crypto, which closely tracked the stock market’s movements, went into a downward spiral soon after. Bitcoin crashed from $8,000 to $3,750 in a matter of hours. It was the “loaded” retail and amateur players that tapped crypto and meme stocks as markets recovered. Eventually, the asset class soared to new heights in 2021. While dramatic blow-off peaks and drawdowns of over 80% are not out of the norm, the last bull run managed to capture the attention of investors, both big and small.
Source: Chayanika Deka, 2023-03-13; https://cryptopotato.com/three-years-since-the-covid-crash-crypto-is-still-alive-but-us-banks-are-shaking/