On August 17, the primary cryptocurrency Bitcoin suddenly received a major blow and collapsed by roughly 10% over the past 24 hours. The fall took place just within ten minutes, which sent a shock wave along the crypto market.
Bitcoin slipped under the $26,000 level for the first time since June. Now, the leading digital crypto is trading at $26,079 on the Bitstamp exchange.
What happened to the market in the past 24 hours?— Lookonchain (@lookonchain) August 18, 2023
11 hrs ago, the Wall Street Journal reported that SpaceX had sold $373M worth of $BTC.
After that, $BTC dropped to $25,166.
9 hrs ago, #Bloomberg reported that #SEC will approve the Ether-futures ETFs, and the decline stopped. pic.twitter.com/QO2Bvy2HHb
One of the reasons for the massive and abrupt price decline was the rumor that Elon Musk’s SpaceX had sold $373 million in Bitcoin, unloading them on the market. However, according to he Wall Street Journal, all SpaceX did was write down the worth of Bitcoin it holds.
The plunge in Bitcoin price, however, halted when the US securities regulator is inclined to approve several Ethereum futures ETFs. Bloomberg reported that several anonymous sources close to the SEC shared that the regulator “isn’t likely to block the products”. Among the companies which have filed for ETFs based on Ethereum futures are ProShares, Bitwise, and a few others.
The SEC has not responded to requests for comments.