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Home CRYPTO

Bitcoin is Up 1,700% Since 2020 and Here is Why

Michael Juanico by Michael Juanico
March 12, 2024
in CRYPTO, FEATURED
Reading Time: 3 mins read
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  • The March 2020 COVID-19 crash sparked a 50% plunge in Bitcoin’s price, marking the start of a volatile period of price discovery.
  • US government stimulus checks provided a lifeline for Americans, with those who invested the $1,200 into Bitcoin making a fortuitous decision as it is now worth over $12,000.
  • The crash marked a shift in investor behavior, with exchange balances declining as investors withdrew Bitcoin into private wallets, illustrating growing long-term conviction.

Four years ago, the COVID-19 pandemic sparked a global economic crisis and crypto market crash that proved to be a pivotal moment for Bitcoin. While devastating at the time, the March 2020 crash ultimately fueled Bitcoin’s meteoric rise over the long-term.

NEW: #Bitcoin is up 1,700% from its 2020 crash 😳 pic.twitter.com/5uxiRGmexi

— BlockNews.com (@blocknewsdotcom) March 12, 2024

The COVID-19 Crash Sends Bitcoin Tumbling

On March 12, 2020, as coronavirus fears gripped the world, Bitcoin’s price began to plunge. Over two days of intense selling pressure, BTC crashed from $7,960 down to a low of $3,860 – a drop of over 50%. The crash was part of a broader market rout across stocks and other risk assets as the economic implications of COVID-19 lockdowns became clear. For Bitcoin, it marked the start of a volatile period of price discovery.

Stimulus Checks Provide Fuel for Bitcoin’s Recovery

The US government provided a lifeline for many Americans in the form of $1,200 stimulus checks in April 2020. Those who invested their stimulus funds into Bitcoin made a fortuitous decision. According to data from BitcoinStimulus.com, $1,200 invested in BTC during the crash is now worth $12,930. For those who went “all in” on stimulus checks, turning the full $3,200 into Bitcoin, their stack is now worth over $40,000.

Exchange Balances Decline as Investors Withdraw Bitcoin

The March 2020 crash marked a definitive shift in investor behavior regarding Bitcoin. According to on-chain analytics firm Glassnode, the total balance of BTC held on exchanges peaked in March 2020 right as the crash occurred. Since then, the exchange balance has been on a steady downtrend as investors withdrew their coins into private wallets. The mass exodus of BTC from exchanges illustrates growing conviction in Bitcoin’s long-term viability.

Conclusion

In retrospect, the COVID-19 crash marked a paradigm shift for Bitcoin. Stimulus check investments, coupled with the mass withdrawal of BTC from exchanges, provided the fuel for Bitcoin’s meteoric rise over the following years. For those who bought the dip, the crash proved to be a once-in-a-lifetime buying opportunity.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBitcoinStimulusCOVID-19cryptoGlassnode
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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