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Mar 12, 2020 Black Thursday
On March 12, 2020, Bitcoin dropped by more than a third in a single day as markets worldwide sold off in the first panic of the pandemic.
- Date
- Mar 12, 2020
- Drop
- > 30% in a day
- Trigger
- Pandemic sell-off
What happened
Stocks, oil and gold fell at the same time. Bitcoin traded below $5,000 at the lowest point, and several exchanges struggled with outages and liquidations.
The recovery was fast. Within weeks the price started climbing, and by the end of the year it had set a new record. The episode showed that Bitcoin trades like a risk asset in a panic, even though it is often described as digital gold.
Why it mattered
Black Thursday was Bitcoin’s sharpest one-day test. Read Bitcoin in 2020.
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