Bitcoin Trades Near $64,000 as Profit Booking Emerges, but Bulls Continue to Hold Control
Traders watched $101 billion of SpaceX stock become tradable as bitcoin held above $64,600 and major cryptocurrencies moved unevenly.
- On Thursday, roughly $101 billion worth of Elon Musk-owned SpaceX stock became tradable as the first lockup expiration took effect, yet shares turned higher after gaining more than 5% earlier in the session.
- Investors had anticipated that 911.5 million newly eligible shares would trigger a collapse in SPCX, with analyst Black warning the release would "double its size." Instead, insiders and employees largely retained holdings, preventing the feared selloff.
- Bitcoin held above $64,600 on Thursday, demonstrating resilience amid the market turbulence. SpaceX remains a major holder with 18,712 BTC valued at roughly $1.1 billion at June's end.
- Alex Kuptsikevich of FxPro said, "Buyers defended the dip earlier this week and pushed Bitcoin back above its 50-day moving average," signaling stronger sentiment for Bitcoin than broader cryptocurrencies.
- Additional share releases are scheduled throughout August and October, with the primary 180-day lockup period ending in December, as investors monitor ongoing capital expenditure concerns tied to AI infrastructure.
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SpaceX, we have another problem: 900 million shares unlock today
Michael Nagle/Bloomberg via Getty ImagesSpaceX stock has been getting nailed by a series of headwinds since an initial post-IPO spike.Now investors have to contend with the company's first share unlock, which could apply further pressure.Sign up for First Trade, Business Insider's daily markets newsletter.SpaceX stock isn't just falling. It's hitting every branch on the way down.After surging to a $2.6 trillion valuation on its third day of publ…
$100 Billion in SpaceX Shares Just Unlocked -- So Why Isn't the Stock Crashing?
SpaceX just had its biggest lockup expiration ever, flooding the market with enough newly eligible shares to unsettle even the most confident bull. What happened next surprised almost everyone watching.
Bitcoin Stays Above $64,000 As A Huge SpaceX Stock Unlock Begins. Markets Watch The Development Closely
Bitcoin traded above $64,000 on Thursday after recovering from an early-week pullback, while investors turned their attention to a $101 billion SpaceX share unlock, declining AI-related stocks and
SpaceX Lockup Expiration to Free $101 Billion in Stock
Investors are bracing for the next potential hit to SpaceX shares when $101 billion worth of stock becomes available for trading on Thursday with the scheduled ending of a lockup agreement restricting insider share sales. Leen Al-Rashdan reports on Bloomberg Television. (Source: Bloomberg)
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