Bitcoin Crash Amid SpaceX Pull-Out Echoes 'Elon-Driven Tops And Bottoms,' Says Expert: 'Hope … Market Will Not Revert To Those Times'
Portfolio Pulse from Ananya Gairola
Bitcoin's recent crash coincided with SpaceX's alleged unexpected pull-out, reminding experts of past market volatility during the 'Elon-driven tops and bottoms'. Bitcoin remained close to its lowest point in two months, with an 8% loss after a single day of trading. The crash was characterized by mass sell-offs in derivative markets. Experts are cautious about a return to such volatility. SpaceX reportedly had $373 million worth of Bitcoin on its balance sheet in 2021 and 2022. Bitcoin was trading at $25,887 a piece, down about 2.3% in the past 24 hours.
August 19, 2023 | 11:31 am
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NEGATIVE IMPACT
Bitcoin's price has been significantly affected by the recent market crash, which coincided with SpaceX's alleged pull-out. The cryptocurrency is currently trading at $25,887, down 2.3% in the past 24 hours.
The recent crash in Bitcoin's price, which coincided with SpaceX's alleged pull-out, has led to significant sell-offs and a drop in the cryptocurrency's value. Given the scale of the crash and the fact that it coincided with a major event involving a company that reportedly had a significant amount of Bitcoin on its balance sheet, it is highly likely that this news will have a negative impact on Bitcoin's price in the short term.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
Elon Musk's endorsement of Dogecoin has previously had a significant impact on its market value. However, the article does not provide any new information that would directly impact Dogecoin's price.
While Elon Musk's endorsement has previously had a significant impact on Dogecoin's market value, the article does not provide any new information or events that would directly impact Dogecoin's price. Therefore, it is unlikely that this news will have a significant impact on Dogecoin's price in the short term.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50