Today is the 4th anniversary of "March 12", but I haven't seen overwhelming media articles. There are countless summaries and reflections on previous years. It's quite surprising. Sure enough, rising prices are the best "market opium."

4 years ago today, Bitcoin, which had been in decline for a week, dropped from US$7,600 to as low as US$3,600 (the lowest spot on Binance was 3,782 USDT), and the entire network liquidated more than 20 billion yuan.

What’s even more frightening is that too many people increased their leverage at that time, betting that it would not fall below 5,000 US dollars and hit the bear market low of 2019. This led to the tragedy of “more kills more”: BTC liquidity was rapid under the serial liquidation. Exhaustion, selling, short selling, continuous trampling, leverage killing leverage, and ultimately killing all the bulls in the market.

This tragic plunge, which has been recorded in the history of the currency circle, has achieved a brutal and thorough "deleveraging" process, and of course cleared the way for Bitcoin to reach new highs in the second half of the year.

Only afterwards may we know how dangerous it was at that time - the panic of investors at that time was unstoppable, especially the liquidation during the stampede, which caused BTC to be close to the edge of returning to 0. Finally, BitMEX, which is rarely known to new users today, set the price for this time. The double avalanche of emotions hit the brakes in time, saving the BTC and crypto markets.

That is to say, after 312, BitMEX’s dominance in the contract market came to an end. Now no other contract exchange can reproduce the dominance of the year, and there may never be a 312-style super plunge~