Recently, someone brought up 312 again, which made me think of the darkest moment in the crypto world. How terrifying was that crash? I think it’s necessary to review it carefully.

The development of the situation was actually quite surreal. On March 8th, Bitcoin plummeted from $9,200 straight down to $8,300, a nearly 10% drop. Ethereum was even worse, crashing from $250 to $210, a 16% decline. At that time, people hadn’t reacted yet; many thought this was the bottom and started rushing in to buy the dip.

But the horror of 312 lies here — the downward trend was far from over. On March 9th, Bitcoin dropped another 7.2%, from $8,300 to $7,700. Ethereum fell 9.5%, from $210 to $190. After two consecutive days of sharp declines, a strange mentality began to emerge in the market — people thought “it’s already fallen out of value, the risk should be low,” and another wave of buyers entered to buy the dip.

On March 10th and 11th, the market started to oscillate and shake out, without further crashes. This gave everyone a false hope — they thought the worst was over and began to buy heavily. But this was exactly the most terrifying part of the 312 event.

On the morning of March 12th, everything changed. Bitcoin suddenly plunged from $8,000 to $5,500, a 31% drop in a single day. Ethereum crashed from $200 to $120, a 40% decline. Altcoins were even more tragic — multiple times, ten times drops were everywhere, and no coin was spared in the entire crypto space. At that moment, market sentiment completely collapsed.

I remember the scene at that time — a few people still fantasized that this was the bottom, some borrowed money or took loans, thinking of going long to recover. But most people had already given up completely; the entire community was shouting “Crypto is finished,” “Bitcoin is going to zero.”

March 13th was even more despairing. Bitcoin rebounded to $6,200 but then plunged again to $3,800, a 38.7% drop. Ethereum rebounded to $145 but then crashed to $89, a 38.6% decline. By this point, over 90% of the crypto community had basically collapsed. Those trading contracts, whether long or short, all got liquidated. Some even felt a twisted sense of relief because they lost everything.

312 was not just a crash; it changed the entire ecosystem of the crypto world. Those who experienced 312 will never forget that despair. Now, every time 312 is mentioned, it serves as a reminder to everyone — how big the risks in crypto are, and how quickly market sentiment can change.