Bitcoin, XRP, and other crypto tokens are falling to fresh lows. Is SpaceX FOMO partly to blame?

Major cryptocurrencies including Bitcoin (BTC), XRP, and Ethereum (ETH) are having another bad day. As of the time of this writing, those coins are down 3.3%, 1.9%, and 4.9%, respectively, over the past 24 hours. And that decline is just a continuation of a fall that has been going on for much of the past week. The thing is, events outside of the crypto market may be behind the most recent fall. Here’s how and why upcoming tech IPOs from companies like Space X may be driving crypto prices lower. Crypto prices continue months of decline Today’s early-morning decline in crypto values, unfortunately, is just par for the course lately. And it’s been that way for much of 2026. Since the year began, nearly every major token has taken a significant beating. As of the time of this writing, year-to-date, Bitcoin has lost 23% of its value, XRP has lost 32%, Ethereum has lost 36%, BNB has lost 25%, and even meme coin Dogecoin has lost 19%. Those steep losses are due to a variety of factors, including fears that geopolitical conflicts could sink the economy, uncertainty over the future of crypto regulation, and ongoing concerns that we may be in an AI bubble that could sink markets. But what’s interesting is that some of crypto’s steepest losses have come in just the last five trading days. During that short timeframe, Bitcoin has declined 8.3%, XRP and Ethereum are down 6.5% each, and Doge is down 5.4%. There’s also something else that has happened within that period, too: hype and expectations have risen for SpaceX’s imminent IPO. And that public offering may be one reason why crypto is seeing further declines this week. The SpaceX effect on crypto Back in May, Elon Musk’s SpaceX publicly filed for its long-anticipated initial public offering. The stock listing is expected to occur on or around June 12 and is widely expected to be the largest in history. Current valuations are putting SpaceX’s potential market cap at $1.75 trillion, with fans and followers of Musk believing th