SpaceX sold $373 million worth of BTC; Bitcoin price drops 8 percent. BTC price is $26,480 now; Coinbase is suspending USDT trading for Canadian users.
Aerospace technology company SpaceX sold approximately $373 million worth of Bitcoin, starting in 2021.
According to a report published in the Wall Street Journal on August 17, SpaceX included Bitcoin on its balance sheet in 2021 and 2022, but later sold these assets.
SpaceX CEO Elon Musk publicly announced in 2021 that the company had purchased a certain amount of Bitcoin. This announcement came as Tesla notified the SEC that it would purchase $1.5 billion worth of BTC. The announcement set the stage for Bitcoin to start a rally.
According to Tesla’s Q2 2023 earnings report, the company sold all but $184 million of its Bitcoin holdings. In the second quarter of 2022, Tesla reported that it disposed of more than 30,000 Bitcoins for $936 million. This accounts for about 75% of the initial large amount of BTC purchased.
Elon Musk, one of the richest people in the world, often uses social media to comment on various cryptocurrencies, including Dogecoin. Elon Musk once replaced Twitter’s logo with an icon symbolizing Dogecoin.
Bitcoin price drops 8 percent. BTC price is $26,480 now!
Bitcoin (BTC), which had enjoyed tremendous gains in the crypto market in early 2023, has been on a downtrend since November 2023. For weeks, BTC has been gradually losing value, which, along with decreasing volatility, has continued to strain the crypto market.
Bitcoin, which has been on a downward trend for a while, fell sharply last evening. Towards the daily close, the BTC/USD pair broke through critical support levels and uptrends downwards, retreating to $25,100.
According to CoinMarketCap data, Bitcoin has lost 8 percent in the last 24 hours.
Could Elon Musk’s Bitcoin sale have triggered it?
In parallel with Bitcoin’s decline yesterday evening, news about Elon Musk’s aerospace company SpaceX’s BTC sales between 2021 and 2022 began to spread.
Last evening, news broke that SpaceX sold $373 million worth of Bitcoin between those dates. Many experts attribute this deep decline in the BTC/USD parity to the news of SpaceX’s sale.
On the other hand, Bitcoin had blinked at the highest level of the year, $ 31,700, with its successful performance in early 2023. Bitcoin, which reached $ 31,700 in the process since the beginning of the year, had gained 90 percent in total.
Finally, Bitcoin has tested the lowest level of the last two months with the decline it has realized.
Coinbase is suspending USDT trading for Canadian users.
Cryptocurrency exchange Coinbase will suspend USDT, DAI and RAI trading for its Canadian users as of August 31.
“We regularly monitor the assets on our exchange to ensure they meet our listing standards”
Coinbase said in an email to its users on August 17. The exchange will therefore suspend these stablecoins for Canadian users.
Canadian users can resume deposits and withdrawals after the deadline.
Coinbase Canada has applied for registration in some jurisdictions in Canada but has not yet received approval. The exchange has agreed to abide by the terms of the commitment until registration.
Earlier this year, another crypto exchange, CryptoCom, delisted USDT for Canadian users.
The Canadian Securities Administrators (CSA) issued a notice on February 22, requiring registered and pending exchanges to sign legally binding commitments with the regulator.
OKX announced its withdrawal from Canada last June due to new crypto regulations.