Bitcoin Tumbles On SpaceX News

Bitcoin plunged Thursday night on news that Elon Musk’s SpaceX has sold all its holdings of the cryptocurrency.


Bitcoin-related stocks such as Coinbase (COIN), Marathon Digital (MARA) and Riot Platforms (RIOT) also retreated.

SpaceX documents viewed by The Wall Street Journal show that the private space company has sold all its Bitcoin, after writing down the value of its holdings in 2021 and 2022.

Tesla (TSLA) sold 75% of its Bitcoin holdings last year.

The Bitcoin price fell as low as $25,392.05 Thursday evening. It later rebounded to about $26,600, down 7% vs. 24 hours earlier. Bitcoin had already retreated from about $28,600 to $27,600 on Thursday before the SpaceX news, as a strong dollar and risk-off trading weigh on cryptocurrencies.

COIN stock sank 2.2% in late trading, coming off lows. MARA stock retreated 4.4%, while RIOT fell 1.2%. In Thursday’s session, Coinbase retreated 4.35% while Marathon Digital plunged 9.3% and RIOT stock 10.6%.

Please follow Ed Carson on Twitter at @IBD_ECarson for stock market updates and more.


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