Bitcoin’s Value Drops as SpaceX Sells BTC Holdings
Bitcoin experienced a significant drop in value, falling below $25,000, after it was revealed that Elon Musk’s SpaceX had sold its BTC holdings. This news had a ripple effect on Bitcoin-related stocks such as Coinbase, Marathon Digital, and Riot Platforms.
Main Breakdowns:
- SpaceX cleared out its Bitcoin holdings and marked down their value for two consecutive years.
- Financial documents showed that SpaceX spent approximately $5.2 billion in 2022, including property acquisition, equipment, and R&D costs.
- Tesla, another company led by Elon Musk, also sold a significant portion of its Bitcoin holdings.
- The actual cause of the price crash seems to be related to the futures market and a large liquidation cascade.
- Analysts suggest that institutional entities may be strategically manipulating the market.
Hot Take: The sale of Bitcoin holdings by both SpaceX and Tesla, as well as the market manipulation by institutional players, have contributed to the recent drop in Bitcoin’s value. However, there is still potential for a recovery if the price surpasses key resistance levels.
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