Bitcoin and Ethereum fall over 50%

Following the worst trading day since Black Friday in 1987, cryptocurrencies such as Bitcoin experienced massive losses alongside global stock indices and popular commodities.

March 12th saw the entire cryptocurrency industry shed around 1/3 of it’s market cap.

If this wasn’t enough, the two biggest cryptos in terms of market cap, Bitcoin (BTC) and Ethereum (ETH), would go on to shed significantly more just hours later.

Bitcoin and Ethereum March 12th 2020

Within the hour of 02:00 UTC (22:00 EST), both Bitcoin and Ethereum marked over a -50% loss within a single 24 hour time period.

As seen above, this brought both cryptocurrencies to prices that were untouched for nearly a year.

Below is an hourly candle chart showing the BTC/USDT pair from Binance.

As seen in the chart, at 10:00 UTC (06:00 EST) is when Bitcoin’s nose dive began.

In a burst of volatility, Bitcoin went from around $7400 to $5600 at 10:00 UTC. Shortly after, the price rebounded to around $6000 in the same hour.

After spending some time at this level, Bitcoin experienced a slight dip which then led to a massive sell-off that would occur over 4 hours. Bitcoin dropped from around $5800 to below $3800 during these hours – a whopping $2000 (-34.5%) fall in price.

But thats not where it ended.

Within the same hour BTC dropped to sub $3800, it shot right back up to over $5200. At the time of writing, Bitcoin is fluctuating above and below $5000.

Overall, Bitcoin was sub $3800 after starting the day of March 12th off just below $8000, before quickly rebounding back up to around $5000.

Below is an hourly candle chart showing the ETH/USDT pair from Binance.

Similar to Bitcoin, Ethereum saw it’s huge decline during the hour of 10:00 UTC. However, it’s downtrend started during the hour of 02:00 UTC at a price of around $190 the same day.

After slowly but surely inching it’s way down from $190 to just above $180, a slight dip was experienced followed by the same consistent downtrend for a few hours.

Then, at 10:00 UTC, a massive spike downwards was experienced, leaving ETH swinging between $130 and $140.

Finally, at 23:00 UTC on March 12th, a red candle took the price from around $127 to below $110.

But just like Bitcoin, this isn’t where the volatility ended.

Within the hour of 02:00 UTC, Ethereum tanked to below $90 and shot back up to around $120. Currently, at the time of writing, ETH is sitting around the $130 mark.

Following a day of red all across the board from stock indices to crypto, this adds some more salt to the wound for crypto holders.

However, crypto is notorious when it comes to volatility, therefore by tomorrow Bitcoin could very well be in the $10,000 again – or $0.