Bitcoin Price Drops Sharply Amid Big Selling Speculation, Triggering Market Turmoil

Bitcoin's value dropped by up to 9% in 24 hours. Since this decrease took place in an average of 30 minutes, it had serious effects.

Losses in altcoins were deeper than BTC, but found 20 percent.

There are 2 known sources of the late fall. The first is the news that SpaceX, the company of Elon Musk, has sold his Bitcoins. The other is Evergrande's filing for bankruptcy.

While various factors have been cited as potential triggers for this market turmoil, including rumors of SpaceX's Bitcoin sales and the bankruptcy of China Evergrande, experts warn that these events may not have directly impacted the price crash.

In particular, SpaceX's so-called Bitcoin sales were reportedly based on unsubstantiated claims, and the company's Bitcoin holdings were reportedly falling in value.