SpaceX’s Bitcoin Holdings Tops $1 Billion as Price Hits Record High

Bitcoin, the biggest cryptocurrency in the world, has recently reached a new peak, and SpaceX is benefiting from the surge. The aerospace company, led by Elon Musk, now holds over $1 billion worth of Bitcoin

This milestone comes as the top coin recently reached a fresh all-time high. The rise in Bitcoin’s value is part of a wider market surge driven by hopes of lower interest rates in the United States.

The SpaceX Bitcoin History

Recent data from Arkham Intelligence shows that SpaceX currently owns 8,285 BTC, valued at about $1.02 billion. This is not the first time SpaceX’s crypto stash has been over $1 billion. In April 2021, its Bitcoin was worth about $1.8 billion, with roughly 28,000 BTC.

However, in mid-2022, SpaceX cut its holdings by around 70% during a tough time for the crypto market. That year saw major events such as the collapse of the Terra-Luna project in May. Adding to the woes, the FTX exchange went bankrupt in November, among other market failures

Since that time, SpaceX has not bought more Bitcoin. Tesla, also led by Elon Musk, sold most of its Bitcoin in 2022. It now holds 11,509 BTC worth about $1.42 billion, showing caution during the market downturn.

Bitcoin Hits New Record Before Falling Amid Ongoing Volatility

The flagship crypto price hit a new peak on August 13, going above its previous record set in July. It reached more than $124,300 before settling at about $123,117. The surge pushed Bitcoin’s market value to $2.452 trillion, higher than Google’s $2.448 trillion

However, its price has now fallen to $119,047, down by 2.24% in the last 24 hours, according to CoinMarketCap data. This is due to market volatility and uncertainty. Many crypto and financial experts have commented on Bitcoin’s highly volatile nature in the past

In March, Deutsche Bank said the top coin is likely to stay highly volatile, stating that its fixed supply limit of 21 million coins adds to this problem of low liquidity

Bitcoin Rally Fueled by Hopes of Fed Rate Cut and Bull Market Ahead

The latest rise in Bitcoin, Ethereum (ETH), and other cryptocurrencies is linked to expectations that the U.S. Federal Reserve may cut interest rates in September

This optimism grew after July’s inflation rate stayed the same as June’s, despite pressure from tariffs. The steady figure increased expectations of a potential rate cut.

Also, analysts revealed that Bitcoin is in a mid-cycle phase that could lead to a major bull run. They predict its price could rise four to ten times, possibly topping $500,000 in the coming years. This could also trigger gains in other digital coins.

All eyes are now on the top coin to see whether it can surpass Apple’s valuation of $3.4 trillion.

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