Bitcoin dropped around 9% to slightly above $26,000, marking an 8% decrease. This decline occurred shortly after The Wall Street Journal disclosed that SpaceX, led by Elon Musk, had devalued its bitcoin holdings by $373 million across 2022 and 2021 and sold the virtual currency. The sudden and severe selloff is seen by some as driven by Musk's association with SpaceX. Tesla, also under Musk's leadership, had previously sold 75% of its bitcoin holdings after a $1.5 billion investment. Despite his historical support for crypto, Musk's actions have played a role in influencing cryptocurrency prices, with his mentions of certain altcoins on social media contributing to their value. The recent drop in bitcoin came amid pressure following the Federal Reserve's release of minutes from its July policy meeting. It brought the cryptocurrency to its lowest point in nearly two months.