Exactly 3 years ago, on March 12th 2020, bitcoin price crashed 50% in one day.
1 min read
… In 2020, the COVID-19 pandemic had just begun to spread globally. This caused a widespread panic and uncertainty in financial markets which lead to sharp declines in global markets… bitcoin was no exception to this.
In just one day, exactly 3 years ago.. bitcoin price took a horrendous nosedive.. dropping 50% (FIFTY PERCENT) in just one day.
This caused huge liquidation cascade on once popular exchange BitMEX. $750 million in bitcoin was liquidated in a matter of minutes. This created a swift drop to the $3600 low… the exchange was then very conveniently closed for “maintenance” 😀 (Its owner Arthur Hayes was sentenced to 2 years of probation for money laundering)
Another popular exchange at that time – Deribit also faced technical difficulties
In two months however bitcoin price completely recovered and proceeded to make new all time high some time later…
Were you there at that time? Were you panicking? Or were you buying like a real chad?
*Edit: here is also daily discussion on that day (thanks to u/AncientCauliflower47 )
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Sources:
https://www.cnbc.com/2020/03/13/bitcoin-loses-half-of-its-value-in-two-day-plunge.html
submitted by /u/Chysce
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