‘Bitcoin to the Moon’ mission fails ahead of SEC’s decision over spot Bitcoin ETF
As the lunar mission faces critical challenges, some superstitious readers may draw parallels between the failing Moon expedition—carrying one physical Bitcoin—and an impending decision by the SEC.
One physical Bitcoin, weighing 43 g and loaded with 1 BTC (valued at approximately US$45,000, is on board of the United Launch Alliance (ULA) Vulcan rocket and integrated onto Peregrine-1, a commercial lunar lander.
The Vulcan rocket, a 1.2-tonne lander was launched from Cape Canaveral, Florida, with the intention of landing on the Moon’s northern hemisphere in late February.
The addition of a physical Bitcoin was made possible by crypto exchange BitMEX, in collaboration with Astrobotic, Bitcoin Magazine, and Oxcart Assembly.
Mission’s lifespan measured in hours
“This mission aims to showcase the potential of Bitcoin and blockchain technology in establishing a borderless financial system beyond Earth.” The ambitious goal seems now a mirage.
Astrobotic, the Pittsburgh-based company that launched the lunar mission on Monday, faces a critical situation as it grapples with a fuel leak affecting its Peregrine lander. The leak is hindering the spacecraft’s ability to maintain stable pointing, jeopardizing the mission’s lifespan, which may now be measured in hours.
Unfortunately, a soft landing on the Moon, intended to be the first for the US in half a century, is no longer feasible. Peregrine encountered trouble immediately after launch, with a propulsion system leak causing issues with solar panel orientation. Astrobotic estimates the craft has under two days of propellant left before reserves are depleted, leading to a loss of power and potential tumbling.
This development raises concerns about the success of the private-public partnership between Astrobotic and NASA, which aims for regular lunar missions to introduce innovation and reduce costs over time. The agency acknowledges the inherent risk in such endeavors but emphasizes the learning opportunities for future missions.
SEC’s decision echoes uncertainties surrounding lunar venture
As the lunar mission by Astrobotic faces critical challenges, some superstitious readers may draw parallels between the failing Moon expedition—carrying one physical Bitcoin—and an impending decision by the SEC.
Tomorrow, the SEC is set to make a crucial determination on a spot Bitcoin ETF, a decision that could echo the uncertainties surrounding the lunar venture. The SEC, historically cautious about the digital asset space, faces the prospect of either approving or rejecting the ETF, with the latter possibly stemming from the regulator’s hesitance to open the doors of traditional markets to the crypto sphere.
For those inclined towards superstition, the setback in space exploration may serve as an ominous precursor to the unfolding regulatory decision, creating an intriguing narrative that intertwines lunar misfortune and potential challenges in the cryptocurrency market integration with traditional finance.