Bitcoin News Today: SpaceX's Bitcoin Moves: Is This a Strategic Shift or an Early Sell-Off Hint?
SpaceX, under the leadership of Elon Musk, has once again shifted a notable amount of its
According to blockchain intelligence provider
Even with these indications, the timing has made the market more reactive. Following the transfers, Bitcoin's value dropped to $108,000, a 2.12% decrease at the time of the October 30 transaction, amid ongoing economic uncertainty. Comments from Federal Reserve Chair Jerome Powell during a policy meeting—hinting that a rate cut in December was not assured—added further pressure to the crypto sector, according to a
With an estimated 6,900 to 7,000 BTC, SpaceX ranks among the top institutional Bitcoin holders worldwide. Its parent company, Tesla, still owns 11,509 BTC—valued at $1.25 billion—after selling 75% of its Bitcoin acquired in 2021 during the following year. Musk’s recent public support for Bitcoin, calling attention to its “energy-based” value, has fueled further curiosity about SpaceX’s actions, according to a
This October activity comes after SpaceX marked down $373 million in Bitcoin holdings between 2021 and 2022, reportedly reducing its reserves by 70% during the Terra-Luna and FTX crises, as detailed in a
With Bitcoin trading near $110,000, the relationship between corporate asset management and broader economic trends remains a key concern for investors. As Musk’s companies collectively hold $2.04 billion in BTC and the Federal Reserve’s policy outlook remains uncertain, the cryptocurrency market is expected to stay alert for new developments, according to Yahoo Finance.
