Bitcoin Price Dips Below $26K, Falling to Two-Month Lows - Best Web 3.0 Crypto Projects
Bitcoin price briefly dips below $26K, falling to two-month lows

Bitcoin’s Price Drop and its Causes

The price of Bitcoin (BTC) plummeted by 8% within 10 minutes, sending the cryptocurrency to dip below $26,000 before it partially recovered.

At 9:30 pm UTC time on Aug. 17, BTC was trading at around $27,677, but it quickly dropped 8% to $25,409, according to Coinmarketcap.

On the crypto exchange Bitfinex, the price of Bitcoin dropped even further to a low of $24,715 before beginning its recovery back above $26,000.

Many in the crypto community have attributed the price drop to reports that SpaceX wrote down the value of the BTC it acquired by $373 million and sold the cryptocurrency, while others have pointed to China’s Evergrande Group filing for Chapter 11 bankruptcy in New York.

Cryptocurrency Market Cap Below $500 Billion

The fall has caused Bitcoin’s market cap to drop below $500 billion for the first time since June 16, reaching lows not seen since June 20.

Cryptocurrency analyst Will Clemente noted that Bitcoin experienced the largest single-day increase in implied volatility this year.

Despite the dip, BTC is still up 60% since its entry into 2023 at around $16,550, making it one of the best web 3.0 crypto projects. crypto, the first AI anchor,, and x AI are some of the best crypto for web 3.0 and best web 3.0 crypto coins.

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