Bitcoin Plunges to Two-Month Low as Macroeconomic Concerns and SpaceX Sales Trigger Crypto Sell-Off

Bitcoin fell below $26,000, reaching its lowest level since June, amid a wider crypto market decline influenced by macroeconomic factors.
SpaceX incurred losses on its Bitcoin holdings, wrote down their value, and sold the cryptocurrency, news which contributed to Bitcoin's price drop.
In addition to the SpaceX news, factors like rising interest rates, recession fears, and outlook on China's economy added to downward pressure on Bitcoin and crypto prices.
The significant crypto market sell-off indicates increased volatility and downward price trend, with Bitcoin recording its worst week since May.
Analysts point to margin calls, lack of retail enthusiasm, and investors reassessing spot Bitcoin ETF timeline as contributing to the plunge.