The price of bitcoin plunged about 10% hours after it was revealed that Elon Musk’s SpaceX sold the cryptocurrency.
The Wall Street Journal reported on Thursday that SpaceX, which first purchased bitcoin in 2021, wrote down the value of its bitcoin holdings by a total of $373 million in 2021 and 2022 and has sold the crypto.
The write-down coincides with a steep drop in bitcoin’s price, which crashed in late 2021, setting off a “crypto winter” that extended through most of 2022.
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