That's a 28% drop from the high. For normal securities a price drop like that in less than a month would be considered a crash.
Does it count for BTC as well or are the elevated levels at the start of the month with too thin a volume to be considered legit?
Also do not forget the people that had money in BTCC exchange. I suppose many of them sold their BTC in order to withdraw there money hence the crash that you see. This price drop in BTCC exchange created arbitrage opportunities and so people (and probably auto-trade bots) started buying cheap BTC in BTCC exchange and then sold to another exchange - resulting in the drop of price that we see right now. Of course panic selling is happening right now too...
Don't forget that 20% changes are not something extreme. Check TSLA price between 23th of June and 6th of July this year. The price went from $383 to $313 which is around 20% change.
That is not exactly a great comparison. A normal blue chip won't fluctuate more than ten percent in a month, let alone in a day.
But currencies are supposed to be more stable than stocks. EUR to USD over the past month has wildly swung from 1.17 EUR->USD to 1.19 EUR->USD.
Of course the large move there was caused by politics but the same holds for this BTC drop.
I wish them the best, and I truly hope they succeed, but it doesn't change the fact that the speculative value is super high compared to their asset value.
That explains why it can swing wildly in price while Ford generally won't.
"Tesla Sinks 20% From High — Entering Bear Market Territory — As Concerns About 'Bubble Stock' Mount"
https://www.cnbc.com/2017/07/06/tesla-shares-plunge-12-perce...
The reason is, it's not so much a currency as a store of value that is simultaneously benefiting from global bad monetary policy and the cycles of technology adoption.
I don't even think Bitcoin has crossed the chasm.
It's a new asset class.
CNBC will call it a crash. The network continues to function as well as it did in 2011 when it traded for $1.
The faster percentage growth periods did not see $600+ swing days.
Biggest gain and loss only for today has been 17 and 18 percent respectively. While one can argue on a stable stock vs BTC but that is not a fair comparison.
Even stocks can rise 7% a day. Just some extra bad luck with stock exchanges in china and reaching 5k $
We will see how far it goes this time and when the big traders come back marching in ;)