• Thu. Feb 22nd, 2024

SpaceX Dumps BTC, Price Struggles Around $26K

Byadmin

Aug 22, 2023

• Bitcoin (BTC) is struggling around $26,000 as SpaceX dumps its BTC holdings.
• Glassnode data suggests that the number of wallets holding at least 1 BTC has reached an all-time high.
• Short-term traders and holders have also increased with the recent price downturn.

Bitcoin Struggles Around $26k Amidst SpaceX Dumping Holdings

The Bitcoin (BTC) price has been struggling around the $26,000 mark after Elon Musk’s spacecraft manufacturer SpaceX dumped its BTC holdings. On the other hand, Glassnode data suggests that the number of wallets holding at least 1 BTC has reached an all-time high (ATH) of 1,015,299 despite the bearish market sentiment.

Number of Wallets Holding At Least 1 BTC Reaches ATH

Per the on-chain data provider, the addresses have risen since late 2021 when Bitcoin hit an ATH of $68,790. Moreover, short-term traders and holders have also increased with the recent price downturn. According to Glassnode, the amount of BTC supply active between a week and one month just dropped to 680,353.028 BTC; marking a 30-day low.

SpaceX Dumps Its Holdings

SpaceX dumped all of its Bitcoin holdings worth roughly $373 million in 2021 and 2022; resulting in crypto liquidations surpassing the $1 billion mark with 83% belonging to long positions.. Shortly after this news emerged, Bitcoin briefly touched a 24-hour high of $26,260 on Aug 20th but still continued to be down by 0.3% in 24 hours trading at around 25990$ at press time; recording a 2.5% plunge in 24 hour trading volume currently standing around 9$.4 billion . The market cap still stands above 500 billion USD with 48% market dominance over altcoins .

Glassnode Indicators Suggest Bullish Sentiment

The indicators suggest bullish sentiment as well as confidence among investors who are willing to hold their investments for medium or long term rather than short term profit making . This may be due to increasing institutional investors interest towards bitcoin as well as increasing use cases being explored for blockchain technology .

Conclusion

Despite some volatility ,the overall trend appears bullish for bitcoin with institutional investors showing more interest and more people investing in it through wallets . This could potentially lead to further increase in bitcoin’s value as well as encourage new use cases for blockchain technology .

By admin