Billionaire Elon Musk’s aerospace company SpaceX has sold $373 million worth of Bitcoin that it acquired in 2021-2022, citing documents detailing SpaceX’s financial situation obtained by Wall Street Journal. However, it is unclear when SpaceX buys, sells and how many BTC this company is holding.
“SpaceX’s soaring revenue helped it eke out a small profit in the first three months of the year after two annual losses, according to documents that offer a rare view into the financials of Elon Musk’s rocket company”, according to the Wall Street Journal report.
As we know, another company of Elon Musk, Tesla, once invested $1.5 billion in Bitcoin, but then also sold most of it. In July 2022, Tesla sold $ 936 million in BTC – roughly 75% of its original $1.5 billion BTC holdings. Now, Tesla is holding $184 million in Bitcoin.
Bitcoin price dropped sharply following this news. After falling to $27,700 late on August 17, the world’s largest cryptocurrency kept dumping to $25,166 on Binance, down 12.6% over the last 24 hours. Bitcoin now is trading around $25K mark on CoinMarketCap.
However, many people believe that SpaceX’s sell-off is not the only reason for BTC’s drop. There are other news negatively affected to Bitcoin price such as the SEC rejecting Grayscale’s application to convert GBTC into a spot bitcoin ETF or China’s Evergrande file for bankruptcy.
This is Bitcoin’s lowest price since June 15 as the market was in turmoil with the SEC lawsuit against Coinbase and Binance. According to Coinglass, 173,475 traders were liquidated, the total liquidations comes in at $1.02 billion in the last 24 hours.
According to parsec, in the past 24 hours, the liquidation volume on the DeFi exceeded 75 million U.S. dollars, which was the peak liquidation during the year. In addition, if ETH falls to around $1,480, about $268 million in collateral will be liquidated.