- Yesterday, the price of Bitcoin (BTC) began to plummet rapidly. In just seven minutes, in the most liquid pair with the US dollar, the price of the cryptocurrency fell from $114,683 to $110,635. After that, it remained in the range of $112,000 for several hours.
Some participants in the crypto industry called this event a sudden collapse, while investors wondered whether the negative trend would persist. Panic sellers predicted further sales involving the same wallets that triggered the sell-off.
The more sensational or absurd the explanation for the events seemed, the more attention it attracted on social media.
One blogger with an audience of over 150,000 viewers reported that the price of BTC fell below $110,000, although this did not happen on Coinbase, Bitstamp, Kraken, or any other major trading platform.
The announcement of the sudden collapse of BTC attracted millions of viewers, even though the sell-off was relatively orderly and unremarkable. The most remarkable aspect of yesterday's trading was its incorrect interpretation.
Significant and sudden collapses of BTC have happened before, with instant losses followed by almost complete recoveries. However, unlike those cases, yesterday the price of BTC did not fully recover and returned to the $110,000 range again on August 25.
As analysts like to write in such cases, the long-term bullish trend remains intact.
