- The Bitcoin Price has fallen over 50% from its October high, trading just above $60,000 amid a market-wide selloff.
- Analysts with Wintermute point to the imminent SpaceX IPO on June 14 as the “next real catalyst” for Bitcoin’s price direction.
- The SpaceX IPO is reportedly oversubscribed, with institutional investors placing orders for about $10 billion or more of shares, according to reports.
The cryptocurrency market braces for a major shift as SpaceX‘s landmark initial public offering (IPO) is poised to serve as the next critical gauge for investor sentiment and the Bitcoin price this week. Bitcoin’s value has plummeted more than 50% from its record high last October, now teetering around the $60,000 mark.
“The next real catalyst is SpaceX coming to market on June 12,” analysts from the crypto market maker Wintermute posted. Consequently, they believe its performance will signal broader market appetite, being bearish if it shows exhaustion. The rocket and AI company’s IPO is scheduled to price on Thursday before trading begins on Friday.
SpaceX, which has revealed significant bitcoin holdings, aims to raise about $75 billion, valuing the firm near $1.75 trillion. Investor appetite appears robust, with the offering reported to be well oversubscribed. However, the gravitational pull of major AI and tech IPOs has recently drained liquidity from crypto markets.
Meanwhile, JPMorgan chief executive Jamie Dimon has issued a stark crypto warning amid the volatility. “An overall lack of buzz around crypto as all things AI-related came under the investor spotlight, led to crypto outflows,” said David Morrison of Trade Nation. Consequently, the market now watches closely to see how investors position themselves following recent tech sector selloffs.
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