312 From "The Wolf is Coming" to gradually desensitization, talking about memes may become a thing of the past

Article author: 0x9999in1, MetaEra

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

Since then, "312" has become an important symbol. On March 12 of each year, crypto practitioners will talk about the meme. So on March 12 of each year, what major events or market changes will occur in the crypto market? MetaEra will be sorted out one by one.

March 12, 2021

Market changes: Bitcoin price rebounded sharply from its low on March 12, 2020 (approximately $3,800), and on March 12, 2021, the price had exceeded $58,000, a record high at that time.

The first anniversary of the "312" was commemorated, and there were reflections and discussions on the plunge in the community.

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

- U.S. President Biden signed a $1.9 trillion economic stimulus bill that has positively impacted assets such as Bitcoin.

- Bitcoin is regarded as "digital gold", and the narrative of hedging inflation is becoming increasingly popular.

- DeFi (decentralized finance) and NFT (non-fungible tokens) are beginning to rise, driving the price of ecological tokens such as Ethereum to rise.

March 12, 2022

Market changes: Bitcoin price hovers around $40,000, down from its 2021 high, but is still far higher than its March 2020 low.

- Goldman Sachs has begun hiring professionals in the digital asset field, indicating an increase in interest in cryptocurrencies among traditional financial institutions.

- Singapore Finance Minister Lawrence Wong announces that Singapore will impose taxes on NFT transactions.

- Bitfinex says that the accounts of ordinary Russian customers will not be frozen unless enforced.

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

March 12, 2023

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

- The collapse of Silicon Valley Bank (SVB) has caused shocks in the global financial markets, especially the impact on USDC stablecoins.

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

- The Russian Central Bank allows limited purchases of cryptocurrencies, showing that it adopts a relatively loose attitude towards cryptocurrency regulation.

March 12, 2024

Market changes: Bitcoin price broke through $70,000, setting a record high.

- Bitcoin price broke through the all-time high of $72,000, showing increased market confidence.

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

- Germany's 10-year Treasury bond yield hit its highest level since 2023, reflecting changes in the macro economy.

March 12, 2025

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

- The Securities and Exchange Commission (SEC) has delayed the approval decision for multiple cryptocurrency-related products, including six cryptocurrency ETFs including Grayscale's DOGE ETFs and Canary's SOL ETFs, increasing market uncertainty.

- US February CPI data was lower than expected in all

- The 50x leverage whale on Hyperliquid entered the market and opened an ETH long order of about $300 million, which eventually led to the liquidation of 160,234.18 ETH (total value of $306 million) and leaving the market with 1.8 million USDC.

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

Judging from the subsequent "312" in 2020, the "312" market may not be replicated, but the lessons of "312" are still ringing. The crypto circle group is more about reviewing and analyzing market changes, reflecting on lessons learned, and exploring the future direction of the industry around the anniversary of the event.