📍 2. Collapse 2017 – 2018 (ICO Bubble)

Reasons:

Bitcoin rose from 1,000$ at the beginning of 2017 to nearly $20,000.

The proliferation of ICO projects (Initial Coin Offerings), most of which had no real value.

Government interventions (especially from China and South Korea) against ICOs.

Result:

Bitcoin dropped to 3,000$ (an 80% loss of its value).

Thousands of projects collapsed, revealing that most were fraudulent or fictitious.