The "312" in the Crypto World: The Darkest Moment in Crypto History
【Crisis Brewing】
At the beginning of 2020, the global economy was shrouded in clouds, coupled with the valuation bubble that had accumulated in the crypto market, laying the groundwork for a crash.
【Crash in 24 Hours】
On March 12, panic selling erupted completely:
• Bitcoin halved in 24 hours (from $8000 to $3800)
• Mainstream coins like Ethereum fell over 60%
• The total liquidation on the network reached a historic peak of $32.8 billion
• Exchanges faced an unprecedented liquidity crisis
【Bloodbath in the Crypto World】
• Retail Investors: Over 83% of leveraged accounts were forcibly liquidated
• Mining Sector: Shutdown prices caused 30% of mining operations to halt
• Project Teams: 46% of small-cap tokens went to zero
• Exchanges: Over 200 downtime incidents in a single day
【Industry Rebirth】
This black storm brought three profound impacts:
1. Institutional Entry: The crash created a buying opportunity, with firms like MicroStrategy initiating an institutional accumulation wave
2. Derivatives Revolution: The open interest of perpetual contracts surged by 470% in six months, making risk hedging a necessity
3. Regulatory Awakening: 20 countries worldwide launched the construction of crypto market regulatory frameworks
【Historical Insights】
The "312" event validated three iron laws of the crypto market:
√ High leverage will face liquidation
√ Black swan events will always be possible
√ Cyclicality governs the market
This painful lesson worth $58 billion continues to shape the evolution of cryptocurrencies.
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