No, Elon Musk's SpaceX Isn't the Cause of This Multi-Billion-Dollar Bloodbath

[Lucius]

Before going to what the article says, I must add I'm surprised everytime how people in the crypto world always look for always for the easiest answer, price goes down

I'm not at all surprised anymore that this happens, and personally I'm not surprised that beginners do it, but also members who have been on the forum for years and have some kind of legendary status, so that makes all of this actually tragicomic. Again, not only people are to blame, but also the so-called "crypto media" who place such stories in the public, because they know that most of them are easily caught on clickbait headlines.


In this topic, some reasons are mentioned that led to disruptions in the markets, including the price of BTC, so although some mention that it was Mr. Mars, some brought up an old topic like Evergrande, it seems to me that no one mentioned another Chinese company Country Garden, which is in trouble and as things stand, will go in the same direction as Evergrande.

In addition, it should be added that some economic indicators in China are so bad (record youth unemployment) that the authorities have decided to censor them, and some other sources claim that China has not been in a worse position for decades. It would be good if we could say that we don't care what happens in China, but unfortunately problems in that country mean problems for the whole world.

[fuguebtc]

Whenever bitcoin dumps or pumps investors and speculators will always find a reason for that. This was why some people came up with Elon selling some portion of his bitcoin investment and Evergrand bankruptcy in order to console themselves or to use it as a reason to sell as the price drop due to panic.

Since the market is short of liquidity this will affect the price to dump,but I see it as an advantage for people to accumulate more bitcoin and wait for the better days that the price will be bullish. I have this strong feelings that the dump in price will create for bitcoin to break the resistance of 30k barrier and pump above 31k when it start moving upward.

Yes, people will immediately go to social media to look for news every time btc fluctuates whether it is positive or negative. It can be said that it is part of the market, although that would not make any sense since it has already happened and cannot be changed.

It is true that the price drop will benefit long-term investors who still have USDT and haven't bought too much btc yet. But for those who don't have the money to buy dip, I think the drop in price is no longer seen as an advantage. There is a lot of mixed emotions going on in the market, not everyone is happy to see bitcoin fall more.

[pawanjain]

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

[retreat]

Yeah, Elon Musk's influence diminished, and I don't think it's significant on the Bitcoin's price nowadays. So the assumption that SpaceX is to blame for the decrease of the price isn't convincing to me either.
10% isn't nothing, but it's not that big of a deal either. An explanation that the drop is due to the market's nature seems reasonable to me, although I wouldn't look for any explanation when a price is down 10% because it's not a huge drop when it comes to Bitcoin.

Anyone who believes that Elon is the cause of the market crash is someone who has been successfully manipulated by the media. I quite agree that this is a normal condition in the Bitcoin market, especially in the current conditions where we trade in a sideways position, anything can happen and that includes a market crash. Rather than looking for reasons for this market crash, it is much better for me to buy back Bitcoin and increase my hold at a lower price.

[Tony116]

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

[pawanjain]

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

I was thinking that since the price is not going above $30k range for quite some time the price might dip and that is what happened.
This doesn't mean it will happen for sure. I didn't want to risk my coins just for a possible minor dip.
I am in for the long game because that's where we make large profits. I won't be selling anywhere before $45k.
Even that would be just for minor gains because my next large selling point will be near the next ATH price.

[tread93]

It is funny isn't it, I call it the Bitcoin Blame game. Most of the time people who don't have a pulse with what's going on at all will talk about it like they know. Like SpaceX causing the price to go down, it's a baseless claim as the article states and the claim has no credibility. What makes a lot of sense is attributing these losses to a multitude of factors which I think this article did a good job of laying out. Thanks for sharing.

[savetheFORUM]

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

This is definitely true, when I see a dump like this I happen to think of it any regular day and nothing important at all, I do not even check what the reason for the dump was and it is just another dump day which we have all the time. I think it should be important to remember that we are going to end up with a result that would be different in the end.

I believe that we are going to end up with a result that should be considered different, and that means that we are going to end up with a different thing. Just hope that we get the best of it and when we can, that will be something to enjoy without a doubt. I hope that it gets to a point where it should be considered a different subject and should be considered hopeful.

[Compromise me]

when I see a dump like this I happen to think of it any regular day and nothing important at all, I do not even check what the reason for the dump was and it is just another dump day which we have all the time. I think it should be important to remember that we are going to end up with a result that would be different in the end.

I believe that we are going to end up with a result that should be considered different, and that means that we are going to end up with a different thing. Just hope that we get the best of it and when we can, that will be something to enjoy without a doubt. I hope that it gets to a point where it should be considered a different subject and should be considered hopeful.

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

[hd49728]

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

You always have reasons why market goes down as market makers will give you news to find reasons. Social media is their tool to spread their prepared explanations on reason of market movements that is part of their plans for market manipulation.

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

People who don't have enough experience will feel very excited with news about Bitcoin Spot ETF approval and highly disappointed or fearful when a rejection is released on social media. Approval or rejection, the market is still lively and continue to grow more so if they don't read news on social media, they will feel better and won't panic sell or FOMO buy.

[Compromise me]

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

Yes , you are right that if the investors stop investing in BTC and start withdrawing their investment from Bitcoin, then it's price will start going down that too by a limit.This makes sense ,but suddenly there is an earthquake in the market and the price of BTC drops indefinitely It will not happen because the investor stopped investing and started withdrawing his investment from Bitcoin.I have already mentioned that if no investment is made  and Bitcoin is de-invested its value will decrease to a certain extent and it is mind-boggling to see the price drop so much. We  cannot put this factor on the investor.

[Blitzboy]

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

You always have reasons why market goes down as market makers will give you news to find reasons. Social media is their tool to spread their prepared explanations on reason of market movements that is part of their plans for market manipulation.

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

People who don't have enough experience will feel very excited with news about Bitcoin Spot ETF approval and highly disappointed or fearful when a rejection is released on social media. Approval or rejection, the market is still lively and continue to grow more so if they don't read news on social media, they will feel better and won't panic sell or FOMO buy.

Market makers certainly use these channels to drive the narrative. But you see, its not always nefarious. Information asymmetry exists in all markets; its the lifeblood of trading. You mentioned Bitcoin Spot ETFs; yes, their approval or rejection isnt the sole factor affecting market dynamics. Market momentum is a function of cash flow - fresh capital in and old capital out. If the balance is disrupted, the market corrects itself.

People get swayed by headlines because they lack the broader perspective. The market has its own pulse, independent of hourly updates. Investment decisions should be rooted in comprehensive research, not just breaking news. Ignore the noise; focus on fundamentals.