The biggest black swan event in the history of the cryptocurrency world, 90% of people’s positions were liquidated on that day.
On March 8, 2020, ETH suddenly dropped from $250 to $210, a drop of 17%; BTC dropped from $9,200 to $8,300, a drop of 10%. The rebound momentum was good, but it suddenly dropped, and everyone was panicked.
On March 9, 2020, the U.S. stock market announced its first circuit breaker, and the market once again experienced a sharp drop. ETH fell from $210 to $190, a 10% drop; BTC fell from $8,400 to $7,700, a 8% drop. After two consecutive days of sharp drops, short sellers were in high spirits, and most short sellers had already closed their positions.
From March 10, 2020 to March 11, 2020, the market went sideways. After two consecutive days of sharp declines, many people felt that the risk had passed, and many people even opened more.
On March 12, 2020, the price of ETH plummeted sharply from $1,500 in the bull market to $150. I couldn't help but go all in and buy long. 99% of people thought the opportunity had come and started to buy long.
Everyone I know in the cryptocurrency world has already opened a long position. But that night, there was a huge crash. Due to the outbreak, the US stock market ushered in the second circuit breaker. ETH fell from $190 to $120 that day, a drop of 37%; BTC fell from $8,000 to $5,500 that day, a drop of 31%.
I was desperate. I never expected such a black swan to appear in the cryptocurrency circle. I have never heard of or seen such a thing after years of cryptocurrency trading. Some altcoins have fallen nearly tenfold. I think the cryptocurrency circle is over. There will never be a market again. This industry is over. This circle is over. Everyone’s positions have been liquidated. No matter how much margin you have, you can’t bear it. At this moment, I felt relieved. I felt that it was finally over and I didn’t have to be so tired anymore.
On March 13, 2020, many people who believed in the cryptocurrency industry started to buy at the bottom again. Some people whose money had not been exposed started to scrape together and continue to work hard. Do you think it has all calmed down? You are still too naive. ETH, which had rebounded to $145, suddenly plunged to $87; BTC, which had rebounded to $6,230, went straight to $3,790. Who would have thought that the market, which had already taken away all my wealth last night, would once again experience a nearly 50% plunge the next day. The altcoins dropped dozens of times.
Yes, I am 4 years old.
