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Bitcoin’s Price Falls Nearly 10% To $26,000

The price of Bitcoin (BTC) has fallen nearly 10% in overnight trading to just over $26,000 U.S., causing volatility in the wider cryptocurrency market.

Bitcoin, which is the largest cryptocurrency by market capitalization, is currently trading right around $26,400 U.S., down about 9% in 24 hours, according to data from Coin Metrics.

The sharp decline comes after The Wall Street Journal newspaper reported that Elon Musk’s company SpaceX wrote down the value of its Bitcoin holdings by $373 million U.S. and that the privately held space company had sold nearly all of the virtual currency it owned.

Retail investors reacted negatively to the news of the SpaceX sale, selling large chunks of their own Bitcoin holdings as a result, leading to the dramatic price decline.

In 2022, Tesla (TSLA), which Musk also leads as CEO, announced that it sold 75% of its Bitcoin holdings after investing $1.5 billion U.S. in the cryptocurrency.

A recent study found that Musk’s mentions of certain cryptocurrencies online has boosted the prices of those cryptocurrencies as retail investors respond to his comments.

Bitcoin is now at its lowest level in two months. The cryptocurrency had rallied in this year’s first half, climbing more than 75% and trading above $30,000 U.S.

With the latest decline factored in, the price of Bitcoin is now up 60% on the year.