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Bitcoin Tumbles On SpaceX News

Bitcoin plunged Thursday night on news that Elon Musk’s SpaceX has sold all its holdings of the cryptocurrency.


Other cryptocurrencies such as Ethereum and Dogecoin also sold off while Bitcoin-related stocks such as Coinbase (COIN), Marathon Digital (MARA) and Riot Platforms (RIOT) retreated.

SpaceX documents viewed by The Wall Street Journal show that the private space company has sold all its Bitcoin, after writing down the value of its holdings in 2021 and 2022.

Tesla (TSLA) sold 75% of its Bitcoin holdings last year.

Elon Musk has frequently commented about cryptocurrencies, especially Bitcoin and Dogecoin.

The Bitcoin price fell as low as $25,392.05 Thursday evening, a two-month low. It’s currently trading near $26,400 down 7.8% vs. 24 hours earlier. Bitcoin had already retreated from about $28,600 to $27,600 on Thursday before the SpaceX news, as a strong dollar and risk-off trading weigh on cryptocurrencies.

Ethereum skidded 6.7% to $1,676. Dogecoin sank 10.1% to 6.17 cents.

COIN stock sank 2.2% in late trading, coming off lows. MARA stock retreated 4.4%, while RIOT fell 1.2%. In Thursday’s session, Coinbase retreated 4.35% while Marathon Digital plunged 9.3% and RIOT stock 10.6%.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.


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