Crypto Chaos: SpaceX News and Short Positions Trigger Bitcoin Dive
TL;DR Summary
Bitcoin experienced a sharp decline after it was revealed that Elon Musk's SpaceX had sold all of its Bitcoin holdings, following a write-down of its value in 2021 and 2022. This news also caused a retreat in Bitcoin-related stocks such as Coinbase, Marathon Digital, and Riot Platforms. The Bitcoin price dropped to $25,392.05 before rebounding to around $26,600, representing a 7% decrease in 24 hours. The cryptocurrency had already been facing pressure from a strong dollar and risk-off trading.
- Bitcoin Dives: Elon Musk's SpaceX News Sends Cryptocurrency Tumbling Investor's Business Daily
- SpaceX wrote down $373M worth of Bitcoin acquired in 2021-2022: Report Cointelegraph
- Bitcoin abruptly tumbles as much as 9% to just over $26,000 late Thursday CNBC
- Bitcoin, Ethereum Flash Crash Triggers $800 Million in Liquidations Decrypt
- Growing Short Positions Lead to Bullish Opportunities for Crypto Investors: Santiment CryptoPotato
- View Full Coverage on Google News
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