Bitcoin surged to a new record high on Wednesday evening, surpassing the $124,000 mark for the first time after rewriting the previous $123,000 peak set last month. BTC even briefly flipped Google parent Alphabet’s $2.4 trillion market cap to become the fifth-largest global, according to CompaniesMarketCap. Bitcoin’s new milestone bolstered the total crypto market capitalization above the $4.2 trillion mark for the first time in history.
However, the BTC price retraced to $121,666 at the time of writing. Despite the slight correction, SpaceX’s Bitcoin holdings have surged above $1 billion. The Elon Musk-owned aerospace company currently holds 8,285 BTC, worth around $1.02 billion, as data from blockchain sleuth Arkham Intelligence shows.
Notably, this is not the first time SpaceX has held over $1 billion worth of the benchmark cryptocurrency. As per Arkham, SpaceX’s stockpile, traced back as far as the start of 2021, spiked to a total valuation of around $1.8 billion in April that year. At the time, the company owned around 28,000 BTC.
SpaceX reportedly slashed its holdings by around 70% in mid-2022 to its current level. The move was likely triggered by the market-wide meltdown caused by the implosion of the Terra-Luna ecosystem in May, followed by the fall of Sam Bankman-Fried’s FTX empire. The company has not bought any more Bitcoin since.
Elon Musk’s other company, Tesla, first announced a $1.5 billion Bitcoin purchase in February 2021 and briefly accepted BTC as a payment option for its electric cars. The decision was soon reversed over concerns of Bitcoin mining’s impact on the environment, and a chunk of the company’s holdings was also offloaded. The EV maker is estimated to currently hold 11,900 BTC, valued at $1.42 billion, positioning it quietly among the largest corporate Bitcoin holders.
Meanwhile, $126,000 is considered the next “pivotal” price threshold to confirm another parabolic breakout, after Bitcoin flipped the $120,000 psychological zone into a significant support, popular crypto analyst Rekt Capital noted in a Wednesday X post.
Source: https://zycrypto.com/elon-musks-spacex-bitcoin-stash-hits-1-billion-as-btc-climbs-to-fresh-all-time-high-above-124000/
