Bitcoin

Coin

<ul class="news-points"> 
 <li>SpaceX’s financial reports reveal the company has sold its BTC holdings.</li> 
 <li>The company sold nearly $373 million worth of Bitcoin, while Tesla sold $936 million.</li> 
 <li>Bitcoin has dipped to $26,000, falling 9% in value since the end of March.</li> 
</ul> 
<a href="https://coinedition.com/tag/elon-musk/" rel="noopener noreferrer nofollow">Elon Musk</a>’s SpaceX recently released financial reports have shaken the Bitcoin market. Published in Wall Street Journal (WSJ), SpaceX’s private quarterly and annual results reveal that the company made $55 million in profit from a $1.5 billion revenue. 
This was the first recorded profit for the company after $559 million were lost in 2022 on a $4.6 billion revenue. Meanwhile, it is investing heavily in new projects, recording $3.3 billion in expenses in 2021, followed by $5.2 billion worth of expenses in 2022. 
A fresh injection of FUD hit the Bitcoin market when a section of SpaceX’s financial report was misreported in a tweet by Bitcoin Magazine. As reported by the WSJ, 
<blockquote class="wp-block-quote"> 
 SpaceX wrote down the value of bitcoin it owns by a total of $373 million last year. 
</blockquote> 
In other words,&nbsp; SpaceX adjusted the recorded value of its BTC holding as per. This is a routine accounting practice where an asset’s value is lowered if the m… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/spacexs-btc-holding-speculations-trigger-bitcoin-market-crash/">SpaceX’s BTC Holding Speculations Trigger Bitcoin Market Crash</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

SpaceX’s BTC Holding Speculations Trigger Bitcoin Market Crash

Coin Edition

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