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Crypto Market Crash Caused by SpaceX Selling $373M in Bitcoin

– SpaceX, the aerospace technology firm, has reportedly written down the value of its Bitcoin holdings by $373 million in 2021 and 2022.
– It is uncertain whether SpaceX has sold its entire Bitcoin stash or only a portion of it.
– The Wall Street Journal reviewed SpaceX’s financial documents and reported that the company spent around $5.2 billion in 2022, including expenses for property, equipment, and research and development.
– In 2021, SpaceX also spent $5.4 billion on such expenses.
– Elon Musk, the CEO of SpaceX, announced in 2021 that the company had acquired a certain amount of Bitcoin.
– This announcement came after Tesla, another company Musk co-founded, disclosed plans to purchase $1.5 billion worth of Bitcoin in a filing with the U.S. Securities and Exchange Commission.
– Tesla’s second-quarter earnings report for 2023 revealed that the company had sold most of its Bitcoin holdings, keeping only $184 million.
– The sale involved liquidating over 30,000 BTC, equivalent to about $936 million.
– The news of SpaceX’s Bitcoin write-down and potential sale led to a significant drop in the price of Bitcoin.
– Within 10 minutes of the news, Bitcoin’s value fell by around 10%, reaching $25,166 on Binance and even dropping to $24,098 on OKX perpetual Bitcoin price.
– Some in the Twitter community attribute the price drop to the reports of SpaceX selling Bitcoin, while others link it to external factors like China’s Evergrande Group filing for bankruptcy and bearish patterns in technical analysis of Bitcoin price.

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