Bitcoin fell nearly 8% in an hour of trading, wiping out most of the cryptocurrency's gains since June. In general, the price of the token fell to $25, which is 100% of the upper price limit.
The selloff coincided with a report by The Wall Street Journal that Elon Musk's private venture SpaceX had written off its bitcoin holdings by $373 million over the past two years and sold the cryptocurrency.
Digital asset traders have been keeping a close eye on Musk since 2021, when his electric car company Tesla briefly flirted with accepting cryptocurrency payments. Bitcoin jumped 15% in one day when Musk announced the plans in February of that year. Tesla also invested $1,5 billion of its own funds in the tokens. But the cryptocurrency recorded a sharp reversal when Musk abandoned the plans three months later.
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