Bitcoin price tumbles down to two-month low in sudden slump
The price of Bitcoin has dropped to a two-month low following a sudden overnight slump.
In the space of an hour late on Thursday night, the price of the cryptocurrency dropped by almost $2000, from $43,170.96 at 9:30pm to $41,287.93 at 10:30pm.
That drop followed an earlier but less dramatic slump in the afternoon, when the price went down by about $900.
The price at 10:30pm on Thursday was the lowest Bitcoin had been valued since June 19, when it was in the midst of a huge surge on the back of fund manager BlackRock’s filing for a Bitcoin ETF.
As of 1pm Friday, Bitcoin had recovered slightly and was sitting at $41,314.69.
It’s not known what exactly caused Thursday night’s sudden tumble.
Some have pointed to the strong yields of government bonds, which are currently sitting at 15-year highs.
Others have pointed out it could be linked to Elon Musk’s SpaceX.
The slump coincided with a Wall Street Journal report claiming the space exploration company has sold its holdings of the cryptocurrency, worth about $582 million, which it held in 2021 and 2022.
It’s not known when exactly Space X sold those holdings.
Bitcoin’s price fall triggered similar slumps in other leading cryptocurrencies, including Ethereum and Ripple.
