Sandwiched between the Halloween and the Christmas festivities, the Thanksgiving holiday is another special day for Americans that draws families and communities together.
Thanksgiving is celebrated on the fourth Thursday of November. This year, it falls on Nov. 28.
However, away from the festivities and food, the cryptocurrency community was hit hard four years ago to the day, in what has become infamously known as the “Thanksgiving Day Massacre.”
What happened: Back in 2020, the Thanksgiving holiday fell on Nov. 26.
Between Tuesday, Nov. 24, and Thursday, Nov. 27, 2020, Bitcoin BTC/USD, the world's leading cryptocurrency, fell from about $19,500 to $16,200, marking a dip of almost 17%.
The plunge impacted cryptocurrency portfolios and dampened the festive mood to a great degree.
However, if you were a bold dip buyer and took advantage of the decline to bag Bitcoins at a discount, you would have been smiling four years later.
An investment of $1000 when BTC was trading at $16,200 would have fetched you 0.0617 units of the cryptocurrency.
This Thanksgiving, the price of one Bitcoin has leaped to $95,736.86. Accordingly, your Bitcoin stash would have been worth $5909.68, marking a gain of 490%, or nearly a sixfold increase.
Why It Matters: Interestingly, leading up to the holiday, Bitcoin had a steep drop from nearly $100,000 to $91,500, fueling concerns about a repetition of the 2020 episode.
However, the corrective action lost steam, and Bitcoin surged back to the $95,000-$96,000 zone just a day ahead of Thanksgiving.
Price Action: At the time of writing, Bitcoin was trading at $95,736.86, up 2.65% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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