No, #SpaceX of #ElonMusk is not the cause of this #Bitcoin billionaire bloodbath

Prices of $BTC suddenly fell on Thursday evening amid reports of hundreds of millions in sales, causing a bloodbath in the futures and spot markets.

Bitcoin plunged on Thursday as traders sold off the tokens en masse based on several unrelated catalysts, causing #criptomercados to lose 6.7% in overall capitalization in what marked one of the biggest drops in recent months.

At around 06:00 UTC on Friday, bitcoin had fallen as much as 9% in the last 24 hours to $25,000 from $28,500 at #Binance , triggering a market-wide drop that saw major tokens like Litecoin fall by 14%. This caused the liquidation of over $1 billion in crypto futures, a 14-month high.

Some pointed to space exploration company SpaceX's alleged bitcoin sales, an unsubstantiated claim, while others said China Evergrande's bankruptcy might have had something to do with the drop. However, neither of these events is the probable cause.

A Wall Street Journal report on Thursday, citing internal company documents, noted that Elon Musk's SpaceX had written down the value of its Bitcoin holdings in 2021 and 2022 and has sold the cryptocurrency. But that report came out before the crash, and there's no evidence the company sold again on Thursday.

However, some key catalysts are rising interest rates in the US.

“US interest rates are rising to multi-year highs. The 10-year yield has reached 15-year highs. “These are bearish risk assets in general,” Harland added. "If this bond sell-off continues, we could see continued negative price action in risk assets over the weekend."