Feeling sorry to share that Bitcoin's downward spiral persisted on Thursday afternoon. In a mere 20 minutes, its value dropped by 7%, briefly dipping below the $26,000 mark. This downturn had a cascading effect, pulling down other major cryptocurrencies like #Ethereum , resulting in liquidations exceeding $800 million. š
The dip in Bitcoin's value on Thursday followed reports of China's prominent property developer, Evergrande Group, seeking Chapter 15 bankruptcy protection in New York. Simultaneously, news spread about Elon Musk's SpaceX reducing the worth of its #bitcoin holdings by $373 million and selling an unspecified amount.
Other cryptocurrencies such as Ripple (XRP), Shiba Inu (SHIB), and Litecoin (LTC) saw drops of at least 14% over the past day, despite showing significant upward trends recently.
