According to crypto strategist Benjamin Cowen, Bitcoin may continue to fall even after correcting by over 15% from its 2023 high reached last month. Cowen suggests that the current crypto downturn follows a pattern that occurs every four years, with the S&P 500 stock index tending to experience a correction in August or September of its pre-election year. Cowen notes that Bitcoin has historically plummeted by between 39% and 83% during previous "secondary scares," and outlines three potential scenarios for how low Bitcoin could fall based on historical precedent. As of writing, Bitcoin is trading at $26,423.

The cryptocurrency market experienced a significant sell-off, with Bitcoin dropping to a two-month low and causing $1 billion in losses. Other altcoins, including Dogecoin, Ripple, Litecoin, and Solana, also experienced losses. However, meme cryptocurrencies like Dogecoin and Shiba Inu saw price increases.

Maartunn posted that MicroStrategy currently holds 152,800 BTC with an average purchase price of $29,672. The current price of Bitcoin is $25,830, resulting in an unrealized loss of $620,876,000.

The crypto market experienced a sharp decline after rumors circulated that Tesla had sold its $377 million Bitcoin position. Additionally, the Federal Open Market Committee's minutes indicated that interest rates would continue to rise to combat inflation, which further negatively impacted the market.

Bitcoin and other popular cryptocurrencies experienced a significant drop in value on Thursday following the release of the US Fed meeting minutes, which lowered investor optimism and warned of potential rate hikes.

Bitcoin's price fell by almost 8% in 24 hours to $26,362 during Asian business hours on Friday, breaking out of its range channel between $29,000 and $30,000 and testing levels slightly above $25,000. This decline could validate a double-top pattern and lead to losses below $20,000 before a rebound.

August 18th, Bitcoin's market share fell to 46.61%, with a daily decline of 0.61%; Ethereum's market share is currently reported at 18.2%; the market share of the stablecoins USDT, USDC, and BUSD are 7.44%, 2.35%, and 0.3%, respectively. The current total market value of cryptocurrencies on the entire network is reported at 11 trillion US dollars, with a 24-hour decline of 6.2%.

Bloomberg analyst James Seyffart stated in a tweet that Valkyrie is expected to become the first ETF with Ethereum futures on October 3rd or 4th, but it will also include Bitcoin & Ethereum. Vol Shares is expected to become the first pure Ethereum futures ETF on October 12th.

According to OKX market data, Bitcoin rebounded and briefly surpassed $27,000, currently priced at $26,826, with a 24-hour decrease narrowed to 7.1%.

According to data tracked by Nansen, many top holders of Meme coin BITCOIN have previously or currently held PEPE, including 4 addresses in the top 10 holders of BITCOIN. Nansen stated that 137,000 addresses hold PEPE, while 10,300 addresses hold BITCOIN, but only 1.27% of addresses hold both tokens. Nansen filtered out 9 addresses holding over 50,000 BITCOIN, and hgvmax.eth holds the most PEPE and BITCOIN among all smart money addresses, with a total holding value of over $650,000.