In a crypto carnage yesterday, Bitcoin price lost about 45% of its value, falling to one year low of $3,850. Currently, we are back above $5,200, nearing $5,500 but the market still remains fearful of what’s to come now, go another leg lower, range at current levels or make our way back.

As Michael Arrington, founder of TechCrunch, and CrunchBase noted, “This was like all of 2018 in one evening.”

I’m not going to sugar coat it. The last several hours in crypto were absolutely terrifying. And I’ve seen some shit.

— Michael Arrington (@arrington) March 13, 2020

Interestingly, this volatility saw a massive amount of BTC move on-chain. In blocks 621358 and 621259, over 200,000 BTC and 600,000 BTC moved respectively.

Since the price drop, 10k-100k BTC per block, 10x the normal volume, were moved.

On Feb. 13, Bitcoin price climbed to 2020 high at above $10,500 but the black swan event coronavirus (Covid-19) and oil price war that rocked the global stock markets, experiencing their worst days since 2008 financial crisis and losing trillions of dollars in the process also hit the crypto market hard.

However, what had the digital asset in free-fall was the massive liquidations on the crypto derivatives platform BitMEX.

Interestingly, while Ethereum followed Bitcoin to deep losses, altcoins didn’t fall as hard this time.

There is bloodbath on the crypto street and investors are trying to maintain the confidence to buy the dip and according to some industry commentators it’s the right opportunity for that.

According to Edward Snowden, Wikileaks founder, and a bitcoin proponent, this has been too much panic leading the prices down which had him tempted to stack some sats.

This is the first time in a while I've felt like buying bitcoin. That drop was too much panic and too little reason.

— Edward Snowden (@Snowden) March 13, 2020

Macro investor Dan Tapiero, Gold Bullion International co-founder also has some soothing words for the bitcoin investors and holders who point out within a day the digital asset lost about 45% of its value only to stabilize later in the day, that too without the help of central banks and government. Tapiero said,

“BITCOINERS: Hearing guys whine that btc is krap, not a hedge, not digital gold, it's going to zero etc..stfu. Btc is the only true free market in the world. Btc is the only asset that can go down 50% in one day and doesn't need govt intervention to stabilize. It will be fine.”

On the current market condition Travis Kling, former equities portfolio manager, now running crypto fund Ikigai feels once the dust settles and economic activity resumes, central banks inject trillions of new dollars, “off that bottom, there is no other asset on the planet that will move like Bitcoin.”

“Bitcoin is either antifragile or it isn't. If it is, by definition it will come out of this stronger than it went in. There is a framework to evaluate “antifragility”. It's not evaluated haphazardly, but with sound logic. So BTC bulls today are betting that framework is correct,” said.

The world has never had anything like #Bitcoin exist during a time like this.

— Travis Kling (@Travis_Kling) March 12, 2020

To further boost your confidence, the bitcoin price is still following the stock-to-flow model.

#btc at $5800 .. model (co-integration) still fine pic.twitter.com/HNR3NehBAj

— PlanB (@100trillionUSD) March 12, 2020

“Doesn't look like a real black swan to me, red dot still very much in the blue zone,” said the analyst on the digital asset being Black Swanned!

Coin Market Cap

24 Hour Volume

24 Hour VWAP

24 Hour Change

231 +