Bitcoin price tumbles down to two-month low in sudden slump

In the space of an hour late on Thursday night, the price of the cryptocurrency dropped by almost $2000, from $43,170.96 at 9:30pm to $41,287.93 at 10:30pm.

That drop followed an earlier but less dramatic slump in the afternoon, when the price went down by about $900.

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T he price of Bitcoin has dropped to a two-month low. (Adobe Stock)

The price at 10:30pm on Thursday was the lowest Bitcoin had been valued since June 19 , when it was in the midst of a huge surge on the back of fund manager BlackRock’s filing for a Bitcoin ETF.

As of 1pm Friday, Bitcoin had recovered slightly and was sitting at $41,314.69.

It’s not known what exactly caused Thursday night’s sudden tumble.

Some have pointed to the strong yields of government bonds, which are currently sitting at 15-year highs.

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Bitcoin price slump, August 17 2023 (Google)

Others have pointed out it could be linked to Elon Musk’s SpaceX.

The slump coincided with a Wall Street Journal report claiming the space exploration company has sold its holdings of the cryptocurrency, worth about $582 million, which it held in 2021 and 2022.

It’s not known when exactly Space X sold those holdings.

Bitcoin’s price fall triggered similar slumps in other leading cryptocurrencies, including Ethereum and Ripple.