In the space of an hour late on Thursday night, the price of the cryptocurrency dropped by almost $2000, from $43,170.96 at 9:30pm to $41,287.93 at 10:30pm.
The price at 10:30pm on Thursday was the lowest Bitcoin had been valued since June 19, when it was in the midst of a huge surge on the back of fund manager BlackRock's filing for a Bitcoin ETF.It's not known what exactly caused Thursday night's sudden tumble.
Some have pointed to the strong yields of government bonds, which are currently sitting at 15-year highs.Others have pointed out it could be linked to Elon Musk's SpaceX.report claiming the space exploration company has sold its holdings of the cryptocurrency, worth about $582 million, which it held in 2021 and 2022.Bitcoin's price fall triggered similar slumps in other leading cryptocurrencies, including Ethereum and Ripple.
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