Bitcoin Price Briefly Dip Below $26,000, Falling To Two-Month Low

Bitcoin price fell around 8% in just 10 minutes on August 17, to levels not seen since June 20 .

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Bitcoin (BTC) price fell around 8% in the space of 10 minutes, causing the cryptocurrency to drop well below $26,000, before partially recovering.

BTC was hovering around $27,677 on August 17 at 9:30 PM UTC, before dropping just over 8% to $25,409, according to Coinmarketcap.

Bitcoin fell to $25,409. Source: Coinmarketcap

Bitcoin price was even lower on crypto exchange Bitfinex, hitting a low of $24,715 before partially recovering above $26,000.< /p>

Initial reactions from the X community (Twitter) linked the price drop to reports that SpaceX reduced the value of BTC it previously acquired by $373 million and sold the cryptocurrency, while that others pointed to Chinese group Evergrande's filing for Chapter 11 bankruptcy in New York.

The fall took Bitcoin's market capitalization below $500 billion for the first time since June 16 and hit lows not seen since June 20.

Related: Bitcoin Bulls Risk Losing Trading Range as BTC Price Approaches 2-Month Lows

Cryptocurrency analyst Will Clemente noted that Bitcoin has seen the largest one-day increase in BTC's implied volatility this year.

Biggest Single-Day Increase in Bitcoin Implied Volatility All Year

Is the volatility drought finally over? pic.twitter.com/tDfU5qMCwY

— Will Clemente (@WClementeIII)