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The price of Bitcoin (BTC<\/a>)\u00a0fell around 8% in a span of 10 minutes, causing the cryptocurrency to dip well under $26,000 before partially recovering.<\/p>\n BTC was hovering around $27,6<\/a>77\u00a0on Aug. 17 at 9:30 pm UTC time before tumbling just over 8% to $25,409, according to Coinmarketcap.<\/p>\n The price of Bitcoin was even lower on the crypto exchange Bitfinex, hitting<\/a> a low of $24,715 before making a partial recovery back above $26,000.<\/p>\n Initial reactions from the X (Twitter) community have pegged the price drop to reports that SpaceX wrote down the value of BTC<\/a>\u00a0it previously acquired by $373 million and sold the cryptocurrency, while others have pointed to China\u2019s Evergrande Group filing for Chapter 11 bankruptcy in New York.<\/p>\n 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.<\/p>\n Related: <\/em><\/strong>Bitcoin bulls risk trading range loss as BTC price nears 2-month lows <\/em><\/strong><\/a><\/p>\n Cryptocurrency analyst Will Clemente noted that Bitcoin saw the largest single-day increase in BTC implied volatility this year.\u00a0<\/p>\n Biggest single-day increase in Bitcoin implied volatility of the entire year <\/p>\n Is the volatility drought finally over? pic.twitter.com\/tDfU5qMCwY<\/a><\/p>\n \u2014 Will Clemente (@WClementeIII) August 17, 2023<\/a><\/p><\/blockquote>\n Despite the dip, BTC is still up 60% since it entered 2023 at about $16,550.<\/p>\n\n