The price of bitcoin (BTC) dropped about 8% in 10 minutes, sending the cryptocurrency well below $26,000 before recovering partially.
According to Coinmarketcap data, at 9:30 pm UTC on August 17, BTC was hovering around $27,677 before plummeting more than 8% to $25,409.
Bitcoin prices on cryptocurrency exchange Bitfinex are even lower, beat It fell to a low of $24,715 before recovering partly above $26,000.
Initial reactions from the X (Twitter) community attributed the price drop to reports that SpaceX wrote down the value of previously acquired BTC by $373 million and sold the cryptocurrency, while others pointed to China Evergrande Group’s announcement in New York. York filed for Chapter 11 bankruptcy. York.
The drop pushed bitcoin’s market capitalization below $500 billion for the first time since June 16 and the lowest since June 20.
related: Bitcoin bulls risk trading range losses as price nears two-month low
Cryptocurrency analyst Will Clemente pointed to the biggest one-day jump in bitcoin’s implied volatility this year.
Bitcoin Implied Volatility Makes Biggest One-Day Gain of the Year
Is the volatility drought finally over? pic.twitter.com/tDfU5qMCwY
— Will Clemente (@WCclementeIII) August 17, 2023
Despite the decline, BTC is still up 60% since entering 2023 at around $16,550.
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