Initial reactions from the X (Twitter) community have pegged the price drop to reports that SpaceX wrote down the value of BTC it previously 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.
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.
Cryptocurrency analyst Will Clemente noted that Bitcoin saw the largest single-day increase in BTC implied volatility this year.
