Why Altcoins Were Tumbling Today

For the second day in a row, the prices of many cryptocurrencies were falling on Friday. As usual in bear crypto markets, numerous altcoins of various types were heading downward with the market.

In mid-afternoon, over the preceding 24 hours, the once-hot ApeCoin was ice cold, sliding by nearly 11%. XRP and Litecoin had tumbled by a respective 12% and 13%. Crypto-affiliated stocks weren't necessarily in the direct line of fire, but a clutch fell into the red -- Cipher Mining, for one, closed the day at over 1% down.

There has been plenty of blame to go around, with more than a few disgruntled investors pointing the finger at Elon Musk's SpaceX. A report published Thursday afternoon in The Wall Street Journal detailed the company's finances, revealing that both it and the Musk-led actively sold out of top-dog crypto Bitcoin in 2021 and 2022. According to the newspaper, SpaceX took a write-down of $373 million in its Bitcoin investments in the latter year alone.

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Source Fool.com