Fun

Bitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crash

News Feed - 2024-03-13 12:03:00

William Suberg8 hours agoBitcoin is up 1,800% 4 years after the 2020 COVID-19 BTC price crashFrom bottom buys to stimulus checks, Bitcoin has richly rewarded those who used the events during the COVID-19 pandemic to increase BTC exposure.1453 Total views8 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) is up nearly 2,000% versus its COVID-19 lows on the fourth anniversary of its crash to $3,600.


On March 12, 2018, BTC price action began a plunge to levels never seen again as risk assets dived worldwide.Bitcoiners celebrate four years since the COVID-19 crash


Bitcoin hodlers have much to celebrate with BTC/USD above $70,000, but some are commemorating a grim reminder of worse times.


Exactly four years ago, the COVID-19 cross-market crash wrought havoc across risk assets and beyond, sending Bitcoin tumbling more than 50% in a single day.


As coronavirus was just beginning to spark lockdowns and other knee-jerk moves from governments, markets felt a keen sense of the economic upheaval to come.


Beginning March 12 at $7,960, BTC/USD finished at $4,830, going on to bottom at $3,860 the following day, according to data from Cointelegraph Markets Pro and TradingView.


Its comeback was arguably just as impressive — just one-and-a-half months later, $10,000 had reappeared.BTC/USD 1-day chart. Source: TradingView


“Everyone who bought the dip is up 1,700% since,” crypto journalist Pete Rizzo wrote in part of a dedicated post on X.


Those who decided to go all in on that day are not the only COVID-19 success stories when it comes to diversifying into BTC.


United States citizens who used their first stimulus check, worth $1,200 and delivered in April 2020, to buy Bitcoin are now sitting on $12,930, per data from monitoring resource BitcoinStimulus.


A 100% stimulus deployment, originally worth $3,200, is now worth 400% more.Bitcoin began “paradigm shift” in March 2020


Perusing other data, analyst Joe Consorti noted that overall BTC balances on exchanges peaked following the March 2020 crash.


Related: Bitcoin has 6 months until ETF ‘liquidity crisis’ — New analysis


From then on, the tally on exchanges tracked by on-chain analytics firm Glassnode began a broad downtrend — one which continues to this day.


“It has since dropped from 17.6% of supply to 11.6% and is still falling fast,” Consorti wrote in part of accompanying X comments last week.“That day, the paradigm shift from tech stock to freedom money began in earnest.”Bitcoin exchange balance annotated chart. Source: Joe Consorti/X


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# Markets# CoronavirusAdd reactionAdd reaction

News Feed

New Hampshire Court Sides With SEC in Lawsuit Against LBRY, Project’s Team Says Loss Sets a ‘Dangerous Precedent’
New Hampshire Court Sides With SEC in Lawsuit Against LBRY, Project"s Team Says Loss Sets a "Dangerous Precedent" The U.S. Securities and Exchange Commission (SEC) has won a court
What Are The Implications For XRP If Ripple Captures 14% Of SWIFT’s Volume?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Ex-Head of Crypto Exchange Wex Released in Poland
Ex-Head of Crypto Exchange Wex Released in Poland Former chief executive of the Russian cryptocurrency exchange Wex, Dmitry Vasiliev, has been released from arrest in Warsaw earlie
Biggest Movers: XMR Rises to 1-Month High, XRP Moves 4% Lower
Biggest Movers: XMR Rises to 1-Month High, XRP Moves 4% Lower Monero jumped to a one-month high on Friday, as overall sentiment in crypto markets remained largely unchanged. The gl
Indian Government Updates Parliament on Cryptocurrency Bill and Investigations of Crypto Exchanges
Indian Government Updates Parliament on Cryptocurrency Bill and Investigations of Crypto Exchanges The government of India has provided some updates on its cryptocurrency bill and
Biggest Movers: BNB Rallies to 5-Month High on Monday
Biggest Movers: BNB Rallies to 5-Month High on Monday Binance coin rose to a five-month high on Monday, as cryptocurrency prices continued to trade higher. The token rose to its hi
Cash App’s Bitcoin Revenue Soars 1,000% to $1.63 Billion in Q3, Square Announces
Cash App"s Bitcoin Revenue Soars 1,000% to $1.63 Billion in Q3, Square Announces Cash App, a mobile payment service of Square Inc., generated more than $1.63 bil
Bitcoin reclaims blockchain dominance post-BTC halving
Josh O"Sullivan13 hours agoBitcoin reclaims blockchain dominance post-BTC halvingBitcoin’s blockchain bandwidth usage surpasses 90% post-halving, driven by new token standards and increased transaction volume.2257 Tota
Gareth Jenkinson10 hours agoBitget releases MPC wallet, includes 2/3 private key shardingCryptocurrency exchange Bitget has released a multiparty computation wallet to improve asset security and user experience.9917 Tota
Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks Straight
Ethereum Network Fees Jump Above Bitcoin Transaction Fees for Two Weeks StraightThis week digital currency enthusiasts have been discussing network fees, specifically transaction fe
Rakesh Upadhyay4 hours agoSHIB, UNI, OKB and HBAR flash bullish signs as Bitcoin volatility hits record lowBitcoin remains stuck in a tight range, but select altcoins such as SHIB, UNI, OKB and HBAR are attracting buyers
Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users
Crypto Exchange Kraken Pledges Over $10 Million to Support Ukrainian Users Kraken is planning to hand out more than $10 million in aid for clients affected by the military conflict