- Bitcoin has suffered its worst weekly percentage loss since the collapse of FTX.
- Some of the factors behind the dip include reports of SpaceX selling its BTC holdings and the Chinese property giant Evergrande bankruptcy filing.
- Top prediction markets tokens have maintained a bullish trend amid the crypto meltdown.
In what has caught most crypto investors by surprise, the price of Bitcoin (BTC) has decreased by 11.2% to about US$26k. Last week has been the worst week for Bitcoin (BTC) since FTX’s demise in November 2022.
The market crash has not only affected BTC, seeing that the rest of the asset class has not fared any better. Ethereum (ETH) fell by approximately 9.5% to $1.7K and Binance-coin (BNB) dropped by about 9.8% to $217, just to mention a few of the top cryptocurrencies by market capitalization.
While most of the top cryptocurrencies experienced a price dip, popular prediction markets tokens like Gnosis (GNO), SX Network (SX), Kleros (PNK), and Augur (REP) registered significant gains. Chancer (CHANCER), a new prediction markets token is also gaining traction as its token presale continues to gain traction.
What caused the crypto market to drop?
The price decrease was caused by a number of causes. They included speculation that SpaceX wrote down the value of its Bitcoin assets, the collapse of the Chinese real estate firm Evergrande, and rising yields in the US.
SpaceX Bitcoin holdings
The Wall Street Journal published a report late last week stating that Elon Musk’s space exploration company SpaceX marked down the value of the Bitcoin it had on its books by US$373 million for the years 2022 and 2021. The report claims that the business also sold a portion of the BTC it had at one point over the previous two years. The WSJ has identified documents that it claims offer uncommon insights into the business’s finances.
However, the WSJ’s assertions cannot be independently verified because SpaceX is a privately held corporation. Musk acknowledged that SpaceX did acquire Bitcoin during a panel appearance in 2021, but it is unclear how much or when the commodity was purchased.
In a disclosure made over the weekend, the Chinese real estate tycoon Evergrande filed for bankruptcy protection in the United States. The corporation reportedly took action to secure its assets while still trying to control its…