RATE Group | Why Bitcoin’s Safe-Haven Narrative Has Flown Out the Window
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Why Bitcoin’s Safe-Haven Narrative Has Flown Out the Window

16 Mar Why Bitcoin’s Safe-Haven Narrative Has Flown Out the Window

Posted at 18:57h in Bitcoin News by

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Noelle Acheson is a veteran of company analysis and CoinDesk’s director of research. The opinions expressed in this article are the author’s own.

The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here.

Listen. That whooshing sound you hear is not just the bitcoin (BTC) price. It’s also the sound of the safe-haven narrative flying out the window, probably for ever.

March 12 was not bitcoin’s worst 24-hour price crash ever. That honor belongs to April 11, 2013, when bitcoin fell by almost 50 percent.

btc-031320-wc

Comparing the two
crashes helps to understand what happened this week. It also helps to form a picture
of what this sector could look like going forward.

For context, in April 2013 Ethereum had not yet launched, Mt. Gox was the largest bitcoin exchange and the Harlem Shake meme dominated the internet. The previous month, the price ranged between $34 and $94, and…

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