Reports yesterday that SpaceX, an umbrella company led by Elon Musk, revealed a massive writedown of the book value of bitcoin, which shocked market participants and likely contributed to the rapid decline in the value of BTC. published In the American daily Wall Street Journal, the article caused a series of speculations and cuts: Did SpaceX Really Liquidate Its Bitcoin Deposits?
Elon Musk is unlikely to sell BTC, but he is silent about it
Bitcoin price fell more than 10% yesterday, breaching psychological support levels and clearing altcoins in a row. What’s called long press It executed transactions at lower and lower levels, causing panic selling in almost all the altcoins on the market. These, in turn, lost between 10-20% or more.
It turns out that one of the triggers was the reports of the famous Bitcoin Magazine portal, Accordingly, Elon Musk had to sell the bitcoins that belonged to SpaceX. A day later, commentators called the news misinformation (False news).
In “Community Notes” (Community notes) On Portal X (formerly Twitter) we can read what was mentioned in the mentioned article paywallemdoes not claim that the Musk-owned company dumped its bitcoins of this value. It is only reported that SpaceX has reduced the book value of bitcoin on its balance sheet in 2021 and 2022 by hundreds of millions of dollars.
See also: Doomsday for cryptocurrency! Bitcoin price is diving. Lots of bad news: stocks, Evergrande, XRP, Elon Musk selling BTC
Tesla’s resources are known, but SpaceX’s is not
In 2021, Elon Musk, the CEO of SpaceX and Tesla, confirmed that both companies have bitcoins on their balance sheets. While the public has been informed of Tesla’s BTC transactions – Including the decision to spin off 72% of its $1.5 billion cryptocurrency holdings in the second quarter of 2022. – The exact details of the SpaceX stake are still being hidden, fueling the current speculation.
Musk’s continued silence on the subject hasn’t helped reassure the market and cryptocurrency speculators either. Sentiment seems divided between pundits who accuse the owner of X (ex-Twitter) of a disastrous investment strategy and those who dismiss the insinuation as merely a FUD for the market. Fear, uncertainty and doubt – note ed).
Speculation about Musk’s financial maneuvers has also spread to non-X internet forums. One Reddit user posited a cash crunch on Musk’s projects, He is hinting at a possible sale of all the assets he holds in BTC and DOGE in the foreseeable future.
At the time of this writing, bitcoin is listed at around $26,000 USD. Bitcoin price paused the wave of decline that pushed it to the $24,000 region on some platforms (such as the ByBit exchange), but to prevent further declines will be necessary Dealing with the torrent of bad news that hit the market tonight.
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