2023-08-19 08:41:40
August 18, 2023 Today at 11:04 am
According to the American press, SpaceX has sold its bitcoins. An announcement that weighs on the course of the cryptocurrency on the way to achieving its worst week in three months.
The strong comeback of bitcoin seen throughout 2023 was slowed down this week. The most widespread and traded of the cryptocurrencies in circulation has grown by almost 60% since the start of the year, with a sparkling first quarter at +72%. But over the past five days, the trend is red.
In addition to the current environment of rate hike, another explanation for this blow of pump was given by the Wall Street Journal. The financial daily says that Elon Musk’s space company, SpaceX, got rid of all its bitcoins. A movement estimated at 373 million dollars.
“With limited catalysts to push bitcoin higher in the near term, a drop below $25,000 might tempt investors to sell.”
Josh Gilbert
Analyst at eToro
Slack
There is no clear indication of when SpaceX sold its bitcoins, but for many, the decline seen this week had something to do with it. The bitcoin, which was still close to 30,000 dollars on Thursday, approached 25,000 dollars at the time of the opening of the markets in Europe on Friday, a nice drop in less than 24 hours.
This sharp pullback, following weeks of weak trading, caused massive selloffs in the crypto market. According to data from Coinglass taken over by the Bloomberg agency, more than $1 billion in positions have been unlocked in the last 24 hours due to falling prices.
The capitalization of bitcoin is thus around 510 billion dollars on Friday. It frankly exceeded 570 billion on Thursday, at the European close.
“If the rout in global risk assets continues, bitcoin might face further decline and with limited catalysts to push bitcoin higher in the short term, a drop in below $25,000 might tempt investors to sell.”
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Bitcoin’s positive balance sheet should not overshadow the poor performance of the year 2022. The most well-known of cryptocurrencies, like the whole of the fold, fell by 64% last year while a series of scandals and bankruptcies weakened the sector. Income above 20,000 dollars per unit in January last, bitcoin has remained clinging above that price ever since.
Indicators that measure fluctuations in the price of the oldest cryptocurrency have tended to decline, the volatility over 90 days having even reached, this week, its lowest level since 2016according to data collected by Bloomberg.
But, according to projections by analysts consulted by this same source, the next bitcoin support level stands at $25,000 and crossing it might accelerate liquidations.
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