March 12, 2020 · Market Crash
COVID-19 Market Crash
The pandemic selloff that tested Bitcoin's "digital gold" thesis
Crypto Fear & Greed
14
Extreme Fear
Source: Alternative.me, March 12, 2020
Bitcoin price
$3,800
30-day change
+85%
Higher 30 days later
What happened
On March 12, 2020, "Black Thursday", Bitcoin crashed from $7,900 to $3,800 in a single day as global markets panicked over COVID-19. The crash shattered the "digital gold" and "uncorrelated asset" narratives, as Bitcoin moved in lockstep with risk assets during the liquidity crisis. However, what followed became one of the most powerful counter-narratives in Bitcoin history: the subsequent money printing, stimulus checks, and zero-interest-rate policy drove Bitcoin from $3,800 to $69,000 over the next two years, ultimately strengthening the "inflation hedge" narrative.
Key narratives
- Liquidity crisis
- Correlated selloff
- Money printer narrative
About the score
The score is the daily value of the Crypto Fear & Greed Index, Alternative.me, a composite of market and attention data. Perception’s own media-based reading for the same day is in the daily sentiment archive for March 12, 2020.
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