Benzinga - The sudden drop in Bitcoin’s (CRYPTO: BTC) value on Thursday, which led to an 8% decline within the last 24 hours, has sparked theories about the causes behind this unexpected market turmoil.
Theory 1: Elon Musk’s aerospace company, SpaceX, has reportedly sold its Bitcoin holdings, contributing to the recent price dip and leaving the cryptocurrency community bewildered.
According to The Wall Street Journal, SpaceX recorded $373 million worth of Bitcoin on its balance sheet in 2021 and 2022.
Crypto analyst Joe Burnett believes that Bitcoin’s price decline was triggered by news of SpaceX’s BTC sell-off. "Traders are now bearish that coins are in stronger hands. Illogical."
BREAKING: Bitcoin fell on news that SpaceX already sold BTC.Traders are now bearish that coins are in stronger hands. Illogical.
Every day presents an opportunity to stack #Bitcoin for the long haul of 4+ years, but today stands out as an especially auspicious moment. pic.twitter.com/5BB4IbBLCC
— Joe Burnett (