In an epic battle, bitcoin believers slayed a $9 million BearWhale on Monday morning.
If none of that made sense, here's the skinny: Someone posted a limit order to sell 30,000 bitcoins at $300 each—well below the mid-300s price level the cryptocurrency had been trading at throughout the weekend. In the still-nascent market, an order of that size spooked the market, sending prices plummeting to levels not seen since last November.
Since the incident, bitcoin has risen about 25 percent to $375, according to CoinDesk.
Bitcoin traders almost immediately named the seller "BearWhale," and the name proliferated quickly throughout social media.
And although he was eventually defeated—the order was cleared after making a remarkable pattern in the bitcoin price chart (below)—the community of cryptocurrency enthusiasts has begun to mythologize the incident, creating artwork and poetry in honor of the battle. Not only are they proud of successfully pushing against this perceived bearishness, but also no one can really figure out why the BearWhale emerged to begin with.