logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Peter Davis

An writer at FOMOdrive

  • Aug 18, 2023
  • 3 min read

Bitcoin suddenly crashes to $2,000, below $26,000 - what's going on?

The price of Bitcoin dropped to its lowest point in two months, falling below $26,000.

Exchange wallets are receiving BTC from crypto whales for sale.

The minutes of the July meeting of the Fed caused fear among investors.

Bankers in Australia have urged for more stringent regulations to be put in place for cryptocurrencies.

PlanB commented that the idea of Bitcoin reaching $500,000 no longer appears to be far-fetched.

On Thursday, Bitcoin dropped 4.5%, going below the $28,000 mark for the first time since June 20. On Friday, BTC shockingly plummeted by $2,000 in a span of five minutes, dipping below $26,000.

Cryptocurrency reacted to the drop in stock indices that had been intensifying in the past week. On Thursday, the S&P 500 index plummeted to the lows of the end of June, erasing all the gains of the prior month.

The minutes of the July meeting of the Fed, published on Wednesday, have caused a decrease in risky assets due to the indication of a further rise in rates.

Max Kaiser, a renowned TV presenter and cryptocurrency enthusiast, has suggested that the declining value of Bitcoin is likely due to the increasing yields of US government bonds. He believes that the future of BTC is uncertain and there is a strong possibility of a further decrease in its value.

Before selling it, CryptoQuant observed multiple large transfers of BTC to Binance, Gate.io and Coinbase crypto exchanges the previous day. This is a common practice among crypto whales.

The ABA declared that a large proportion of illegally acquired money is being laundered through crypto exchanges and urged the authorities to strengthen the regulation of cryptocurrencies.

Gavin Michael, the head of the American institutional crypto platform Bakkt, has stated that the platform is actively attracting new clients who are interested in trading and storing digital assets.

PlanB, a well-known Twitter analyst, declared that Bitcoin's surge to $500,000 no longer appears to be inconceivable. Additionally, the expert highlighted the Relative Strength Index (RSI) rather than his Stock-to-Flow model.

Tether, the issuer of the biggest stablecoin by market capitalization, declared the discontinuation of USDT support on the Bitcoin blockchain, as well as on the Bitcoin Cash and Kusama networks.

The U.S. Office of Government Ethics (CREW) has reported that ex-President Donald Trump has invested over $2.8 million in cryptocurrency, which is more than what was previously indicated in documents.

Starting on October 1, British users will not be able to purchase cryptocurrencies through PayPal's payment system. However, the company plans to reinstate this service in early 2024.

Ripple Labs has asked the SEC to drop its interlocutory appeal, claiming there is no legal justification for it. Ripple's attorneys have argued that the appeal would only prolong the process and not affect the ultimate outcome.

Share this article