312

The '312' in the Crypto World: A Synonym for Historical Crash
#国际油价下跌逾10% #312 #恐慌与贪婪指数 $BTC
312 = March 12, 2020, is a legendary crash in cryptocurrency history, the darkest day in the crypto world, and a symbol of risk and reverence.

1. What Happened That Day
- BTC: From about $8000 → Lowest $3800, a drop of over 50% in 24 hours

- ETH: From about $200 → Lowest $90, a drop of over 50%

- Total liquidation: About $3.45 billion, over 100,000 people liquidated, 2-3 times leverage also got forced liquidated

- Platform paralysis: Exchanges like BitMEX crashed and lagged, users unable to operate, panic intensified

2. Why Did It Collapse (Multiple Strikes)

1. Global Panic: The outbreak of COVID-19, U.S. stocks triggered circuit breakers twice in one week, global assets resonated and crashed
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2. Oil Crisis: Saudi Arabia and Russia's price war, oil prices plummeted, exacerbating the liquidity crisis
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3. Leverage cascade: The market had high leverage (5-10 times), the drop triggered a chain of forced liquidations, forming a 'death spiral'
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4. Liquidity exhaustion: Sell orders piled up, buy orders disappeared, prices in free fall

3. Far-reaching Impact on the Crypto World

- Became a milestone in risk education: Reverence for the market, strict control of leverage, leaving enough cash
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- Promoted industry maturity: The explosion of DeFi, institutional entry, liquidity and risk control upgrades
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- March 12 every year became a day for review, warning against the reoccurrence of extreme market conditions

4. Current Significance

- A PTSD memory point for veteran players, reminding that 'black swans may come at any time'
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- A classic risk case that every newcomer must learn: Leverage is a double-edged sword, extreme market conditions are unreasonable.