Bitcoin Marks Four-Year Crash Anniversary with 2,000% Rise from Pandemic Low
Summary:
Marking the four-year anniversary of its plunge to $3,600, Bitcoin has witnessed a dramatic surge of nearly 2,000% from its COVID-19 low. The cryptocurrency now stands above $70,000, a stark contrast to the challenging circumstances four years ago when it lost over half of its value in a single day during the COVID-19 market crash. Those who invested in Bitcoin during the pandemic, including US citizens who used their stimulus checks, have seen significant returns. Since the crash, Bitcoin held across exchanges has been on a steady decline, marking a shift from tech stock to freedom money.
Bitcoin has seen a nearly 2,000% surge from its record low during the COVID-19 pandemic, marking the four-year anniversary of a crash that saw it plummet to $3,600. Back on March 12, 2018, the value of Bitcoin plunged to unprecedented levels as global risk assets took a hit. The anniversary offers Bitcoin holders, who are seeing values above $70,000, a stark contrast to challenging previous circumstances.
It was exactly four years ago that the cross-market crash triggered by the unfolding COVID-19 crisis wreaked havoc on various assets, resulting in Bitcoin losing over half its worth in a single day. Triggered by the commencement of worldwide lockdowns and hasty decisions by governments, the markets were rattled, foreseeing impending economic chaos.
Data from Cointelegraph Markets Pro and TradingView highlight that Bitcoin’s value started at $7,960 on March 12 and closed at $4,830, bottoming out at $3,860 the next day. Nonetheless, Bitcoin's rebound was equally notable. By a month and a half, it regained the $10,000 mark.
Cryptocurrency journalist Pete Rizzo noted: "Everyone who bought the dip is up 1,700% since then." However, those who decided to invest in Bitcoin during the pandemic are not the sole success stories for this digital asset. U.S. citizens who utilized their initial stimulus check of $1,200 in April 2020 to purchase Bitcoin now own $12,930 worth of the cryptocurrency. A full investment of a $3,200 stimulus now carries 400% more value.
Additionally, analyst Joe Consorti pointed out that the total volume of Bitcoin held across exchanges reached its highest post the March 2020 crash. Following that crisis, the cryptocurrency volumes recorded by analytics firm Glassnode revealed a consistent decline, a trend that persists.
"It has since fallen from 17.6% of supply to 11.6% and continues to decrease rapidly," Consorti remarked. "That day marked the earnest start of a paradigm shift from tech stock to freedom money." This article does not provide investment advice or suggestions. Every trading and investment decision entails risks, and readers are urged to do their own due diligence before making decisions.
Published At
3/12/2024 6:25:00 PM
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