In 2008, the Dow dropped from 11,000 to 7,000 over the course of several months. What did we call it? A crash. When bitcoin drops from 20k to 10k (now trading around 14k) over the course of one day, optimists call it a "natural market correction"
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At its lowest point today, BTC was still up 50% in the last month. The vocabulary we're used to using for traditional markets doesn't really work for this leve of volatility.
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It's a smaller social impact in that so many fewer folks are invested in crypto than the larger stock market. If you took general consensus its just a bunch of wonks investing in tulips for the most part.
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I think people are more likely to label something a crash when it has assumed stability + low volatility preceding the event. Bitcoin has neither…high volatility is known.
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I think in this case you could call it Black Friday, as in SALE.
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