A wallet address linked to Elon Musk’s SpaceX transferred Bitcoin 6 months later, sparking speculation in the cryptocurrency and stock markets. This transfer coincided with massive profit booking in SPCX shares, causing the stock to fall below its initial IPO price.
Elon Musk’s SpaceX wallet transfers Bitcoin
according to Arkham intelligence data On July 8, a wallet address linked to Elon Musk’s SpaceX transferred bitcoin for the first time in six months. The transfer sparked sell speculation even though the company only transferred $88 worth of bitcoin.
The company recently transferred more than 1,016 bitcoins worth nearly $100 million. SpaceX’s wallet still contains approximately 18,712 bitcoins, worth $1.16 billion at the current market price. Notably, the destination address now holds 614 bitcoins worth $38 million.
Outflows from SpaceX to other unknown wallets increased significantly last year around the October 10 cryptocurrency market crash. The transfers were gradually halted as the company shifted focus to SpaceX’s IPO.
This latest transfer comes amid Bitcoin selling by digital asset treasuries such as Michael Saylor Strategy, MARA Holdings, Nakamoto Holdings, and Sequans Communications. last week, Michael Saylor’s strategy announced the sale of Bitcoin With a value of $216 million.
Meanwhile, Bitcoin price is trading above $62,000, roughly 2% lower on average Renewed US-Iranian strikes. President Trump questioned the future of the ceasefire Iran After the two sides exchanged attacks, saying, “I think it’s over.”
SPCX stock extends decline to 25%
SPCX stock closed down 6.83% at $149.47 on Tuesday, falling to an intraday low of $148.86 amid massive profit taking. The stock price has It fell below its IPO price.
The stock fell despite Elon Musk-led space exploration company SpaceX and AI company SpaceX joining the Nasdaq 100. While this sparked a long-term bullish sentiment among investors due to the potential inflow of investments, the stock is still under selling pressure.
SpaceX stock is now down more than 25% in just one month. The stock rose 0.49% in pre-open trading hours on Wednesday.
As CoinGape reported, Wall Street firms, including Morgan Stanley, Goldman Sachs, and Citigroup, have begun covering SPCX shares, setting higher price targets. Morgan Stanley analysts are very optimistic On Elon Musk’s SpaceX stock, setting a price target of $300.
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