Bitcoin Price Plunges to Two-Month Lows Amid Inflation Concerns and Support Level Break
The price of Bitcoin experienced an 8% drop in just 10 minutes, falling to levels not seen since June 20. It briefly dipped below $26,000 before partially recovering. Possible reasons for the drop include reports of SpaceX selling its BTC holdings and China's Evergrande Group filing for bankruptcy. Bitcoin's market cap also fell below $500 billion for the first time since June 16. Despite the dip, Bitcoin is still up 60% since the beginning of 2023.