STILL HODLING.
On 12 March 2020, the pandemic panic reached crypto with extraordinary force. Bitcoin dropped below US$6,000 as shares fell across the world. The previous day, the World Health Organization had characterised COVID-19 as a pandemic. Markets were reacting to a rapidly changing global crisis.
Bitcoin was caught in the same rush for liquidity as other assets. The episode challenged the expectation that it would automatically shelter investors from a wider market shock. In US equities, a market-wide circuit breaker paused trading for 15 minutes on 12 March.
The pressure also reached decentralised finance. Falling Ether prices pushed some MakerDAO vaults below their required collateral levels. Ethereum congestion and reduced competition among auction keepers helped some liquidation auctions clear for zero DAI, leaving a shortfall in the system.
Black Thursday exposed the practical limits of systems that depended on timely transactions, available liquidity and competitive bidders. A working blockchain did not guarantee that every mechanism built around it would behave as expected during an extreme sell-off.
The fictional HODL character returns from card 021, bracing against his broken desk while red market candles crash around him. His familiar hoodie, Bitcoin mug and network poster connect the scenes. STILL HODLING. describes his resolve within the illustration; it makes no promise about the wisdom or outcome of holding.
Sources & the artist’s interpretation
Sources: CoinDesk, 12 March 2020 ; MakerDAO response thread ; NYSE market review ; WHO, 11 March 2020 . The character, room and destruction are fictional imagery. No literal destruction of a city is claimed. The phrase is original editorial wording, not financial advice.
