<\/p>\n
<\/a><\/p>\n
Bitcoin’s recent 8% price drop in a mere 10 minutes has sent shockwaves through the cryptocurrency community<\/p>\n<\/div>\n<\/div>\n
The price of Bitcoin, the flagship cryptocurrency, experienced a sharp decrease<\/a>, dropping 8% and falling below the $26,000 mark for the first time since June.<\/p>\n Some attribute the sudden plunge to a social media post by Bitcoin Magazine, which claimed that Elon Musk’s SpaceX had sold all of its $373 million worth of Bitcoin. The post went viral, generating over 2.4 million views. However, subsequent clarifications have raised doubts about the accuracy of this claim.<\/p>\n The Wall Street Journal, cited as the source of the news, had in fact reported that SpaceX “wrote down the value of Bitcoin it owns” last year (as noted by a Community Note next to the post).\u00a0<\/p>\n This means that the company had not recently offloaded its Bitcoin holdings, contrary to the narrative presented by Bitcoin Magazine.<\/p>\n The misleading information led to a wave of reactions, with social media users like Autism Capital accusing<\/a> the magazine of spreading “FUD” (fear, uncertainty, doubt) and damaging its credibility.<\/p>\n The misinformation about SpaceX’s Bitcoin sale might have played a role in the price drop, but other indicators suggest that a decline was already on the horizon. Moreover, it is worth noting that Bitcoin started dropping sharply even before the SpaceX news was posted on X.\u00a0<\/p>\n Analysis from CryptoQuant.com highlighted several factors that were signaling a potential price decrease. These included a buildup of short positions in the futures market since mid-July, a period of low Bitcoin demand in the US, increased spending activity by Bitcoin whales, and a prevailing negative sentiment among traders.<\/p>\nMultiple factors\u00a0<\/h2>\n