Bitcoin price plunged by 9% to $26,000 after SpaceX wrote down the value of its bitcoin holdings by $373 million and sold the virtual currency.
The selloff was also attributed to the Federal Reserve's minutes from its July policy meeting, which showed that the central bank is likely to continue raising interest rates in an effort to combat inflation.
Bitcoin had been under pressure in recent weeks, as investors have become more risk-averse amid rising inflation and interest rates.
Beware of Bitcoin dump!!
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