Cryptocurrency News

Bitcoin Has Fared Well Since Black Thursday Event

Bitcoin seems to be backing out of the volatility that has rocked the space in the last few months as the asset has again attempted to climb over the top. Even before now, the digital asset has seen sporadic growth in the last few months to top well over from a previous low price. However, this recent decline due to volatility is slight compared to the major drop that the asset witnessed one year ago. While the world was bracing up for the coronavirus pandemic, Bitcoin traders panicked, and a sell-off began, which saw the digital asset make one of the biggest drops in price since it was developed.

Bitcoin recorded a 50% price drop during the Black Thursday event

In what seemed like hours, the price of Bitcoin saw a decline to rest at half its price, losing 50% in the process. Before the drop, the asset was planning on a slight rise on the back of many on-chain analysis figures but still went from above $7,000 to a figure slightly above $3,500. The crash has been regarded as the Black Thursday in the crypto space by famed traders and analysts.

When the price of the asset dropped, it got tongues wagging in the market as people started to question the credibility of the digital asset as regards the safe-haven asset that it is called. But since the crash happened last year, Bitcoin has not stopped in its quest to get to the top as the digital asset saw a massive movement to finish last year.

Presently, Bitcoin is on its way to clinch a new all-time record of $60,000, albeit with a bit of obstacle on its part here and there. A look at the price drop had made it look like a minor occurrence compared to how people made it seem when it happened back then.

Bitcoin has seen a massive rise in fortune since the event

Giving his review of the market at present, Quantum Economist and analyst Jason Deane mentioned that if one were to look back at the epic fall in March last year, it would look like a normal event. He pointed out that people were looking at Bitcoin alone because of how the price rose and failed to see other assets such as gold and the likes.

He pointed out that the stability and subsequent rise of the storm brought people into the network, which has pushed the asset’s price higher since then. Bitcoin, on its part, went from being just an asset that makes up one holding to an asset that has championed its way to the top to become a must-have in any trader’s holding.

Bitcoin suffered after the Black Thursday event as the digital asset spent days to recoup the losses. Still, analysts have pointed out that this price surge that started last year up till now has the handwriting of major analysts written over it. Analysts have also pointed out the DeFi craze that came some months after the drop as a major part of the surge that saw Bitcoin recoup losses during the Black Thursday.

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