Cryptocurrency bettors are increasingly expecting Space Exploration Technologies Corp. (NASDAQ:SPCX) to close lower by the end of July, as the stock continues to trade below its IPO price amid renewed selling pressure.
Betting On SPCX’s Rise Or Fall?
The crowd on Polygon (CRYPTO: POL)-based Polymarket currently assigns a 68% chance that SPCX’s closing price on the last trading day of July is lower than its closing share price on the last day of June.
The probability of SPCX closing higher has dropped sharply from 61% last week to 32% at the time of writing.
Note that SPCX finished at $170.86 on June 30. For an “Up” resolution, the stock must equal or beat $170.86 by the market close on July 31.
SPCX Cools Down After Blockbuster Debut
SpaceX shares launched with huge excitement in June, but have since given up all their gains from the opening IPO price of $135. The stock has now declined more than 40% from its June peak of $225.64.
Short interest in the stock rose from $23.33 million to $111.30 million for the period ending June 30, now representing 1.81% of total float.
Elon Musk’s net worth, closely tied to SPCX’s performance, has dropped to $838 billion, a decline of more than $480 billion from its record high of $1.32 trillion.
Meanwhile, SpaceX aborted its Starship rocket launch on Thursday night after "some of the engines didn’t start," Musk said on X, triggering an automatic launch abort.
Price Action: SpaceX stock fell 3.08% in after-hours trading after closing 3.08% lower at $131.11 during Thursday’s regular trading session
According to Benzinga’s Edge Stock Rankings, SPCX has shown a weaker price trend across short-, medium-, and long-term horizons
Photo Courtesy: Walter Cicchetti on Shutterstock.com
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