The cryptocurrency community was caught off guard by SpaceX's surprising move to unload a significant portion of its Bitcoin investments, leading many to wonder about the reasoning behind such a dramatic step. The immediate aftermath saw Bitcoin's value drop below the $26,000 mark, setting off a chain reaction that led to more than $1 billion in asset liquidations across the market.
Previously, SpaceX, the aerospace firm headed by billionaire Elon Musk, had acquired an undisclosed amount of Bitcoin, driving its price to a record high of over $43,000. Yet, the company has been silent about the $373 million in Bitcoin write-downs in 2021 and 2022. It's also worth mentioning that Tesla Inc., another company where Musk serves as CEO, had sold approximately 75% of its Bitcoin holdings a little over a year after the initial
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First found on: SpaceX's Unexpected Bitcoin Sell-Off Sends Shockwaves Through Cryptocurrency Market
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