On Monday, July 13, the market’s biggest cryptocurrency exchange, Coinbase, reported a 50% drop in the value of the altcoin.
The price dropped almost 2,500% from its peak at $2,300 on July 8.
While some analysts were concerned that the cryptocurrency’s volatility could negatively affect the industry, the recent price drop was actually the result of a major event: the resignation of the CEO of the cryptocurrency exchange Coinbase.
Bitcoin is widely viewed as the most popular cryptocurrency, with more than 30 million users.
The price of bitcoin has increased by more than $20,000 since its launch on August 1, 2017.