Tension Rises As Bitcoin Nears Doomsday “12 March” Again

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Last Updated on 11 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Tomorrow is 12 March, Friday 12 March. Perhaps that date doesn’t ring a bell but it’s exactly one year since doomsday for Bitcoin. For those of you that don’t know, here’s why this day will as from now always be met with fear.

Last year on 12 March, Bitcoin did what MicroStrategy has done over the past 17 days, namely fall by 50%. All because fear was ruling the market and the cryptosphere.

Only difference is that unlike MicroStrategy, Bitcoin did it in almost a single day. The Bitcoin price dropped from a high of $8,000 to around $4,000 in a bit more than a 24 hours span. Bitcoin hodlers could see value evaporate in front of them.

In today’s terms, that would mean that Bitcoin would drop from $56k today to about $28k tomorrow. If that scenario would repeat itself, Kevin O’Leary’s prediction that grown men would weep in the street, could actually come true.

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At that moment last year, worldwide stock markets and crypto markets started to realize what a lockdown of European and US economies (because of the onset of Covid-19) could mean for earnings of companies.

As the truth sank in, markets started selling off faster and faster. For Bitcoin, the culmination came on the 12th and 13th of March with a sudden fall led by Seychelles-based crypto exchange BitMEX. On its platform, the Bitcoin price dropped to a low of $3,600, after which panic took over and the exchange claimed it was closed for “maintenance.”

Over the course of the following day, Satoshi Nakamoto’s invention recovered to reach a price of $5,000 per Bitcoin again, mostly because of buying on US-based exchange Coinbase.

At the time, market commenter Geoff Watts of Digital Assets Data explained:

On March 12th, bitcoin fell below $4,000. At one point, due to a backlog of liquidations, the price of bitcoin on BitMEX was over $300 below the price on other exchanges.

We’re seeing a lot of leveraged trades in the crypto markets and that leverage can lead to extreme corrections during periods of high volatility.

Although Bitcoin is doing a whole lot better now, institutional money has come in and we have a halving behind us as well, you can sense in the cryptosphere that most will be glad when 12 March passes without any hiccup.

A new all-time-high for Bitcoin tomorrow would even be the ultimate revenge.