Looking back on March 12, 2020, at 6:30 pm, Bitcoin began to experience a waterfall-like plunge, with a drop rate of 5% per minute… Four years have passed, holding the two double-edged swords of Wall Street capital and the halving narrative, will Bitcoin seek revenge in 2023 and soar to new highs?
(Background:
Bitcoin spot ETF has acquired “over 4% circulation of BTC”, centralized crisis imminent?
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(Supplementary background:
Did Wall Street giants admit their mistakes? Bill Ackman: Considering buying Bitcoin! Coin price may skyrocket infinitely
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Today (11th), Bitcoin broke through the $71,000 mark in the afternoon, continuing to set new historical highs, bringing immense joy and excitement to the cryptocurrency market. However, while celebrating the market, investors who participated in the market in 2020 still have a deep impression of the date of March 12…
BTC slashed by 50% in less than a day
Looking back on March 12, 2020, at 6:30 pm, Bitcoin began to experience a waterfall-like plunge, with a drop first from $8,000 to $6,800, followed by $6,500, $6,000, $5,000, and $4,500, with a drop rate of up to 5% per minute…
This price plunge was closely linked to a large number of liquidated long positions. The price in the futures market remained below the spot market for a long time, causing confusion and suspicion in the market. As the price continued to decline, panic ensued, leading to a series of liquidation events. Within 24 hours, the number of people who were liquidated exceeded 100,000, and the community recalls that the market was caught off guard. Screenshots couldn’t even keep up with the speed of the decline.
Further reading:
Bloody day! Bitcoin plummets 42% to touch $3,700, market panic index reaches its peak
Bitcoin seeks revenge, better late than never
In fact, in 2020, with the expectation of the U.S. economic stimulus policy falling through, coupled with the spreading panic of the coronavirus, not only the cryptocurrency market but also the U.S. stock market experienced rare historic moments of “triggering circuit breakers twice within a week”. Global stock markets were affected, and the three major stock indexes in Europe and the Asia-Pacific stock markets also experienced varying degrees of decline. At least 10 countries’ stock indexes triggered circuit breakers…
Recently, the U.S. economy has become more optimistic after experiencing encouraging economic data in January. The active economic activities indicate a strong recovery momentum. Against this backdrop of economic recovery, inflationary pressures gradually emerge as a major challenge to economic policies. Although the Federal Reserve is faced with the challenge of controlling inflation to the policy target of 2%, the overall economy and the environment in 2020 are very different.
Returning to the cryptocurrency market itself, in the four years, the cryptocurrency market has experienced countless ups and downs, from collapse to rebirth. Bitcoin continues to convince the market to believe in it, and with continuous development, various tracks are flourishing, and the operation of exchanges is becoming more secure.
Now, with the Bitcoin spot ETF passing in January, it has attracted a large amount of capital from the traditional financial market. Institutions with assets under management of billions of dollars have opened compliant channels to invest in BTC. In just over two months, Bitcoin has attracted $959 million in funds, surpassing silver and becoming the world’s eighth-largest asset.
Holding the two double-edged swords of Wall Street capital and the halving narrative, will Bitcoin seek revenge in 2024 and soar to new highs?
Bitcoin becomes the world’s eighth-largest asset
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