Let’s review the 312 incident in the cryptocurrency circle today and experience how terrible the cryptocurrency crash was in the past.
The cryptocurrency 312 refers to the crash on March 12, 2020.
1. March 8: BTC plummeted from $9,200 to $8,300, a drop of 9.8%; ETH plummeted from $250 to $210, a drop of 16%.
Bitcoin fell by 10%, and most altcoins were cut in half. Everyone thought that the decline was almost enough and it would start to rebound, so most people entered the market to buy at the bottom.
2. March 9: BTC plummeted from $8,300 to $7,700, a drop of 7.2%; ETH plummeted from $210 to $190, a drop of 9.5%.
Unexpectedly, there was another big drop the next day. After falling for two days, everyone thought that the price-performance ratio had already fallen out of control and there was not much risk anymore, so they continued to enter the market to buy at the bottom.
3. March 10 and March 11: As everyone wished, the market did not continue to plummet. Instead, it has been fluctuating for the past two days. Many people have become bullish and have bought heavily.
4. March 12: BTC plummeted from $8,000 to $5,500, a drop of 31%; ETH plummeted from $200 to $120, a drop of 40%.
You can imagine that Bitcoin fell 31% in one day, Ethereum fell 40% in one day, and all kinds of copycat coins fell by several times. There were coins everywhere that fell several times, and all virtual currencies were not spared. Thus, the 312 incident was born. On that day, a small number of people in the currency circle were still fantasizing about the bottom. Some people began to borrow money and take out loans to make a profit, but most people did not think about buying the bottom, and were even completely desperate. Everyone shouted that the currency circle was over and Bitcoin was going to return to zero.
5. March 13: Bitcoin rebounded to 6200 and then fell to 3800, a drop of 38.7%. ETH rebounded to 145 and then fell to 89, a drop of 38.6%.
