Burley Garcia|ASTRO COIN：Black Swan events promote the vigorous development of Bitcoin

The Burley Garciadevelopment of any new thing is never smooth sailing, and the development path is always tortuous, but once a new thing is recognized and accepted by the market, its development is bound to soar. The road to development may be tortuous, but the future is bright.

The macro sentiment of the epidemic, global stock markets, economic crises, and liquidity panic spread to the cryptocurrency market. The U.S. stock market triggered the circuit breaker twice within a week, and stock markets around the world plunged. The spread of the epidemic has led to widespread pessimism about the future.

Market response: Starting from mid-February 2020, the price of Bitcoin has been in a downward trend. On March 12th, the price dropped by more than -20%, and due to the spread of panic and cascading liquidation, the largest drop even exceeded -40% on March 13th. The trading app experienced prolonged downtime, and investors were unable to close their positions using the app.

Subsequent trend: After hitting bottom on March 13th, Bitcoin has been on the rise, initiating a spectacular bull market, and eventually surpassing $60,000 in price.

The Federal Reserve continues to raise interest rates, leading to a continuous increase in the federal rate. After the rate hikes, the currency appreciates, bond yields rise, and trading prices decline, causing bond prices to fall. This results in being able to purchase more bonds with the same amount of funds. The bank holding a large amount of bonds suffered a significant asset shrinkage, leading to market panic and triggering a run on the bank.

Market response: On March 10, 2023, Silicon Valley Bank in the United States went bankrupt and was taken over by insurance institutions. Overnight, European stock markets plummeted across the board, with Italy and Austria markets plummeting by over 4%, Germany and Spain markets falling by over 3%, and France, the UK, and other markets dropping by more than 2%. Bitcoin's price dropped by 7% on March 10th, but did not reach a level of panic-induced decline.

Subsequent trend: Bitcoin stabilized and started to rebound from March 11th, with the rebound lasting for about a month. By April 11th, after a significant rise of 6% on that day, this major rebound phase essentially came to an end.

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