Bitcoin Price Tanks as SpaceX Sells BTC Holdings – Could These Coins Be an Alternative?

Bitcoin’s price plunged in the past 24 hours after reports emerged that Elon Musk’s SpaceX wrote down over $370 million of its holdings.

The news of this massive liquidation sent shockwaves throughout the crypto market, leading many to sell their $BTC.

Moreover, many Bitcoin investors are now seeking alternatives with more stable price prospects – with Sonik Coin and Wall Street Memes emerging as viable contenders.

Bitcoin Drops Below Key EMA as Bearish Trend Looms

Bitcoin’s price dipped nearly 10% yesterday, touching the $26,000 mark – a level that hadn’t been seen since June 16.

At the time of writing, Bitcoin has recovered somewhat, trading just above $27,000.

However, during the coin’s drop, the price fell below the crucial 200-day Exponential Moving Average (EMA) for the first time since March.

Historically, the 200-day EMA has been an important indicator for Bitcoin, often acting as a support or resistance level that traders watch closely.

SpaceX Sell-Off & Rising Bond Yields Prompt $BTC Downturn

Several factors have combined to prompt the ongoing Bitcoin sell-off, although the primary driver appears to be the reports that SpaceX sold a colossal amount of $BTC.

As noted in an article from Cointelegraph, SpaceX wrote down a staggering $373 million worth of Bitcoin throughout 2021 and 2022.

While it’s unconfirmed whether the entire amount was sold, the mere possibility has caused ripples of concern in the crypto market.

Elon Musk, CEO of SpaceX, has previously purchased Bitcoin for Tesla – yet also opted to liquidate a significant portion of the company’s holdings in 2022.

Given Musk’s pro-crypto stance, this move by SpaceX took many investors by surprise, resulting in heightened market volatility.

This volatility has been fueled further by the spike in US bond yields, indicating that investors are leaning towards traditional safe-haven assets.

Naturally, this has impacted the cryptocurrency market, with Bitcoin and other major altcoins experiencing downturns as investors seek stability in the face of ongo

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Author: BeInCrypto Team

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