312 From "The Wolf is Coming" to gradual desensitization, fear of memes may become a thing of the past

Article author: 0x9999in1, MetaEra

March 12, 2025, can't help but remind people of the fear dominated by the crypto market crash on March 12, 2020. On that day, the price of Bitcoin plummeted from about $8,000 to $3,800, a single-day drop of more than 50%, the total market value evaporated tens of billions of dollars, and countless leveraged trading positions were liquidated.

Since then, "312" has become an important symbol. Every March 12, crypto practitioners will talk about it with fear, so what major events or market changes will there be in the crypto market on March 12 every year? MetaEra will sort them out one by one.

March 12, 2021

Market changes: The price of Bitcoin rebounded sharply from the low of about US$3,800 on March 12, 2020. On March 12, 2021, the price exceeded US$58,000, setting a historical high at the time.

On the first anniversary of the “312” incident, there was reflection and discussion within the community about that crash.

- Tesla announced that it had purchased $1.5 billion worth of Bitcoin and planned to accept Bitcoin as a payment method.

- US President Biden signed a $1.9 trillion economic stimulus bill, which had a positive impact on assets such as Bitcoin.

- Bitcoin is seen as “digital gold” and the narrative of hedging against inflation is gradually gaining popularity.

- DeFi (decentralized finance) and NFT (non-fungible token) began to rise, driving up the prices of ecological tokens such as Ethereum.

March 12, 2022

Market changes: Bitcoin prices hovered around $40,000, down from their 2021 highs but still well above their March 2020 lows.

- Goldman Sachs has begun recruiting professionals in the field of digital assets, indicating that traditional financial institutions are increasing their interest in cryptocurrencies.

- Singapore’s Finance Minister Lawrence Wong announced that Singapore will impose taxes on NFT transactions.

- Bitfinex said it would not freeze the accounts of ordinary Russian customers unless forced to do so.

- The crypto market has entered a period of adjustment, but emerging areas such as NFT and GameFi (gamified finance) remain active.

March 12, 2023

Market changes: The price of Bitcoin is around $22,000, and the market is in a bear market cycle.

- The collapse of Silicon Valley Bank (SVB) has caused shocks in the global financial market, especially affecting the USDC stablecoin.

- Circle pledged to use company resources to fill the liquidity gap and ensure USDC is pegged to the US dollar.

- The Russian Central Bank allows limited purchases of cryptocurrencies, showing a more relaxed approach to cryptocurrency regulation.

March 12, 2024

Market changes: Bitcoin price breaks through $70,000, setting a new all-time high.

- Bitcoin price breaks through an all-time high of $72,000, showing growing market confidence.

- Bernstein released a report predicting that Bitcoin will reach $150,000 by mid-2025.

- German 10-year government bond yields hit their highest level since 2023, reflecting macroeconomic changes.

March 12, 2025

Market changes: The price of Bitcoin fell below $80,000, hitting a low of $76,000, and the total amount of liquidation on the entire network reached $120 million.

- The U.S. Securities and Exchange Commission (SEC) has postponed the approval decision on multiple cryptocurrency-related products, including Grayscale's DOGE ETF, Canary's SOL ETF and six other cryptocurrency ETF applications, adding to market uncertainty.

- US CPI data for February was lower than expected across the board

- A whale with 50x leverage on Hyperliquid entered the market and opened a long order of approximately US$300 million in ETH, which eventually led to the liquidation of 160,234.18 ETH (total value of US$306 million) and left with 1.8 million USDC.

It is worth mentioning that Gate.io organized a commemorative event for the fifth anniversary of "312", reviewing the historical event of all cryptocurrencies falling sharply for two consecutive days five years ago. A KOL declared: "Spot holders can only bear asset shrinkage at most, but contract players may be completely eliminated due to an extreme volatility. This is the most expensive lesson I learned from "312"!"

Judging from the subsequent "312" in 2020, the market situation of "312" may not be replicated, but the lessons of "312" still serve as a warning. The crypto community is more focused on reviewing and analyzing market changes, reflecting on lessons learned, and exploring the future direction of the industry around the anniversary of the incident.