(Kitco News) - Bitcoin and the broader crypto market went into freefall late Thursday, with the top cryptocurrency losing $2500 and the digital currency market seeing over $1 billion in liquidations in less than 24 hours.
On Friday, market participants were attempting to piece together what sparked the sudden selloff while also trying to determine how low crypto might go after BTC briefly dipped below $26,000.
"The documents also show 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," it read."Tesla has taken a similar approach with its bitcoin holdings. Musk has posted about cryptocurrencies frequently over the years." “There might be multiple reasons that explain this big selloff with Bitcoin, and I’m not certain it has anything to do with news that SpaceX might – emphasis on might – have sold off its BTC balance,” he said. “Basically, volumes had contracted significantly, and we haven’t been seeing much new retail participation in the space. If anything, this event seems to be largely driven by a flushing out of leveraged positions, which happens periodically with BTC and in rather dramatic fashion.
Markus Levin, co-founder of XYO Network, told Kitco News that he doesn’t see a floor for BTC in the near term. “I suspect that Bitcoin could fall further because the economic situation globally is just so precarious. China appears to be in a deep recession and interest rates in the United States are still relatively very high.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Bitcoin plunges to $26k, leads crypto bloodbathThis unexpected downturn has resulted in severe liquidations for traders, who have mostly been bullish on price action.
Lire la suite »
Bitcoin Plunge Spurs Liquidations as SpaceX’s Token Sale WeighsCryptocurrencies extended declines, sliding with global risk assets as investors price in higher interest rates for longer. A report of Elon Musk’s SpaceX selling Bitcoin holdings added to the concerns.
Lire la suite »
BTC price: Spot Bitcoin ETF and halving to trigger Bitcoin price move to $150k next year
Lire la suite »
Evergrande Onshore Unit Says It’s Being Probed by RegulatorThe mainland China unit of giant developer China Evergrande Group said the country’s securities regulator has built a case against it relating to suspected information disclosure violations.
Lire la suite »
China Evergrande files for Chapter 15 protection from creditorsSince the sector’s debt crisis unfolded in mid-2021, companies accounting for 40 per cent of Chinese home sales have defaulted
Lire la suite »
China Evergrande files for chapter 15 bankruptcy in US(Reuters) - China Evergrande has filed for chapter 15 bankruptcy protection in the United States, court documents showed on Thursday. (Reporting by ...
Lire la suite »