Crypto's Black Thursday: the Market Crash of March 2020
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In the first six weeks of 2020, the crypto market soared. With the Bitcoin block reward halving in anticipation, investors sought to profit on the expected long-term price increase that had followed the previous two halving events. In anticipation, Bitcoin rallied from $7,000 to over $10,000 while several major altcoins doubled (or more) in price, such as Ethereum, EOS, and Bitcoin Cash. News articles were predicting that the market would never dip below current levels again and at the rate that it was accelerating, it seemed plausible. Simultaneously, suspicions were arising that cryptocurrencies could be safe-haven assets in the event of economic turmoil. But both of these theories were swiftly debunked on March 12, 2020 (or Black Thursday, as it’s been dubbed), when the cryptocurrency market crashed spectacularly.
Crypto's Black Thursday: the Market Crash of March 2020
Crypto's Black Thursday: the Market Crash of…
Crypto's Black Thursday: the Market Crash of March 2020
In the first six weeks of 2020, the crypto market soared. With the Bitcoin block reward halving in anticipation, investors sought to profit on the expected long-term price increase that had followed the previous two halving events. In anticipation, Bitcoin rallied from $7,000 to over $10,000 while several major altcoins doubled (or more) in price, such as Ethereum, EOS, and Bitcoin Cash. News articles were predicting that the market would never dip below current levels again and at the rate that it was accelerating, it seemed plausible. Simultaneously, suspicions were arising that cryptocurrencies could be safe-haven assets in the event of economic turmoil. But both of these theories were swiftly debunked on March 12, 2020 (or Black Thursday, as it’s been dubbed), when the cryptocurrency market crashed spectacularly.