The cryptocurrency market is showing signs of strength, with some big players like SpaceX and Bitcoin making waves. As the market shifts, Bitcoin’s price has reached new heights, and SpaceX is once again making headlines with its significant Bitcoin holdings. Let’s take a closer look at how these developments are shaping the future of crypto.
SpaceX Hits $1 Billion in Bitcoin Holdings Amid Market Surge
SpaceX has reached a big goal: it now owns more than $1 billion worth of Bitcoin. Arkham Intelligence says that Elon Musk's aerospace company now has 8,285K BTC, which is worth about $1.01 billion. Not too bad, right?
SpaceX has been in the Bitcoin big leagues before. The company was doing well in April 2021, when it had 28,000 BTC, which was worth $1.8 billion at the time. That was when things in the crypto world were really getting better. But we all know that the market can be tough. SpaceX cut its holdings by a huge 70% in the middle of 2022, bringing them down to the current amount. This was probably because of the Terra-Luna meltdown, the FTX collapse. Data shows that they haven't bought any Bitcoin since then.
I think SpaceX is just sitting back and watching the crypto market go up and down. They aren't the only ones who play the Bitcoin game, after all. Tesla, Musk's other business, also took a hit during that time, selling off most of its Bitcoin holdings. Tesla now owns 11,509 BTC, which is worth $1.42 billion.
Bitcoin's Latest Surge Pushes It to New Record Highs
On the other hand, Bitcoin has been making waves in the market lately, hitting new highs. Bitcoin jumped over $124,300, setting a new record high. It is now worth $121,616, which is a 1.35% increase in the last 24 hours.
Why has Bitcoin's price gone up so much recently? The excitement is mostly because people are looking forward to a possible U.S. interest rate cut in September. The CPI data showed that inflation stayed at 2.7% in July, which surprised many people who thought it would rise to 2.8%. This has made the crypto market feel good. This inflation data is lower than expected, which makes it more likely that the U.S. will cut rates. This could put more money into the market, which would be good for assets like Bitcoin and Ether.
I think we're in a situation where Bitcoin could keep going up, especially if the U.S. makes changes to interest rates.
Gunel Ismayilova
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