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

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

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

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

chad dorman wife
The Tragic Story of Chad Dorman's Wife Laura Dorman
Google Apologizes for AI's Shocking Replies
Google Apologizes for AI's Shocking Replies on Controversial Figures
Top Healthiest and Unhealthiest Countries
Top Healthiest and Unhealthiest Countries Globally - 2024 Rankings
February 25 Zodiac
February 25 Zodiac Revealed: Understand Your Astrological Blueprint
Best Way to Prevent Gum Disease
What is the Best Way to Prevent Gum Disease?

LIFESTYLE

Egyptian Cotton Sheets for Your Bed
A Beginner's Guide to Choosing the Perfect Egyptian Cotton Sheets for Your Bed
Long Lehenga Choli
Elegance Redefined: Navigating the Diverse World of Long Lehenga Choli Designs
valentines day outfits
Top 20 Trendy Valentine's Day Outfits in 2024 For Every Occasion
eldritch foundry
Unleash Your Imagination With Eldritch Foundry Custom Miniatures
jayda wayda braids
How Long Do Jayda Wayda Braids Last [Durability and Maintenance Tips]

Entertainment

paige vanzant leaks
Exposing the Truth: The Controversy Surrounding Paige VanZant Leaks
schavaria reeves accident
The Truth Behind Schavaria Reeves Accident: What Really Happened?
bill boals
The Life and Career of Bill Boals: Husband of Margo Martindale
is terrifier based on a true story
Exploring the Truth: Is 'Terrifier' Truly Based on a Real Story?
losmovies alternatives
180 LosMovies Alternatives for Watching Movies and Series in 2024

GAMING

Crypto Gambling Innovations
Innovations in Crypto Gambling: Shaping the Future of Online Betting
User Experience Design in Online Casinos
The Role of User Experience Design in Online Casino Platforms
New Online Service for Fans of Sports Betting and Casino Games
A New Online Service for Fans of Sports Betting and Casino Games
Are Online Gaming Bonuses Worth Pursuing
Are Online Gaming Bonuses Worth Pursuing These Days?
why does turles look like goku
Why Does Turles Look Like Goku: The Saiyan Secret Explained

BUSINESS

Work Life Balance Europe vs America Comparison
Europe vs America: Decoding Work-Life Balance Differences
Romania 28th Place EMEA Private Companies Ranking
Romania Rises to 28th in Top EMEA Destinations for Private Firms - PwC
Employee Advocacy
The Role of Employee Advocacy in Enhancing Your Online Reputation
Top 10 World's Wealthiest Men
Top 10 World's Wealthiest Men: 2024 Rankings Revealed
Complexities of Pricing Algorithms
Navigating the Complexities of Pricing Algorithms

TECHNOLOGY

Google Apologizes for AI's Shocking Replies
Google Apologizes for AI's Shocking Replies on Controversial Figures
How to Encrypt Your Gmail Messages
Is Gmail Closing in August? Google Clears the Air
Software Development Career Success Tips
Tips For Succeeding In Your New Career As a Software Developer
Elon Musk
Elon Musk Hints Xmail Launch: A New Gmail Alternative
Laser Marking
Laser Marking: A Catalyst for Industrial Innovation and Sustainability

HEALTH

Top Healthiest and Unhealthiest Countries
Top Healthiest and Unhealthiest Countries Globally - 2024 Rankings
Best Way to Prevent Gum Disease
What is the Best Way to Prevent Gum Disease?
Norovirus Outbreak Northeast CDC Data
Norovirus Outbreak Hits Northeast: Latest CDC Data Reveals Spread
Brain Stimulation RTMS vs DTMS
Decoding Brain Stimulation Therapies: RTMS vs DTMS Explained
Top 10 Easy Stress & Anxiety Relief Techniques
Top 10 Easy Stress & Anxiety Relief Techniques - Find Calm Fast