Bitcoin crashes 6.9% as Elon Musk’s space rocket company sold Bitcoins

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Reportedly SpaceX sold a huge amount of Bitcoin and that news acted as a catalyst to create fear among the Bitcoin investors.

SpaceX is a space rocket private company, owned by centibillionaire Elon Musk. In 2021, Musk confirmed that he & his companies Tesla, and SpaceX holds Bitcoin. 

“I have Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin.”

Musked stated in the past

Tesla is a publicly traded company, so all the details about Tesla’s Bitcoin holding are open to people. Tesla has held Bitcoin without selling for two years, purchased by the company in 2020 to 2021. 

Opposite Tesla, SpaceX is a private company, so people are now aware of SpaceX’s Bitcoin holdings details and also buy/sell activities by the company. 

In the latest, a report by Wall Street Journal (WSJ) claimed that SpaceX sold nearly $373 million worth of Bitcoins. The report confirmed that WSJ somehow obtained a document related to this matter. 

On the other hand, Tesla already sold $936 million worth of Bitcoins, nearly 30,000 Bitcoins, in 2021. Tesla sold 75% of its initial Bitcoin holdings which was near to $1.5 billion. Here we can say that Musk is no more a Bitcoin lover & he doesn’t see a future in Bitcoin or maybe planning to buy Bitcoin at discounted price.

This news created a very big sell panic pressure in the crypto market. The trade price of Bitcoin plunged by 7% & hit $25,441 

Bitcoin crashes 6.9% as Elon Musk's space rocket company sold Bitcoins 1

The trade price of Ethereum (ETH), the second biggest crypto asset after Bitcoin, plunged by 13% & hit $1,551. 

Elon Musk & Dogecoin 

Elon Musk is a very big lover of pet Dogs & also the crypto token “Dogecoin”. 

Once in 2021, Musk said that he will become the world’s first Dogecoin trillionaire and also said that Dogecoin will be the top cryptocurrency in the future if this innovative sector will evolve.

In 2022, Musk said that he will never sell his crypto holdings, as inflation was surging rapidly. 

Read also: Bitcoin crashes following the latest statement by US CFTC boss