November. Bitcoin touched $16,216 on 28 November. The guide on the exchanges and lenders that failed follows each of these companies, using court records and official documents, so the details stay tied to sources. Reading them in order shows how one failure fed the next within 6 months.
How did the market rebuild after the crypto crash of 2022?
In January 2024 the US SEC approved the listing and trading of spot bitcoin exchange-traded products. Bitcoin reached $73,664 on 13 March 2024 as US bitcoin ETFs saw record inflows, and it reached $100,000 on 5 December 2024. Regulated access gave institutions a familiar route into the asset.
A wider buyer base brought more liquidity, and it also brought new channels for leverage. The rebuild chapter explains why a recovery in price and a recovery in trust follow different clocks. Price returned within about 2 years, while the reserve audits and custody rules that restore confidence keep developing as of October 2026. Each rebuild step added visibility for a decision maker.
What does the October 2025 liquidation add to the timeline?
On 10 October 2025 a 100% tariff announcement on Chinese imports met a market loaded with borrowed money. CoinShares reports US$19 billion of officially reported liquidations. Bitcoin fell to a low of $104,782.88 across 10 and 11 October, more than 14% below its Friday high of $122,574.46.
Open interest across futures markets fell from $175 billion to $125 billion in less than one day, according to Amberdata as cited by CoinShares. The latest chapter belongs to the biggest crypto crashes, and it shows that the structure of positions can matter as much as the size of the news.
Which patterns does crypto crash history repeat?
Three patterns run through the timeline. Leverage turns a price fall into forced selling. Concentration places too much volume or custody in one venue, as Mt. Gox did in 2014. Opaque balance sheets delay the moment when holders learn the facts, and trust then leaves faster than any fundamental changes.
A reader can use the timeline as a checklist: ask which venues hold your assets, how much borrowed money sits behind the price and what proof of reserves exists. The EQOS Asia method page shows how these questions become a score, and a 30-minute pre-diagnostic applies them to your own exposure.
Frequently asked questions
Where does crypto crash history begin?
Most timelines begin with Mt. Gox, which stopped all bitcoin withdrawals on 7 February 2014 and filed for civil rehabilitation in Tokyo on 28 February 2014. It handled over 70% of the world’s bitcoin trades, so its failure shaped how the market thinks about custody and concentration.
What was the biggest fall in crypto history?
Measured by price, the 2018 fall took Bitcoin from $19,783.06 to below $4,000, an 80% decline. Measured by liquidations in one day, 10 October 2025 reported US$19 billion. The detailed guide on the biggest crypto crashes compares the falls with the same yardstick for each.
Did the market recover after each crypto crash?
Bitcoin set new highs after 2018, after 2020 and after 2022: $64,800 in April 2021, $73,664 in March 2024 and $100,000 in December 2024. Price recovery and trust recovery follow different clocks, since reserve audits and custody rules take longer to build than a rally.
How does this timeline help a decision maker?
It turns 6 chapters into 3 repeatable questions: which venue holds your assets, how much borrowed money sits behind the price and what proof of reserves exists. As of October 2026 these questions apply to any exposure, and this page is general information, not investment advice.
Test your knowledge
1. When did Mt. Gox stop all bitcoin withdrawals?
- 7 February 2014
- 11 November 2022
- 10 October 2025
Show the answer
7 February 2014.
2. Which court action covered Three Arrows Capital on 27 June 2022?
- A merger approval
- A liquidation order
- A fee reduction
Show the answer
A liquidation order.
3. Which date saw FTX file for Chapter 11?
- 9 May 2022
- 13 June 2022
- 11 November 2022
Show the answer
11 November 2022.
4. How much was reported liquidated on 10 October 2025?
- US$19 billion
- US$1 billion
- US$450 billion
Show the answer
US$19 billion.
5. Which pattern runs through every chapter of the timeline?
- Falling energy prices
- Leverage and sudden loss of trust
- Rising bank fees
Show the answer
Leverage and sudden loss of trust.
About the author
Stéphane Jambu
President, EQOS Forecast Asia
Stéphane Jambu leads EQOS Forecast Asia and works as a consultant in e-commerce, search visibility, and AI. LinkedIn profile
Sources: EQOS Asia method page (eqos-asia.com/method.html) and contact page (eqos-asia.com/contact.html), en.wikipedia.org/wiki/Mt._Gox, en.wikipedia.org/wiki/History_of_bitcoin, en.wikipedia.org/wiki/Cryptocurrency_bubble, en.wikipedia.org/wiki/Terra_(blockchain), en.wikipedia.org/wiki/FTX, en.wikipedia.org/wiki/Celsius_Network, en.wikipedia.org/wiki/Three_Arrows_Capital, coinshares.com/at/insights/knowledge/billions-in-liquidations-what-happened, consulted on 23 October 2026. Page updated on 23 October 2026.