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On Wednesday morning, the price of bitcoin plummeted by thousands of dollars in a matter of minutes.
Following the flash crash, the cryptocurrency fell below $59,000, a drop of more than $5,000 from earlier this week's levels.
The latest price decline comes less than a week after BTC reached a new all-time high of nearly $67,000.
According to blockchain data, today's price drop is being fueled in part by long-term holders taking profits, which is common after bitcoin reaches a new all-time high.
Any price drop of more than a couple of percent can cause panic selling among crypto investors, though severe drops typically attract new buyers.
"Am I the only one who gets excited by little mini dips in a bull market?" a Twitter user asked. "Just get the dip." "Short-term sale."
"Buy the dip, thank me later," wrote another.
Flash crashes earlier this year were followed by record-breaking recoveries, with some cryptocurrency analysts predicting new all-time highs by the end of 2021.
Several other major cryptocurrencies experienced price drops, with Ethereum (ether), Binance Coin, Cardano (ada), Solana (SOL), and Ripple (XRP) all dropping by 5-15 percent.
The overall crypto market has dropped below $2.5 trillion, a drop of more than $200 billion from earlier this week.
Shiba Inu, a meme coin with a market cap of more than $20 billion, was the only cryptocurrency to see gains. The price of the dogecoin fork has more than doubled in the last week, and it rose another 20% on Wednesday, defying market trends.
