March 28, 2024
Bitcoin's at $70880, Surges 1,800% Four Years After COVID Crash
Bitcoin price today

Bitcoin’s at $70880, Surges 1,800% Four Years After COVID Crash

Tuesday, March 12, 2024: Bitcoin price is at $70,880 and has surged by nearly 2,000% from its COVID-19 lows as the fourth anniversary of its crash to $3,600 is marked. On March 12, 2018, BTC plummeted to levels not revisited as global risk assets experienced a downturn. While BTC is now above $70,000, some are reflecting on the stark contrast to past hardships.

Exactly four years ago, during the COVID-19 cross-market crash, Bitcoin experienced a significant decline, dropping over 50% in a single day. The onset of the coronavirus and subsequent lockdowns foreshadowed economic turbulence. Starting from $7,960 on March 12, BTC/USD closed at $4,830 and bottomed at $3,860 the following day, according to data from Markets Pro and TradingView.

BTC/USD 1-day chart. Source: TradingView

However, Bitcoin’s recovery was swift and impressive. Within one-and-a-half months, it rebounded to $10,000, marking a remarkable turnaround. Pete Rizzo, a crypto journalist, highlighted the substantial gains, stating, “Everyone who bought the dip is up 1,700% since.”

Some individuals capitalized on the COVID-19 downturn by diversifying into BTC. United States citizens who invested their initial $1,200 stimulus checks in Bitcoin in April 2020 now see returns of $12,930, according to BitcoinStimulus data. Those who fully invested their $3,200 stimulus checks have seen a 400% increase.

Analyst Joe Consorti observed a significant shift in BTC balances on exchanges following the March 2020 crash. Exchange balances, as tracked by on-chain analytics firm Glassnode, peaked and then began a consistent decline, falling from 17.6% to 11.6% of the total supply and continuing to decrease.

Consorti remarked, “That day, the paradigm shift from tech stock to freedom money began in earnest,” highlighting the broader implications of Bitcoin’s resilience and appeal amidst economic uncertainty.

Bitcoin exchange balance annotated chart. Source: Joe Consorti/X

The anniversary of Bitcoin’s crash to $3,600 serves as a reminder of the asset’s volatility and resilience. Despite facing significant downturns, Bitcoin has demonstrated its ability to recover and attract new investors, even amid global crises. The past four years have been marked by both challenges and triumphs for BTC, reflecting its evolving role in the financial landscape.

Image by fabrikasimf on Freepik

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