# Black Thursday ⎊ Area ⎊ Resource 2

---

## What is the Event of Black Thursday?

Black Thursday refers to the dramatic market crash on March 12, 2020, where global financial markets, including traditional equities and cryptocurrencies, experienced extreme volatility and sharp price declines. This event was triggered by growing fears surrounding the COVID-19 pandemic, leading to a widespread flight to safety and a sudden deleveraging across asset classes. The cryptocurrency market saw Bitcoin's price drop by nearly 50% in a single day.

## What is the Consequence of Black Thursday?

The market shock exposed significant vulnerabilities within the nascent decentralized finance (DeFi) ecosystem. Specifically, many over-collateralized lending protocols faced severe stress as the value of collateral assets plummeted, triggering cascading liquidations. This rapid deleveraging created network congestion and price oracle delays, exacerbating the market downturn and highlighting the fragility of certain protocol designs under extreme conditions.

## What is the Liquidation of Black Thursday?

The high volume of liquidations during Black Thursday tested the resilience of margin trading platforms and derivatives exchanges. As collateral values fell below maintenance margins, automated liquidation engines struggled to process orders efficiently, leading to significant slippage and further downward pressure on prices. This event served as a critical stress test for risk management frameworks in both centralized and decentralized derivatives markets.


---

## [Crypto Derivatives Risk](https://term.greeks.live/term/crypto-derivatives-risk/)

## [Black-76 Model](https://term.greeks.live/term/black-76-model/)

## [Oracle Reliability](https://term.greeks.live/term/oracle-reliability/)

## [Stress Testing Frameworks](https://term.greeks.live/term/stress-testing-frameworks/)

## [Black-Scholes Friction](https://term.greeks.live/term/black-scholes-friction/)

## [Black-Scholes Assumptions Failure](https://term.greeks.live/term/black-scholes-assumptions-failure/)

## [Black-Scholes PoW Parameters](https://term.greeks.live/term/black-scholes-pow-parameters/)

## [Black-Scholes Risk Assessment](https://term.greeks.live/term/black-scholes-risk-assessment/)

## [Black-Scholes-Merton Framework](https://term.greeks.live/term/black-scholes-merton-framework/)

## [Black-Scholes Adjustment](https://term.greeks.live/term/black-scholes-adjustment/)

## [Zero-Bid Auctions](https://term.greeks.live/term/zero-bid-auctions/)

## [Oracle Dependencies](https://term.greeks.live/term/oracle-dependencies/)

## [Auction Theory](https://term.greeks.live/term/auction-theory/)

## [Centralized Clearing Counterparty](https://term.greeks.live/term/centralized-clearing-counterparty/)

## [Collateral Haircut](https://term.greeks.live/term/collateral-haircut/)

## [Inter-Protocol Contagion](https://term.greeks.live/term/inter-protocol-contagion/)

## [Automated Liquidators](https://term.greeks.live/term/automated-liquidators/)

## [Real-Time Risk Assessment](https://term.greeks.live/term/real-time-risk-assessment/)

## [Black-Scholes Assumptions Breakdown](https://term.greeks.live/term/black-scholes-assumptions-breakdown/)

## [Protocol Stability](https://term.greeks.live/term/protocol-stability/)

## [Black-Scholes-Merton Assumptions](https://term.greeks.live/term/black-scholes-merton-assumptions/)

## [Black-Scholes-Merton Model Limitations](https://term.greeks.live/term/black-scholes-merton-model-limitations/)

## [Black Scholes Merton Model Adaptation](https://term.greeks.live/term/black-scholes-merton-model-adaptation/)

## [Dynamic Margin](https://term.greeks.live/term/dynamic-margin/)

## [Systemic Feedback Loops](https://term.greeks.live/term/systemic-feedback-loops/)

## [Black-Scholes Model Implementation](https://term.greeks.live/term/black-scholes-model-implementation/)

## [Black Thursday Event](https://term.greeks.live/term/black-thursday-event/)

## [Black-Scholes Model Inputs](https://term.greeks.live/term/black-scholes-model-inputs/)

## [Black-Scholes Formula](https://term.greeks.live/term/black-scholes-formula/)

## [Black-Scholes Pricing](https://term.greeks.live/term/black-scholes-pricing/)

---

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---

**Original URL:** https://term.greeks.live/area/black-thursday/resource/2/