According to Cointelegraph, SpaceX has suffered a staggering $600 billion market cap wipeout, sending tremors through the tech sector. As a bellwether risk asset, Bitcoin has come under pressure, with its crucial $60,000 support level looking increasingly fragile. Traders are now bracing for a deeper selloff in BTC. Analysts note that the SpaceX rout is not only affecting traditional tech stocks but also heightening bearish sentiment in the cryptocurrency market. The correlation between Bitcoin and tech equities has once again come to the fore amid this event.
Market participants are closely watching whether Bitcoin can hold above $60,000. A breakdown below that level could trigger further downside. However, some argue that Bitcoin's long-term fundamentals remain robust and that the current volatility is a normal market adjustment. Investors are advised to monitor the interplay between tech markets and crypto assets in this turbulent environment.