Time flies. It is hard to imagine that one year ago today, Black Thursday struck Bitcoin and caused one of the largest single-day selloffs in the asset’s short history, but here we are.
In honor of all the billions of liquidations that took place that day, all the strong hands that held through the carnage, and the savvy investors who bought the blood in the streets, we’re looking back at that fateful day and how far the leading cryptocurrency by market cap has come in the short time since.
BLACK THURSDAY ANNIVERSARY: REMEMBERING THE CATASTROPHIC CRYPTO MARKET CRASH
Last February, the stock market had set a new all time high and Bitcoin price was back above $10,000 for the first time since summer of 2019. Things had began to pull back into March, but come March 12 panic fully set in, and there was a widespread selloff across all of crypto, and traditional markets like stocks and precious metals. The safe haven of the dollar was the only place to hide.
The United States had first began announcing lockdowns, quarantines, and social distancing guidelines. The initial panic not only wiped out markets, but store shelves everywhere were picked clean of essentials as the world feared the worst.
On March 12, the top cryptocurrency plummeted by 40% alone, capping off a move that culminated in more than 60% being shed from the local peak. The scar from that day will forever be left on the Bitcoin price charts of the billions of dollars liquidated that day.
STRENGTH OF POLAR MOVE RESULTS IN MOST POWERFUL UPTREND IN BITCOIN HISTORY
While that day was frightening for all, anyone brave enough to buy the blood, there’s never been a better example of how lucrative the upside can be.
There result of such a strong polar move down due to panic, has made an equally powerful polar move higher. The conditions post-pandemic just so happened to be the perfect storm for the ultra rare cryptocurrency asset, amidst the backdrop of an ever-expanding money supply.
The price per coin has risen more than ten-fold since then, from under $4,000 on that fateful day, to more than $58,000 per coin at the time of this writing.
Anyone who was greedy when others were fearful, or any holders that held when no one else would, are now enjoying the fruits of their labors.
Read more: Bitcoinist