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.
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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