Cryptocurrency

Bitcoin sells off after SpaceX write down

Russell Shor Written by Russell Shor
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Further to our previous article, Bitcoin dropped markedly late in the trading day yesterday and is trading around $26,500. For the current week, the cryptocurrency is down 9.65%. The drop followed an article in The Wall Street Journal that reported that SpaceX wrote down its bitcoin holdings to the value of $373m in 2022 and 2021 and has sold its holdings.

SpaceX is headed by Elon Musk, who has historically been a general supporter of cryptocurrencies. Nevertheless, Tesla which Musk also heads, sold nearly 75% of its bitcoin holdings in 2022. The initial investment totalled $1.5bn.

The current support for bitcoin is near the psychologically important $25,000 level (red line):

Source: www.tradingview.com

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Russell Shor

Senior Market Specialist

Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.

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