Bitcoin’s troubles continue as the popular cryptocurrency dipped below $27,000, raising concerns of a further decline. The latest hit comes in the wake of aerospace giant SpaceX reportedly offloading roughly $373 million worth of Bitcoin, which it had acquired between 2021 and 2022. Amidst this sell-off, Bitcoin faces a resistance of $28,943.90 and new support of $25,409.11.

BTC/USD 1-day price chart, Source: Trading View

SpaceX Sells Bitcoin (BTC)

The Wall Street Journal reports on August 17 revealed that SpaceX had recorded Bitcoin holdings amounting to $373 million on its balance sheet during 2021 and 2022. Documents showed that the firm’s total expenses for 2022 were approximately $5.2 billion, with $5.4 billion spent in 2021 and 2022 on acquiring property, equipment, research, and development. While SpaceX has been tight-lipped about the sale, this move indicates a strategic shift in the company’s financial portfolio.

It’s important to note that Elon Musk, SpaceX’s CEO, publicly announced in 2021 that SpaceX had acquired an unspecified amount of Bitcoin. In the same year, a filing with the U.S. Securities and Exchange Commission disclosed that Tesla, another company co-founded by Musk, had plans to purchase $1.5 billion worth of the cryptocurrency. Such announcements contributed to Bitcoin’s surge, propelling it to an all-time high of over $43,000.

Bitcoin’s price is $26,298.74, with a 24-hour trading volume of $26,151,285,776. Despite this drop, Bitcoin retains its top position on CoinMarketCap with a live market cap of $511,783,802,814.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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