CryptoMediaClub
Wednesday, July 30, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Bitcoin

Bitcoin Plunges Amidst SpaceX Bitcoin Holdings Sell-off and Evergrande Bankruptcy

20.08.2023
A A
0
126
VIEWS
ShareShare

In a sudden and dramatic turn of events, the cryptocurrency market experienced a significant downturn, with Bitcoin (BTC) leading the charge. Within a mere 10-minute window, BTC’s value plummeted by more than 7%, landing at $25,600. This single-day drop is reminiscent of the tumultuous times following the FTX collapse back in November of 2022, raising eyebrows and concerns across the crypto landscape.

SpaceX’s Bitcoin Exodus Sparks Market Turmoil

The catalyst for this rapid and substantial selloff appears to be a report from the Wall Street Journal (WSJ) disclosing that SpaceX, the pioneering space rocket company led by Elon Musk, had either partially or entirely divested its Bitcoin holdings. The WSJ article also unveiled that SpaceX underwent a devaluation of its Bitcoin holdings by a staggering $373 million across 2020 and 2021, ultimately opting to liquidate its cryptocurrency assets.

This move by SpaceX marks one of the most significant instances of Bitcoin liquidation since the infamous FTX collapse. The market’s reaction to this news was immediate, prompting a cascade of liquidations totaling a colossal $1.04 billion due to the sudden surge in market volatility.

A Double Whammy: Evergrande’s Collapse Adds to Uncertainty

The timing of SpaceX’s Bitcoin news coincided with another seismic event in the financial world. China’s Evergrande Group, a major property giant, declared bankruptcy in New York. This move sent shockwaves through the global financial landscape, igniting concerns of a potential ‘Lehman moment’ that could have far-reaching implications for China’s financial stability.

Evergrande’s financial woes have been mounting for the past two years, with reported losses of $80 billion and staggering liabilities exceeding $300 billion. The bankruptcy filing added an additional layer of uncertainty to the already volatile market.

Bitcoin’s Slip Amidst Uncertainty

In the wake of these developments, Bitcoin’s value endured another significant blow, falling by more than 6% within the span of 24 hours. At the time of writing, Bitcoin was trading at $26,053, reflecting the tumultuous nature of the current market sentiment.

As the cryptocurrency market grapples with both SpaceX’s surprising Bitcoin liquidation and Evergrande’s bankruptcy announcement, investors and analysts alike are left on edge. The convergence of these events has underscored the inherent volatility and interconnectedness of the global financial landscape. The future trajectory of the crypto market remains uncertain, with market participants closely monitoring developments both within and beyond the digital asset realm.

The post Bitcoin Plunges Amidst SpaceX Bitcoin Holdings Sell-off and Evergrande Bankruptcy appeared first on BitcoinWorld.

Share10Tweet6ShareSharePin2

Related Posts

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge
Bitcoin

Coinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge

15.07.2025
0

BitcoinWorldCoinbase’s Astounding $100 Billion Milestone Amidst Bitcoin’s Record Surge The cryptocurrency world is buzzing with excitement, and for good reason!...

Read moreDetails
Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

Bitcoin’s Unseen Ascent: Why Market Euphoria Is Still Ahead, According to Alphractal CEO

14.07.2025
Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

Bitcoin Holdings Soar: The Blockchain Group’s Momentous Digital Asset Accumulation

14.07.2025
Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

Bitcoin’s Astonishing Anomaly: Why Public Search Interest Remains Low Despite Record Highs

14.07.2025
Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

Bitcoin Treasury Strategy: Unleashing Growth with The Blockchain Group’s $3.52M Boost

08.07.2025
Load More
Next Post
ETH SEC Classification and ETF Approval: Analyst Insights

ETH SEC Classification and ETF Approval: Analyst Insights

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Is Binance In Trouble? CZ Responds To Binance ‘Implosion’ Timeline

2 years ago
CBDC: Bank of Israel is Soon to Issue “Digital Shekel”

CBDC: Bank of Israel is Soon to Issue “Digital Shekel”

2 years ago
Survey finds gaps in mainstream Bitcoin coverage, leaving institutional investors exposed

Survey finds gaps in mainstream Bitcoin coverage, leaving institutional investors exposed

3 weeks ago
Vega Protocol Unveils Decentralized Perpetuals On Layer 1 Blockchain

Vega Protocol Unveils Decentralized Perpetuals On Layer 1 Blockchain

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves

Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

Bitcoin could target $141k if it breaks out of the $105k-$125k box

AML Bitcoin Founder Sentenced to 7 Years for Fraud and Money Laundering

Turkish Ride-Hailing Giant Marti Announces Crypto Treasury Strategy, Allocates 20% to BTC

Revolut Mulls Buying US Bank to Fast-Track American Licence: Report

Trending

Hong Kong Authorities Clarify Licensing Rules for Stablecoin Issuers
All news

Hong Kong Authorities Clarify Licensing Rules for Stablecoin Issuers

30.07.2025
0

The financial regulator of Hong Kong published regulatory documents detailing the licensing and supervision procedures for stablecoin...

Revolutionizing Crypto Mining: XRP Mining Empowers Global Users with Smartphone-Based Cloud Mining

Revolutionizing Crypto Mining: XRP Mining Empowers Global Users with Smartphone-Based Cloud Mining

30.07.2025
SEC’s in-kind approval can spark HUGE $710 billion supply squeeze for Bitcoin ETFs

SEC’s in-kind approval can spark HUGE $710 billion supply squeeze for Bitcoin ETFs

30.07.2025
Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves

Growing Popularity of Ethereum in Corporate Crypto Treasury Reserves

30.07.2025
Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

Bitcoin Price Prediction: OG Whale Dumps 80,000 BTC – And Bitcoin Still Looks Ready to Blast Higher

30.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz