Bitcoin (BTC) dropped 8% in less than 10 minutes to temporarily fall under $26,000 after several downward days of price action.
BTC was hovering around $27,600 on Aug. 17 at 9:30 pm UTC time before tumbling more than 8% to $25,320 at the time of writing, according to CoinGecko.
BTC went below $25k on Bitfinex, but the bulk of exchanges show a dip to low $26k region.
While it is unclear exactly what caused the fall, SpaceX today sold $373 million worth of BTC acquired in 2021-2022, while China’s Evergrande Group filed for chapter 11 bankruptcy in New York.
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.
Despite the dip, BTC is still up 60% since it entered 2023 at about $16,550.
This is a developing story, and further information will be added as it becomes available.