Key facts
- Bitcoin's price dropped significantly on June 11, 2011.
- The decline occurred after reaching a peak near $30 earlier in June.
- Panic spread among users on the BitcoinTalk forum.
- The Mt. Gox hack, occurring a week later, caused Bitcoin's price to plummet to less than a penny.
On June 11, 2011, Bitcoin experienced a significant price slide from its early-June peak of approximately $30. This sharp decline triggered widespread panic among users on the BitcoinTalk forum, a key community hub for early cryptocurrency enthusiasts. The market turmoil intensified a week later when the infamous Mt. Gox hack occurred, leading to a catastrophic crash that drove the price of Bitcoin down to less than a penny.