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Bitcoin Drops Below $9K As Crypto Falls to 1-Month Low
Bitcoin has reached 20-day low at $8,587 after having dropped for $500 within an hour.
By Wolfie Zhao
Updated Sep 14, 2021, 1:54 p.m. Published Mar 9, 2018, 5:20 a.m. 1 min read
The price of bitcoin is trading at a 20-day low.
At press time, the world's largest cryptocurrency by total value was continuing Thursday's decline into Friday's trading session, dropping nearly $500 beginning around 4:00 UTC, falling from just over $9,000 to a daily low of $8,587 at 4:30 UTC, according to CoinDesk's Bitcoin Price Index,
As of press time, bitcoin had recovered slightly and was trading at $8,741.
The price drop followed a similar development Thursday wherein bitcoin dropped toward $9,000 after first trading steady at around $10,000. At a three-week price low, bitcoin now is down 37 percent down from its recent high at $11,767 on February 20,
In the meantime, the cryptocurrency market capitalization has also recorded a monthly low at $352 billion, recording a 47 percent down from its recent high at $518 billion seen on Feb. 18, according to data from CoinMarketCap.
In fact, top 20 cryptocurrencies by trading volume are all seeing major drop from 10 to 20 percent as of press time.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
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- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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