On August 17th, Bitcoin’s price dropped by 8% in just ten minutes, reaching lows not seen since June 20th.
The price of Bitcoin (BTC) fell around 8% in a span of 10 minutes, causing the cryptocurrency to dip well under $26,000, before partially recovering.
BTC was hovering around $27,677 on Aug. 17th at 9:30 pm UTC time before tumbling just over 8% to $25,409, according to Coinmarketcap.
![Bitcoin Price Crashes Below $26K, Falling to Two-Month Lows image 118](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-118.png?resize=1024%2C455&ssl=1)
![Bitcoin Price Crashes Below $26K, Falling to Two-Month Lows image 118](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-118.png?resize=1024%2C455&ssl=1)
The price of Bitcoin was even lower on crypto exchange Bitfinex, hitting a low of $24,715 before on making a partial recovery back above $26,000.
Related: BTC Price Hits 2-Month Lows, Bulls Risk Losing Trading Range
Initial reactions from the X (Twitter) community have pegged the price drop to reports that SpaceX wrote down the value of BTC it previously acquired by $373 million and sold the cryptocurrency, while others have pointed to China’s Evergrande Group filed for Chapter 11 bankruptcy in New York.
Biggest single-day increase in Bitcoin implied volatility of the entire year
— Will Clemente (@WClementeIII) August 17, 2023
Is the volatility drought finally over? pic.twitter.com/tDfU5qMCwY
The fall has taken Bitcoin’s market cap below $500 billion for the first time since June 16 and hit lows not seen since June 20. Cryptocurrency analyst Will Clemente noted that Bitcoin saw the largest single-day increase in BTC implied volatility this year.
Related: Why is the crypto market bearish today?