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.

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.

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.