Thanksgiving Day Massacre: How Bitcoin (BTC) Plunged 17% Four Years Ago, But Bounce Back Today

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 a special day for Americans, drawing families and communities together. It is also a day that cryptocurrency enthusiasts remember fondly, albeit for a different reason.

Four years ago, the cryptocurrency community was hit hard in an event that has since become known as the “Thanksgiving Day Massacre.”

What Happened: In 2020, Thanksgiving fell on Nov. 26.

In the days leading up to the holiday, Bitcoin (CRYPTO: BTC) dropped from around $19,500 to $16,200 between Tuesday, Nov. 24, and Thursday, Nov. 27, 2020, marking a nearly 17% decline.

The plunge had a significant impact on cryptocurrency portfolios, dampening the festive mood to a great extent.

However, if you were a bold dip buyer and took advantage of the decline to bag Bitcoins at a discount, you would have had a lot to be thankful for four years later.

See Also: Ethereum Rally Gets Overshadowed By Searing Gains In Cheaper Plays: Why Are ENS And ETC Soaring Today?

An investment of $1,000 in BTC at $16,200 would have fetched 0.0617 units of the cryptocurrency.

On Wednesday, the price of one Bitcoin stood at $95,736.86. At this price, your Bitcoin stash would have been worth $5,909.68, marking a gain of 490%, or nearly a sixfold increase.

Why It Matters: In the days leading up to the holiday, Bitcoin had a steep drop from nearly $100,000 to $91,500, sparking concerns about a possible repeat of the 2020 episode.

The corrective action, however, 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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