2023 — The Market Bloodbath

August 17, 2023, will be remembered as one of the sharpest summer crashes in recent crypto history. Bitcoin plunged 9%, briefly dipping below $25,000 on Binance. Ethereum was hit even harder, falling more than 11% to around $1,600.

  • Several factors combined to create this “perfect storm”:

  • Rising U.S. bond yields pressured risk assets.

  • Ongoing regulatory uncertainty amplified investor fear.

  • Technical setups triggered cascading liquliquidations.l

To make matters worse, leveraged funds were positioned two-thirds short on Bitcoin futures — the most bearish stance since April 2022 — which fueled volatility as positions were forcefully unwound. What started as a “boring August” flipped overnight into a bloodbath, showing how fragile sentiment can be during summer lulls.

2017 — Bitcoin Cash Volatility

Just two days after the Bitcoin Cash (BCH) hard fork, August 17, 2017, saw wild swings in BCH’s price. Traders and miners were still adjusting to the reality of two competing versions of Bitcoin: the original BTC and the newly forked BCH.

With uncertainty around adoption, liquidity, and mining support, volatility was extreme. This marked the beginning of BCH’s turbulent path, where it alternated between surging hype and sharp corrections as the market tested its staying power.

Did You Know?

The August 17, 2023 crash was particularly notable because it shattered the calm of what had been a “quiet August.” In less than 24 hours, sentiment shifted from boredom to panic — a stark reminder of how quickly the crypto market can turn.

👉 August 17 highlights two sides of crypto’s nature: innovation and disruption (2017’s hard fork) and fragile market psychology (2023’s crash). Both remain core themes shaping the industry today.