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SpaceX's BTC Sell-Off Sends Ripples Through Crypto Markets as Bitcoin Hodlers Defy the Downturn

Jack Evans
Aug 21, 2023 at 12:20 pm

In a surprising turn of events, the cryptocurrency market found itself grappling with uncertainty as the price of Bitcoin (BTC) struggled around the $26,000 mark. The catalyst for this momentous shift was none other than SpaceX, the aerospace powerhouse led by Elon Musk, which made headlines by offloading its Bitcoin holdings.

The aftermath of SpaceX's decision was felt across the digital landscape. Bitcoin's value wavered in the face of this newfound uncertainty, yet amidst the turbulence, a glimmer of resilience emerged. Recent data from Glassnode revealed an impressive surge in the number of wallets holding at least 1 BTC. This surge had reached an unprecedented all-time high of 1,015,299. The timing of this surge was strikingly reminiscent of late 2021, a period when Bitcoin had soared to its pinnacle, reaching an all-time high price of $68,790.

Interestingly, the increase in short-term traders and holders further amplified the market's intricacies. Glassnode's insights underscored that the quantity of BTC in circulation, ranging from a week to a month, had dwindled to a 30-day nadir of 680,353.028 BTC.

 This decline was undeniably influenced by the flux introduced by SpaceX's BTC maneuvers. The aerospace magnate had amassed a substantial Bitcoin portfolio, valuing approximately $373 million, throughout 2021 and 2022.

The aftershocks of SpaceX's BTC shift were further evident in the realm of crypto liquidations. The market was swept by a wave of over $1 billion in liquidations, primarily affecting long positions. The impact was undeniable, as the news reverberated through the community, testing the mettle of even the most steadfast investors.

In the face of SpaceX's move and the subsequent market tremors, Bitcoin's tenacity continued to shine. Despite experiencing a marginal 0.3% decline in the past 24 hours, Bitcoin stood its ground at $25,990, showing its enduring resilience. The 24-hour trading volume dipped by 2.5%, amounting to $9.4 billion.

Moreover, as Bitcoin briefly grazed a high of $26,260 on August 20th, the cryptocurrency's market cap remained steadfastly above the $500 billion milestone, maintaining a dominant 48% market share. This captivating saga serves as a testament to the dynamic nature of cryptocurrencies, where every twist and turn has the power to rewrite the narrative, even as stalwart holders and traders continue to shape the story with unwavering conviction.

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