Elon Musk's SpaceX Dumps All Of It's Bitcoin Reserve Worth $373 Million

Elon Musk's SpaceX Dumps All Of It's Bitcoin Reserve Worth $373 Million

Within a span of 30 minutes, the offloading of SpaceX's bitcoin assets resulted in the liquidation of approximately $800 million worth of significant cryptocurrency positions.

FPJ Web DeskUpdated: Friday, August 18, 2023, 05:55 PM IST
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Bitcoin | FIle Photo

SpaceX, the aerospace firm led by Elon Musk, reportedly has divested all of its bitcoin holdings, which were worth around $373 million which it had acquired between 2021 and 2022. This move coincides with a period of cryptocurrency market fragility, according to media reports.

Within a span of 30 minutes, the sale of SpaceX's bitcoin assets resulted in the liquidation of approximately $800 million worth of significant cryptocurrency positions. While the exact causal link between this sale and the subsequent liquidations remains uncertain, the timing has given rise to speculations.

Although the reason behind the SpaceX decision to liquidate its bitcoin reserves remain uncertain and the company had not made any statements yet. There are possibilities that the sell odd is unrelated to bitcoin underlying fundamentals.

However, the report added downward pressure on bitcoin’s price amidst the ongoing cryptocurrency bear market. The brief recovery above $28,000 was abruptly halted due to the liquidations.

Bitcoin plunge for first time in 2 months

According to various media report, Bitcoin plunge a major crash and declined below $26,000 for the first time in two months.

Bitcoin has declined about 9 percent since the end of March, after a surge of 72 percent in the first quarter.

According to the CoinMarketCap data, Bitcoin has recovered a little since today's dump with a current trading of $26,615 with a 24 hour trading volume of $30,978,060,365.

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