Bitcoin

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) 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 <a href="https://cointelegraph.com/news/crypto-market-meltdown-continues-as-bitcoin-price-drops-below-5-000">never seen again</a> as risk assets dived worldwide.
<h2 data-ct-non-breakable="true" id="bitcoiners-celebrate-four-years-since-the-covid-19-crash">Bitcoiners celebrate four years since the COVID-19 crash</h2>
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 <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a>.
Its comeback was arguably just as impressive — just one-and-a-half months later, $10,000 had reappeared.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/be6f93ed-538c-4a4a-be61-2e0369ce5695.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: TradingView
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“Everyone who bought the dip is up 1,700% since,” crypto journalist Pete Rizzo <a href="https://twitter.com/pete_rizzo_/status/1767517481038459145?s=20" target="_blank" rel="noopener nofollow">wrote</a> 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 <a href="https://www.bitcoinstimulus.net/totalstimulus" target="_blank" rel="noopener nofollow">BitcoinStimulus</a>.
A 100% stimulus deployment, originally worth $3,200, is now worth 400% more.
<h2 data-ct-non-breakable="true" id="bitcoin-began-paradigm-shift-in-march-2020">Bitcoin began “paradigm shift” in March 2020</h2>
Perusing other data, analyst Joe Consorti noted that overall BTC balances on exchanges peaked following the March 2020 crash.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-6-months-etf-liquidity-crisis-analysis">Bitcoin has 6 months until ETF ‘liquidity crisis’ — New analysis</a>
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. 
<blockquote data-ct-non-breakable="true">
 “That day, the paradigm shift from tech stock to freedom money began in earnest.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-03/6306f4dd-af5d-4f64-aa6e-c8d5097dc4b6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange balance annotated chart. Source: Joe Consorti/X
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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 is up 1,800% 4 years after the 2020 COVID-19 BTC price crash

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Cointelegraph

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