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Bitcoin's Tumble to $91K Evokes Thanksgiving 'Massacre' of 2020
Four years ago to the day, bitcoin plunged about 17% in the span of just over 24 hours.
Nov 26, 2024, 8:25 p.m.
What to know:
- Bitcoin suffered a steep decline four years ago around Thanksgiving after being turned away at the $20,000 level.
- The action this year after failing at $100,000 is similar, though less severe so far.
- Those who bought the dip in 2020 didn't have to wait long to be rewarded.
The fall of 2020 was an exciting time for crypto, with bitcoin — after beginning the year around $7,000 and plunging to below $4,000 during the March Covid panic — in the middle of a rollicking bull market and appearing set to push through the $20,000 milestone.
Mr. Market had a different idea though and as families began to get together for the U.S. Thanksgiving holiday, a wave of selling took place. Between East Coast Wednesday morning hours and the first football game early afternoon Thursday afternoon, bitcoin plunged from roughly $19,500 to $16,200, a decline of nearly 17%. The action was quickly dubbed the Thanksgiving Day Massacre.
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Exactly four years to the day later, bitcoin is seeing another swift decline after failing to surpass another milestone. There are, of course, key differences. First, this year's big number is $100,000, or five times that of four years ago. Second, the decline this time around has been more drawn out and is far less severe (so far) on percentage terms, a drop of just about 8% to $91,500 after nearly taking out $100,000 a few days ago.
The aftermath of 2020 will be encouraging to the bulls. Just four days after the plunge, bitcoin had returned to just shy of $20,000 and by mid-December had soared to a new record high above $24,000. By year-end, the price was above $30,000 on its way to the bull market peak of $65,000 in April 2021.
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Bitcoin trails polar opposites, gold and copper, as 'fear and AI' trade lifts tangible assets
Gold and copper have outperformed other major assets this year, with gold rallying more than copper.
Was Sie wissen sollten:
- Gold and copper have outperformed other major assets this year, with gold rallying more than copper.
- Bitcoin has underperformed, failing to attract both fear-driven and AI-driven investment, highlighting a shift towards tangible assets.
- The divergence in performance between gold and copper reflects market bets on both AI-driven growth and systemic financial fears.
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