Bitcoin Diving: News of Elon Musk’s SpaceX sends the cryptocurrency plummeting

Bitcoin fell Thursday night after news broke that Elon Musk’s SpaceX had sold all of its cryptocurrency holdings.


Bitcoin related stocks Coinbase (currency), Digital Marathon (Mara) And Riot pads (riot) also blinked.

SpaceX docs were shown by The Wall Street Journal It showed that the private space company sold all of its bitcoins, after writing down the value of its holdings in 2021 and 2022.

Tesla (TSLAIt sold 75% of its bitcoin holdings last year.

Bitcoin price fell to $25,392.05 Thursday evening. It later rebounded to around $26,600, down 7% from 24 hours earlier. Bitcoin already fell from around $28,600 to $27,600 on Thursday before the SpaceX news, as a strong dollar and risk-free trading weighed on the cryptocurrency.

COIN stock fell 2.2% in late trading, snapping off its lows. Mara fell 4.4% while RIOT fell 1.2%. In Thursday’s session, Coinbase fell 4.35% while Marathon Digital was down 9.3% and RIOT down 10.6%.

Please follow Ed Carson on Twitter at @employee For stock market updates and more.

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