{"id":12652,"date":"2023-08-18T00:40:21","date_gmt":"2023-08-18T00:40:21","guid":{"rendered":"https:\/\/isafespend.com\/news\/bitcoin-abruptly-tumbles-as-much-as-9-to-just-over-26000-late-thursday\/"},"modified":"2023-08-18T00:40:23","modified_gmt":"2023-08-18T00:40:23","slug":"bitcoin-abruptly-tumbles-as-much-as-9-to-just-over-26000-late-thursday","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=12652","title":{"rendered":"Bitcoin abruptly tumbles as much as 9% to just over $26,000 late Thursday"},"content":{"rendered":"<div id=\"SpecialReportArticle-ArticleBody-6\" data-module=\"ArticleBody\" data-test=\"articleBody-2\" data-analytics=\"SpecialReportArticle-articleBody-6-2\"><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span><\/p>\n<div class=\"group\">\n<p><span class=\"QuoteInBody-quoteNameContainer\" data-test=\"QuoteInBody\" id=\"SpecialReportArticle-QuoteInBody-1\">Bitcoin<span class=\"QuoteInBody-inlineButton\"><span class=\"AddToWatchlistButton-watchlistContainer\" id=\"-WatchlistDropdown\" data-analytics-id=\"-WatchlistDropdown\"><button class=\"AddToWatchlistButton-watchlistButton\" data-testid=\"dropdown-btn\"><span class=\"AddToWatchlistButton-addWatchListFromTag\"><\/span><\/button><\/span><\/span><\/span> slipped sharply on Thursday evening, tumbling by as much as 9% to just over $26,000.<\/p>\n<p>The cryptocurrency last traded at $26,593.68, reflecting a decline of more than 8%, according to Coin Metrics data.<\/p>\n<p>The fall in bitcoin followed several hours after The Wall Street Journal reported that SpaceX, which is helmed by Elon Musk, wrote down the value of its bitcoin holdings by a total of $373 million in 2022 and 2021, and that the space travel company had sold the virtual currency.<\/p>\n<p>&#8220;This is one of the most brutal minute-by-minute selloffs we&#8217;ve seen in the history of bitcoin,&#8221; Ryan Rasmussen, a researcher at\u00a0Bitwise\u00a0Asset Management, told CNBC. &#8220;The current speculation is it&#8217;s an Elon Musk\/SpaceX-driven selloff.&#8221; He noted that this latest dramatic decline is &#8220;short-sighted and largely retail-driven.&#8221;<\/p>\n<p>In 2022, Tesla, which Musk also leads as CEO, announced that it sold about 75% of its bitcoin holdings after investing $1.5 billion in the flagship cryptocurrency.<\/p>\n<\/div>\n<div>\n<div class=\"Collapsible-proliveCollapsableContainer\" role=\"button\" tabindex=\"0\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"256\" height=\"256\" viewbox=\"0 0 256 256\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" preserveaspectratio=\"xMinYMin\" class=\"Collapsible-stockChartIcon\"><title>Stock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"><\/path><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><\/div>\n<\/div>\n<p><iframe title=\"Bitcoin\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=BTC.CM%3D&amp;range=1D&amp;type=line&amp;embedded=true&amp;%24DEVICE%24=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<p>Bitcoin<\/p>\n<\/div>\n<div class=\"group\">\n<p>The billionaire executive has historically been a vocal supporter of crypto.<\/p>\n<p>A recent study found that Musk&#8217;s mentions of certain altcoins on X, the social media site formerly known as Twitter, has boosted the prices of those cryptocurrencies. Back in 2021, speaking at &#8220;The B-Word&#8221; conference, Musk had also said &#8220;If the price of bitcoin goes down, I lose money. I might pump, but I don&#8217;t dump.&#8221;<\/p>\n<p>Bitcoin had been under pressure earlier, starting after the Federal Reserve issued the minutes from its July policy meeting. In Thursday&#8217;s session, the cryptocurrency slumped to its lowest level in almost two months.<\/p>\n<p><em>\u2014CNBC&#8217;s Tanaya Macheel and Sarah Min contributed to this story.<\/em><\/p>\n<\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.cnbc.com\/2023\/08\/17\/bitcoin-abruptly-tumbles-9percent-to-just-over-26000-late-thursday.html\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin slipped sharply on Thursday evening, tumbling by as much as 9% to just over $26,000. The cryptocurrency last traded at $26,593.68, reflecting a decline of more than 8%, according to Coin Metrics data. The fall in bitcoin followed several hours after The Wall Street Journal reported that SpaceX, which is helmed by Elon Musk,<\/p>\n","protected":false},"author":1,"featured_media":12653,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-12652","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.12 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin abruptly tumbles as much as 9% to just over $26,000 late Thursday | iSafeSpend<\/title>\n<meta name=\"description\" content=\"Bitcoin slipped sharply on Thursday evening, tumbling by as much as 9% to just over $26,000.The cryptocurrency last traded at $26,593.68, reflecting a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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