The tranquility of the Bitcoin market was recently jolted with a significant sell-off in bitcoin, the world’s leading digital currency. The sudden dip, characterized by a brief fall below $26,000, is drawing attention from analysts and investors, with many turning their eyes toward SpaceX’s recent financial disclosures as a potential trigger.

After weeks of uneventful trading, bitcoin enthusiasts and traders experienced a rude awakening as the cryptocurrency witnessed a sharp decline. From trading at around $29,400 the previous week, the currency plummeted, marking a more than 3.6% decrease from its 5 p.m. ET position on a Thursday to approximately $26,600.

One of the most striking events in the hours preceding the downturn was The Wall Street Journal’s report, which disclosed that SpaceX, under CEO Elon Musk’s leadership, wrote down its bitcoin holdings by a whopping $373 million across 2021 and 2022. This revelation came alongside the news that the aerospace manufacturer had offloaded the cryptocurrency

Elon Musk, renowned for his bullish stance on cryptocurrency, hasn’t directly addressed this move. However, the correlation between SpaceX’s financial decision and bitcoin’s decline seems more than coincidental to market observers.