BIG NUMBER
16%. That’s how a lot the worth of Ripple’s XRP token has fallen previously 24 hours, considerably worse than all different main cryptocurrencies. XRP’s steeper fall is a results of a federal choose’s decision on Thursday to permit the SEC to partially attraction a ruling in its case in opposition to Ripple.
KEY BACKGROUND
Thursday night’s crypto selloff started after the Wall Avenue Journal reported that Elon Musk’s SpaceX wrote down the worth of its bitcoin holdings by a complete of $373 million within the earlier two calendar years. The corporate has additionally bought off its crypto holdings, the report added, though it’s unclear when this sale occurred. Musk and his firms have been a key mover of cryptocurrency costs, with the market typically seeing important motion based mostly on the billionaire’s tweets. Nonetheless, the SpaceX selloff follows an identical transfer by Musk’s different firm, Tesla, which disclosed in an earnings report last year that it had bought 75% of its Bitcoin holdings.
Bitcoin Drops To Lowest Level Since June Amid Wider Crypto Sell-Off www.forbesafrica.com 2023-08-19 19:34:53
Source link