Crypto Slump On Trump Tariff Sparks COVID Crash Comparisons: Here's How They Compare

Bitcoin, the largest cryptocurrency by marketplace capitalization, has tanked arsenic overmuch arsenic 16% since the announcement to commercialized astatine five-month lows beneath $75,000. Ethereum, the 2nd largest cryptocurrency, has had it worse, falling arsenic overmuch arsenic 28% to astir $1,400, levels not seen since March 2023.

Amid the marketplace rout, galore are comparing the existent concern to the infamous COVID-19 crash, but however bash they compare?

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As Bitcoin tanked astir 8% from implicit $81,000 to astir $74,500 aboriginal connected Monday amid tariff panic, galore thoughts were turned to the March 2020 COVID-19 crash.

“Black Swan successful crypto today. This script is akin to the Covid dump with astir a 1:1 match,” well-followed marketplace expert Jonathan Carter asserted connected X.

On the different hand, chap salient expert “Tyler Durden” wrote, “Still not adjacent 10% of the feeling of March covid crash.”

These sentiments necessitate a caller look astatine what happened during the COVID-19 cryptocurrency crash.

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The COVID-19 pandemic shook the satellite to its core, disrupting astir each facet of society. These disruptions were reflected successful planetary fiscal markets, including the cryptocurrency market.

When then-President Trump declared the pandemic a nationalist exigency connected March 13, 2020, the full cryptocurrency marketplace capitalization tanked by astir 40% from astir $224 cardinal to $135 billion, its worst intraday clang connected record.

Bitcoin besides saw its worst intraday correction connected record, plummeting implicit 35% from astir $7,000 to beneath $4,500. As is typically the case, Ethereum saw an adjacent worse correction, falling 43% connected the day, but it was lone its second-worst correction connected record.