Amid Broader Cryptocurrency Market Decline, Bitcoin Hits Lowest Point Since June

Crypto News– On Thursday, the price of Bitcoin experienced a substantial drop, slipping below the $26,000 mark—an alarming descent to levels not witnessed since June. This decline occurred within the context of a broader downturn across the cryptocurrency market.

Amid Broader Cryptocurrency Market Decline, Bitcoin Hits Lowest Point Since June

The catalyst for this market-wide slump appears to be a report from the Wall Street Journal, indicating that SpaceX, the space exploration company led by Elon Musk, had undertaken a significant devaluation of its Bitcoin holdings. Additionally, the report revealed that SpaceX had proceeded to liquidate a portion of its cryptocurrency assets, amounting to a staggering 16% of its total holdings.

Among the array of digital currencies affected by this downward spiral, Ripple‘s XRP faced an especially stark plunge, plummeting by 16% within the span of a mere 24 hours. This drop in value was notably more severe compared to the performance of other major cryptocurrencies during the same period. The intensified decline of XRP can be attributed to a recent legal development in which a federal judge granted permission for the U.S. Securities and Exchange Commission (SEC) to partially appeal a prior ruling in its ongoing legal case against Ripple, the company behind XRP.

The tumultuous events of Thursday evening’s cryptocurrency selloff commenced with the disclosure by the Wall Street Journal that SpaceX, under the purview of Elon Musk, had marked down the valuation of its bitcoin holdings by a staggering sum of $373 million over the course of the previous two calendar years. Moreover, the report went on to reveal that the company had subsequently divested itself of a significant portion of its cryptocurrency portfolio. The precise timing of this divestiture remains shrouded in ambiguity.