SpaceX’s $600 billion plunge erased nearly half of bitcoin’s market cap in three days

Key Points:

• SpaceX's stock plummeted over 23% in three trading days, losing more than $600 billion in market value after announcing its first bond sale to fund AI expansion, marking a significant drop from its nearly $2.5 trillion valuation a week ago.
• The stock's decline was amplified by its thin float, causing a sharp 16% single-day drop, while a related perpetual futures contract fell another 15%, reflecting investor concerns over large tech investments in AI.
• In contrast, Bitcoin's price remained relatively stable, falling less than 1% and holding near $63,600, supported by its deeper and more liquid market despite broader tech sector volatility.
• Broader market sentiment was influenced by AI-related uncertainty, with the Nasdaq dropping 1.3% and major tech companies like Alphabet and Amazon also experiencing declines amid questions about AI spending returns.
• Meanwhile, progress in the U.S.-Iran peace talks and a 60-day license for Iran to sell oil helped lower Brent crude prices below $78 a barrel, easing inflation concerns and providing some support for risk assets, including Bitcoin.