The Bitcoin Crash of 2021 Compared to Past Sell-Offs
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The Briefing
- Bitcoin had its latest price correction, pulling back more than 50% from its all-time highs
- Elon Musk’s tweet announcing Tesla’s suspension of bitcoin purchases accelerated the price drop
Bitcoin’s Latest Crash: Not the First, Not the Last
While bitcoin has been one of the world’s best performing assets over the past 10 years, the cryptocurrency has had its fair share of volatility and price corrections.
Using data from CoinMarketCap, this graphic looks at bitcoin’s historical price corrections from all-time highs.
With bitcoin already down ~15% from its all-time high, Elon Musk’s tweet announcing Tesla would stop accepting bitcoin for purchases helped send the cryptocurrency down more than 50% from the top, dipping into the $30,000 price area.
“Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel.”
– @Elonmusk
Crypto Cycle Top or Bull Run Pullback?
It’s far too early to draw any conclusions from bitcoin’s latest drop despite 30-40% pullbacks (Read more...)