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Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s

Published 03/13/2020, 12:45 PM
Updated 03/13/2020, 08:20 PM
Crypto Traders Explain What Caused the Bitcoin Price Plunge to $3,000s

The Bitcoin (BTC) price dropped to $3,600 overnight, marking Bitcoin’s biggest daily drop in the last seven years. Over $1 billion worth of longs was liquidated on March 12, causing one of the most intense long squeezes in the crypto market’s recent history.

The main catalyst of the sudden 50% decline in the price of Bitcoin within a span of eight hours was the 9.99% drop of the Dow Jones Industrial Average. The United States stock market experienced its worst sell-off since 1987, as panic over the coronavirus pandemic intensified to unprecedented levels.

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