Search
Close this search box.
Search
Close this search box.

Bitcoin Price Drops 9% as Investors Pull $1 Billion from Crypto

Cryptocurrencies

The cryptocurrency scene has been a whirlwind lately. Bitcoin’s price took a nearly 9% nosedive since Thursday, and it seems risky assets are generally on a downhill trend. This rapid descent from grace seems to have been influenced by rumors that Elon Musk’s SpaceX sold a large chunk of its bitcoin holdings. The recent data from CoinGlass reveals that a whopping $1 billion evaporated from the crypto market in the past day. Half of that came straight from Bitcoin.

At a glance, the crypto giant was valued at $26,327 early Friday, which is a 16% drop from its high-point in July. But it’s not just the crypto space that’s feeling the heat. Stocks and even typically stable assets like government bonds are facing the blowback too. The US Federal Reserve’s concern about persistently high inflation levels has everyone on their toes, hinting at another potential rate increase.

Now, circling back to the SpaceX drama. The Wall Street Journal recently spilled the beans on SpaceX’s financial moves, revealing that the company devalued its bitcoin by $373 million over the past couple of years and sold it off. This piece of news sent shockwaves through the crypto community, with many feeling a mix of panic and dismay. As Hani Abuagla from XTB aptly put it, the market’s reaction was nothing short of “panicked.”

For those tracking Musk’s crypto antics, he’s been quite the bitcoin cheerleader. He had us all buzzing when he announced Tesla would accept bitcoin payments in 2021. But as with many Musk ventures, there was a U-turn, and those plans were axed. Interestingly, Tesla too said goodbye to a significant portion of its bitcoin stash last year.

On a different but related note, U.S. crypto businesses are navigating some choppy regulatory waters. Just a couple of months ago, the Securities and Exchange Commission had a bone to pick with Coinbase, the world’s leading crypto exchange. They claimed Coinbase operated like an unregistered broker, but Coinbase begs to differ. However, things are looking up for them. They recently got the green light to bring crypto derivatives to US investors, which is pretty huge, considering it makes up about three-quarters of all crypto trades globally.


Subscribe to Our Newsletter

Related Articles

Top Trending

Rise of Blockchain in Global Money Transfers
How Blockchain Is Disrupting Cross-Border Payments
whatutalkingboutwillis gift
Ultimate Whatutalkingboutwillis Gift Guide For The Perfect Present
bappam tv
Stream Telugu Movies on Bappam TV: Watch Bappam Telugu Movies Online
Circular Economy
The Circular Economy Explained: Why It Matters in 2025
hearthstats interesting news
Hearthstats Interesting News: Latest Updates And Real-Time Hearthstone Updates

LIFESTYLE

whatutalkingboutwillis gift
Ultimate Whatutalkingboutwillis Gift Guide For The Perfect Present
Smart Skincare
What Smart Skincare Looks Like in a World of Overload
Swim Academy in Amman
How to Choose the Right Swim Academy in Amman?
Shopping in Madrid
Shopping in Madrid: From Exclusive Boutiques to Vintage Markets: A Shopping Lover's Guide
how long does dermaplaning last
How Long Does Dermaplaning Last? All About Dermaplaning Duration

Entertainment

bappam tv
Stream Telugu Movies on Bappam TV: Watch Bappam Telugu Movies Online
doctor odyssey disney sexual harassment lawsuit
Doctor Odyssey Crew Sues Disney Over On-Set Sexual Harassment
Taylor Swift Buys Back Her First 6 Albums’ Master Recordings
Taylor Swift Buys Back Her First 6 Albums’ Master Recordings
lainey wilson boyfriend
Lainey Wilson’s Boyfriend: Love Story That Will Surprise You
jasmine crockett net worth
Jasmine Crockett Net Worth: Congress Representative Crockett's Impressive $9 Million in 2025

GAMING

Parental Guide for Kid-Friendly Gaming
Parental Guide to Safe and Age-Appropriate Gaming for Kids
How Video Games Help Reduce Stress
Gaming for Mental Health: How Video Games Help Reduce Stress
unblocked games granny
Play Granny Unblocked: Online Game Fun With Unblocked Games Granny
PC vs Console Gaming
PC vs Console Gaming: Which One Should You Choose?
Guide to Building a Custom Gaming PC
Beginner’s Guide to Building a Custom Gaming PC

BUSINESS

Circular Economy
The Circular Economy Explained: Why It Matters in 2025
Rise of Urban Micro-Fulfillment Centers
The Rise of Urban Micro-Fulfillment Centers: What It Means for E-Commerce
ftasiastock technology news
Breaking Ftasiastock Technology News: Supply Chain Insights Unveiled
Digital Nomad Taxes
Digital Nomad Taxes Explained: How to Legally Save Thousands in 2025
AI and Drones in Last-Mile Delivery
How AI and Drones Are Revolutionizing Last-Mile Delivery in 2025

TECHNOLOGY

Rise of Blockchain in Global Money Transfers
How Blockchain Is Disrupting Cross-Border Payments
Anthropic Launches Voice Chat for Claude Mobile Users
Anthropic Launches Real-Time Voice Chat for Claude Mobile Users
Instagram Story Viewer Tools
Instagram Story Viewer Tools That Actually Work in 2025
Protect Yourself from Data Breaches
How to Protect Yourself from Data Breaches?
AI Portraits
Retro Royalty: Design AI Portraits of Imaginary Kings and Queens

HEALTH

How Video Games Help Reduce Stress
Gaming for Mental Health: How Video Games Help Reduce Stress
Meaning in the Everyday
Moments that Change: Do We See the Meaning in the Everyday?
Tighten Your Skin After Losing Weight
5 Ways to Tighten Your Skin After Losing Weight
Physician Contract Negotiations
What Are the Common Red Flags in Physician Contract Negotiations?
Who Benefits Most from In-Home Care Services
Who Benefits Most from In-Home Care Services