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Bitcoin dipped by nearly seven percent on Friday, dropping below the USD 27,000 level as investors, including Elon Musk’s SpaceX, dumped the cryptocurrency. This move came amid global government bond yields reaching their highest point in about 15 years.

According to reports, SpaceX sold cryptocurrency worth USD 373 million. However, the company has not disclosed the reason behind the liquidation of its Bitcoin reserves.

Today, the price of Bitcoin reached as low as USD 25,392.05. As of 2:40 pm, the cryptocurrency was at USD 26,551.69, marking a decrease of 6.91 percent.

Although bitcoin is not recognized as a legal tender in India, many Indian investors still engage in its trading as it has become one of the most significant virtual currencies.

This post was last modified on August 18, 2023 2:49 pm

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