SpaceX Sells $373M BTC Sends BTC Price Falling To The Abyss, Bottoming At $25,400

Key Points:

• The WSJ has revealed that billionaire Elon Musk’s company, SpaceX, has sold some or all of $373 million in BTC.
• The magazine reported that SpaceX posted a first-quarter profit of $55 million on revenue of $1.5 billion.
• The price of BTC immediately fell into the abyss to as low as $25,400 after the news broke.

According to an August 17 report in The Wall Street Journal, SpaceX recorded $373 million worth of BTC holdings on its balance sheet in 2021 and 2022 but has since decreased the company’s value. It sold cryptocurrencies. Information on whether the company has sold part or all of the time of sale has yet to be clarified.

“SpaceX wrote down the value of bitcoin it owns by a total of $373 million last year and in 2021 and has sold the cryptocurrency,”

The WSJ reported.

Elon Musk 2021 confirmed that SpaceX owns Bitcoin, but it needs to be clarified how much because it is a private company and does not have quarterly reports like Tesla. However, Tesla still holds about 9,720 BTC in this year’s Q2 report.

The magazine reported that SpaceX posted a first-quarter profit of $55 million on revenue of $1.5 billion. The report said that for 2022, Elon Musk’s rocket company lost $ 559 million on revenue of $ 4.6 billion. It nearly halved its loss while doubling its return in 2021.

The company is spending a lot to promote its projects. According to the Journal, SpaceX made $5.2 billion in total costs last year, up from $3.3 billion the year before.

BTC price reacted negatively to the above news. After correcting to $27,700 on the evening of August 17, causing about $220 million to be liquidated, the world’s largest cryptocurrency continued to dump to $25,400 and has now recovered to $26,600 but still recording a decrease of 6.62% in the last 24 hours.

Elon Musk is one of the significant influencers in the crypto industry. Therefore, this movement also significantly impacted the decline of the largest cryptocurrency in this market.

However, some other information, such as the SEC’s upcoming decision on Grayscale’s proposal to convert GBTC funds to ETFs or the regulatory agency’s regulatory issues with major exchanges such as Binance and Coinbase, is also one of the reasons why the market was in the red.

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