The Bitcoin Price Stumbles as SpaceX Dumps BTC Holdings
The price of Bitcoin (BTC) has been struggling around $26,000 after SpaceX, owned by Elon Musk, sold off its BTC holdings. Despite this bearish market sentiment, the number of wallets holding at least 1 BTC has reached an all-time high of 1,015,299, according to Glassnode data.
Key Points:
- The number of Bitcoin wallets holding at least 1 BTC has reached a record high of 1,015,299.
- Short-term BTC traders have increased as the price has dropped.
- SpaceX recently sold off its BTC holdings, leading to a surge in crypto liquidations.
- Bitcoin’s price is currently down 0.3% in the past 24 hours.
- Bitcoin’s market cap remains above $500 billion with a 48% market dominance.
Despite the recent price downturn, the number of wallets holding Bitcoin has continued to rise since late 2021, when BTC reached an all-time high of $68,790. Additionally, short-term traders have also increased as a result of the recent price drop. The amount of BTC supply active between one week and one month has reached a 30-day low, indicating a higher level of short-term trading activity.
SpaceX’s sale of its BTC holdings caused a surge in crypto liquidations, surpassing the $1 billion mark. The majority of the liquidations were from long positions, indicating a bearish sentiment in the market. As of now, Bitcoin’s price is down by 0.3% in the past 24 hours and is trading at $25,990 with a 24-hour trading volume of $9.4 billion. Despite this, Bitcoin’s market cap remains above $500 billion with a 48% market dominance.
Hot Take:
The sale of BTC by SpaceX and the subsequent increase in crypto liquidations have created a bearish sentiment in the market. However, the rising number of wallets holding Bitcoin suggests that there is still strong interest in the cryptocurrency. The short-term trading activity also indicates that there are opportunities for traders to capitalize on the market volatility. As Bitcoin continues to navigate through price fluctuations, its market cap remains robust, demonstrating its resilience as a leading cryptocurrency.
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