It is no secret that March 12, 2020, marked one of the darkest days in crypto history. This was the day when Bitcoin (BTC) witnessed one of the largest single-day price dips in its decade-long existence, swooping from $8,000 to a staggering low of $3,600, albeit briefly, just for a matter of minutes.
To put things into perspective, within a span of just 24 hours, over $1 billion worth of BTC longs were liquidated, causing one of the most intense value drops witnessed by the digital market in its brief history. Another way to look at the crash is that during the above-stated time frame, BTC lost nearly 50% of its value, a statistic that is quite striking, to say the least.
Also worth noting is the fact that over the course of the same week, Bitcoin and many other cryptocurrencies exhibited an extremely high correlation with the United States stock market, which at the time was seen as a possibility due to the overall drop in investor appetite for high-risk assets, especially as the COVID-19 pandemic was just beginning to rear its ugly head.
The steep correction in the U.S. stock market — which saw the Dow Jones Industrial Average dip by 2,300 points — was its worst Title: Black Thursday anniversary: Can crypto markets see another huge crash?
Sourced From: cointelegraph.com/news/black-thursday-anniversary-can-crypto-markets-see-another-huge-crash
Published Date: Fri, 12 Mar 2021 14:54:00 +0000