Colonel_of_Truth
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Depends on what scale you look at
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Here's a zoomed in version of that chart:
;)
My 2p...
I'm perfectly willing to acknowledge that BTC could fail and become next to worthless, but this doesn't seem to be it. If it succeeds as a store of value, then over a long-term it is still undervalued. There's been an insane run though most of 2017 that was followed by an even more insane run on top of that at the end of 2017. I can't remember the exact numbers but iirc on it's previous trajectory we'd be at ~$35 - 50k by now. Which is ridiculous in that timeframe.
Over the last few weeks the market has been testing support which until recently it hasn't really done properly since $5k. None of the recent small bounce backs have had much volume, so right now the market has no confidence. All the buyers either think it may go lower and don't buy, or they don't know and don't buy.
FWIW my guess is it is more collective market thought, rather than any one event. Although it seems reasonable that the slowdown and drop to $15k may have caused a lot of people to start looking at the various issues with BTC and taking notice of the FUD.
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Stonehedge
hugo7
I wouldn't call this a massive crash.
Happy it is settling back down and I can use it again as a transactional medium.