Elon Musk's SpaceX Dumps Entire Bitcoin Holdings: Report

The plunge in Bitcoin value marked a significant downturn, breaching the $26,000 mark for the first time in a span of two months.

The motive behind SpaceX's choice to offload its Bitcoin reserves remains unclear. ( Image Source :Getty )

SpaceX, the prominent aerospace company under the leadership of Elon Musk, has reportedly divested its entire Bitcoin holdings. These holdings, accumulated between 2021 and 2022, were valued at approximately $373 million. This decision aligns with a period marked by fragility in the cryptocurrency market, as stated by media sources. The swift action taken by SpaceX to sell its Bitcoin assets resulted in the liquidation of substantial cryptocurrency positions worth an estimated $800 million in just half an hour. While the precise cause-and-effect relationship between this sale and the subsequent market liquidations remains uncertain, the timing has given rise to speculations.

Although the motive behind SpaceX's choice to offload its Bitcoin reserves remains enigmatic and the company has refrained from making official statements at this time, it's important to consider various possibilities. Notably, the decision to divest might not be directly connected to the underlying fundamentals of Bitcoin.

Nevertheless, the report has exacerbated the downward pressure on the price of Bitcoin amidst the ongoing bearish trend in the cryptocurrency market. The fleeting rebound that saw Bitcoin climb above $28,000 was abruptly halted due to the ensuing liquidations.

The plunge in Bitcoin value marked a significant downturn, breaching the $26,000 mark for the first time in a span of two months.

Bitcoin's recent trajectory has witnessed a decline of approximately 9 per cent since the close of March, following a notable surge of 72 per cent during the initial quarter of the year.

According to data from CoinMarketCap, there has been a modest recovery in Bitcoin's value since the aforementioned downturn. Presently trading at $26,615, with a 24-hour trading volume of $30,978,060,365, the cryptocurrency appears to be exhibiting some resilience in the face of recent market fluctuations.

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