Bitcoin went into freefall late Thursday, partly due to a Wall Street Journal article which sparked fears that SpaceX and Tesla had liquidated their BTC holdings and that Elon Musk was out on Bitcoin, causing the top cryptocurrency to lose $2500 and the digital currency market to see over $1 billion in liquidations in less than 24 hours.
At the closing bell, the S&P was flat, while the Nasdaq was down 0.20%. The Dow managed to finish in positive territory, up 0.07% on the session.Bitcoin’s dramatic decline took markets by surprise as it came after a week-long stretch of narrow range trading for BTC and days of historically low volatility that brought trading volumes down.
Brian Evans, CEO and founder of BDE Ventures, told Kitco News that there are a number of things feeding into the current crypto downturn. Markus Levin, co-founder of XYO Network, told Kitco News that he doesn’t see a floor for BTC in the near term. “I suspect that Bitcoin could fall further because the economic situation globally is just so precarious. China appears to be in a deep recession and interest rates in the United States are still relatively very high.”
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