Saturday, February 4, 2023

What was the reason for the massive 50% price dip in Bitcoin in May 2021, in the midst of the bull run, before recovering all of the losses back again over the next few months

There was a somewhat anomalous mini-crash in the price of Bitcoin right smackdab in the middle of the last bull run. Was there a trigger event or bad news story that came out to cause this massive dip? The stock market did not experience a dip like this at the time. And the 2017 Bitcoin bull run didn't experience an event like this either (at least not nearly to this scale). Does anyone have an explanation for what caused this?

Bitcoin Price drops from $60k to $33k in the middle of the bull run

Edit: Some people have mentioned Elon Musk (Tesla) announcing they would stop accepting Bitcoin as a form of payment. This happened on May 12th, which seems to line up perfectly here. There was also mention that the bounce back up to $69k was due mostly to FTX and other manipulators pumping the price. Any evidence of those rumors?


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