Commentary on the relationship between the price of bitcoin and the new megacap IPOs coming to market.
Market-watchers suggested the fanfare around the forthcoming listing on Wall Street of SpaceX, Elon Musk’s rockets-to-AI conglomerate, was also sapping money from the bitcoin market. SpaceX is seeking to raise as much as $86 billion from the initial public offering, which will value the business at almost $1.8 trillion, and retail investors are expected to account for a chunk of the deal.Mark Dowding, the chief investment officer for fixed income at RBC BlueBay Asset Management, wrote in a note online that “it has been interesting to observe a sharp correction in the price of bitcoin and other digital assets as holders get bored by lacklustre returns in crypto and seek to jump on momentum.“From this perspective, it is instructive to see how assets can struggle as they move from being the flavour of the month to being suddenly out of fashion.”$Space Exploration Tech(SPCX.US) $Tesla(TSLA.US)Source: Bloomberg
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