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Statistics from Coinglass indicate liquidations of $1 billion in the last 12 hours, with $483 million in BTC and $300 million in Ethereum.
Some market analysts are identifying potential incidents that may have instigated this downfall:
The Wall Street Journal has noted that SpaceX liquidated $373 million in Bitcoin across 2021 and 2022, and Tesla has divested more than 30,000 BTC (75% of its stake) for $936 million in Q2 of 2022.
The investment holding company China Evergrande Group has filed for bankruptcy. It was rumored that Tether had backed a portion of its USDT using commercial papers from this entity.
Sellers sprang into action shortly after.
With Bloomberg announcing that the SEC is slated to approve the first-ever Ethereum-based ETF futures by October, Ethereum's market value promptly surged by 11%. Tesla, Drugs and Rock-n-Roll
Entrepreneurs such as Elon Musk and Sergey Brin are involved in a drug movement that advocates believe can expand consciousness, improve lives, and potentially lead to breakthroughs in business. This trend of routine drug use has raised concerns among boards and business leaders about their responsibility towards a workforce that frequently engages in drug use. Elon Musk Unveils Advanced Tesla Bots
Elon Musk, the former CEO of Tesla, unveiled an impressive update on the Tesla Bot project at a recent shareholders meeting. The video footage displayed the autonomous robots performing tasks with newfound proficiency, including steady walking, object recognition, and picking up items. 
Unmasking Musk's Family Mystery: The Emerald Mine Quest
In a remarkable turn of events, Elon Musk, founder of Tesla and SpaceX, has pledged to reward 1 million Dogecoin (DOGE) to anyone who can substantiate the existence of an enigmatic emerald mine, which certain media outlets have linked to his family. 
Elon Musk Claims Microsoft Illegally Trained AI on Twitter Data
Elon Musk, the CEO of both Tesla and Twitter, has threatened to sue Microsoft over allegations that the company illegally trained its artificial intelligence (AI) on Twitter data. Musk made the claims on Twitter after it was reported that Microsoft would cease supporting Twitter on its Smart Campaigns and Multi-platform tools. 
