If you invested $1,000 to buy Bitcoin's plunge during the “Thanksgiving Massacre”, here's how much you'd have today
Benzinga and Yahoo Finance LLC may earn commissions or revenue from some items through the links below.
Sandwiched between the festivities of Halloween and Christmas, Thanksgiving is a special day for Americans to gather together as a family and community.
Thanksgiving is celebrated on the fourth Thursday of November. This year it falls on November 28th.
But apart from the festivities and food, the crypto community suffered a major blow four years ago to the present in what became infamously known as the “Thanksgiving Massacre.”
Don't miss:
What happened: Back in 2020, the Thanksgiving holiday was November 26th.
Between Tuesday, November 24, 2020 and Thursday, November 27, 2020, Bitcoin (CRYPTO:BTC), the world's leading cryptocurrency, fell from approximately $19,500 to $16,200, a decline of almost 17%. I did.
This sharp decline affected crypto portfolios and significantly dampened the festive mood.
But if you were an intrepid buyer and took advantage of the dip to buy Bitcoin at a discount, you'd be smiling four years from now.
If you invested $1,000 when BTC was trading at $16,200, you would have earned 0.0617 units of the cryptocurrency.
On Thanksgiving this year, the price of one Bitcoin jumped to $95,736.86. Therefore, your Bitcoin stash is worth $5909.68, an increase of 490%, or almost 6x.
Why it matters: Interestingly, ahead of the holiday, Bitcoin plummeted from nearly $100,000 to $91,500, raising concerns that the events of 2020 could be repeated.
However, the corrective action lost momentum, and Bitcoin soared to the $95,000-$96,000 zone the day before Thanksgiving.
Read next:
EquityMultiple’s “Alpine Note — Basecamp Series” has attracted attention and has opened a wallet. This short-term bond investment offers investors a 9% return on investment (APY) with a term of just three months and a minimum of $5,000. Basecamp interest rates are widely spread over Treasury bills. This healthy rate of return won't last long. With the Fed poised to cut interest rates in the near future, now may be the time to secure favorable returns with flexible and relatively liquid investment options.
story continues