Cryptocurrency analyst Ali Martinez has drawn attention to the cryptocurrency holdings of Elon Musk, noting that the world's first trillionaire owns Bitcoin and Dogecoin. Martinez highlighted the significance of these holdings in a series of posts on X, emphasizing the potential impact of Musk's financial stature on the cryptocurrency market.

Corporate Bitcoin Reserves

Space Exploration Technologies Corp. and Tesla Inc. are the only two companies in the top 10 by market capitalization that hold Bitcoin on their balance sheets. These corporate holdings represent a significant allocation of digital assets within Musk's business empire.

SpaceX holds 18,712 BTC as of March 31, recognized at a fair value of $1.29 billion. Tesla holds 11,509 BTC, worth more than $734 million, according to on-chain data. At current prices, SpaceX's stash would be worth $1.19 billion.

Personal Holdings and Dogecoin

Details regarding Musk's personal Bitcoin holdings remain limited. In 2020, he revealed he owned only 0.25 BTC, but no clear updates have been provided since then. Regarding Dogecoin, Martinez pointed to Musk's 2018 disclosure that he owned "some" Dogecoin alongside Bitcoin and Ethereum. The exact amount of Dogecoin held by Musk is not publicly detailed.

Unlike Bitcoin, none of Musk's companies hold Dogecoin on their balance sheets. Musk is known for influencing market sentiment through his comments on Dogecoin. In February, he stated that SpaceX would likely put the memecoin "on the moon" next year.

Market Performance

At the time of writing, Bitcoin was exchanging hands at $63,847.87, down 2.84% over the last 24 hours. Dogecoin traded down 3.72% at $0.08418.

Leading cryptocurrencies traded lower on Wednesday, failing to rally alongside stock futures after President Donald Trump signed a historic "Memorandum of Understanding" with Iran to end hostilities. The global cryptocurrency market capitalization stood at $2.25 trillion, following a modest dip of 0.85% over the last 24 hours. Bitcoin retreated from $66,000 to below $64,000, while Ethereum slid below $1,800, and XRP and Dogecoin recorded intraday declines.

Major Cryptocurrency Performance

Bitcoin (BTC) dropped 1.36% to $64,604.40 as of 9:25 p.m. EDT, with trading volume jumping 25% over the last 24 hours. Ethereum (ETH) fell 1.61% to $1,755.43. XRP declined 1.70% to $1.18, while Solana (SOL) decreased 1.29% to $72.35. Dogecoin (DOGE) was down 1.02% to $0.08619.

Market Liquidations and Sentiment

Nearly $440 million was liquidated from the market in the last 24 hours, with $300 million in long positions wiped out, according to Coinglass data. Bitcoin's open interest fell by 2.62% over the same period. Despite the declines, the majority of retail and whale derivatives traders on Binance were positioned long on Bitcoin.

On-chain analytics firm CryptoQuant noted that Bitcoin's Spent Output Profit Ratio for short-term holders had yet to break below the key panic threshold of 0.95. The firm described the current structure as a "fragile recovery phase rather than full capitulation."

Top Gainers and Stock Futures

While major cryptocurrencies fell, some assets posted significant gains. Yooldo (ESPORTS) surged 145.98% to $0.2055, o1.exchange (O) jumped 89.86% to $0.6317, and Tac Protocol (TAC) rose 45.05% to $0.02388.

Stock futures rallied overnight following the geopolitical news. The Dow Jones Industrial Average Futures jumped 260 points, or 0.50%, while S&P 500 futures gained 0.81% and Nasdaq 100 Futures climbed 1.31%.

Fed Decision Impact

Blockchain research firm Santiment attributed the crypto sell-off to a "buy the rumor, sell the news" reaction to the Federal Reserve's decision to keep interest rates unchanged. The firm noted that crypto, equities, gold, and silver all experienced immediate selling pressure once the announcement became official.