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


Bitcoin (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.