SpaceX's Innocence in the Multi-Billion Dollar Bitcoin Bloodbath

Bitcoin experienced a major sell-off, causing the crypto markets to lose 6.7% in overall capitalization. The sudden drop was likely due to market structure and liquidations rather than a singular fundamental catalyst. Traders speculate that the break below $28,500 led to the liquidation of long positions, creating an endless loop of falling prices. Rising interest rates in the U.S. and increased funding rates from short traders also contributed to the bearish sentiment. Some pointed to SpaceX's supposed bitcoin sales and the bankruptcy of China Evergrande as potential causes, but there is no evidence to support these claims. Traders are now awaiting a court ruling on Grayscale's proposed bitcoin ETF, which could further impact the market.