Bitcoin experienced a sudden drop of approximately 8% in just 10 minutes, leaving investors puzzled about the cause. Some theories suggest that Elon Musk’s SpaceX selling its Bitcoin holdings, the bankruptcy of a Chinese property giant, and fears of interest rate hikes may have contributed to the price dip. However, there is no consensus on the exact trigger for the market drop. Analysts have speculated that the sell-off could be due to SpaceX offloading its Bitcoin, concerns about future interest rate hikes, rising government bond yields, or the risk of a Chinese Yuan devaluation. Additionally, it is possible that a large actor made a significant sell, leading to further pressure on derivatives. Despite the crash, Bitcoin has recovered slightly and is currently trading at $26,619.
