SpaceX sold $373M worth Bitcoin, reason of current dump

[The Cryptovator]

Have you see how dumping Bitcoin? If not you are missing red chart. Here is the reason why current dump happened.

https://cointelegraph.com/news/spacex-sold-bitcoin-acquired-2021-2022-report


You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

[1714602900]

1714602900

[BenCodie]

Thus is fantastic news, Musk needs to be removed from the ecosystem, or at least not have exposure through his companies.

Ir's an economically troubling time for most economies and has been for people for some time. Now that trouble is spreading up to businesses and corps. Selling bitcoin at 30k? Either SpaceX are struggling to fund a new project or their cash flow is weak - or both.

[OmegaStarScream]

I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what caused this?

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/

[goldkingcoiner]

I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what did this:

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/

I agree. If anything, Husk selling his coin is just icing on the cake. Or perhaps it is a panic sell of enormous proportions from his side, due to the Evergrande news? That would be hilarious. Either way, I see a good buying opportunity but I am not quite sure if we will bottom out just yet, so I will wait.

Although I do wonder about the dynamics of how exactly the bankruptcy filing of Evergrande pushed the Bitcoin price down. Anyone have an explanation?

The last time Evergrande went belly up in 2021 it prompted a selloff in riskier assets from the side of institutional investors. I am guessing this is happening again? I doubt the sell-off will be as large scale this time, since Evergrande was already basically a dead fish in the water.

[countryfree]

The real news is that they were sold at a loss.
Did they had an urgent need for cash?

[AmoreJaz]

Thus is fantastic news, Musk needs to be removed from the ecosystem, or at least not have exposure through his companies.

Ir's an economically troubling time for most economies and has been for people for some time. Now that trouble is spreading up to businesses and corps. Selling bitcoin at 30k? Either SpaceX are struggling to fund a new project or their cash flow is weak - or both.

well, we have in the previous years, btc crashed so many times, and yet, it goes up again and again. this one will just be one of those hurdles and if you are weak, you may also sell at a loss. but do remember, even one big economy like China can't topple the bitcoin's narrative. and musk is just one entity. so yeah, even if we are seeing that btc is going down, but look at the change, it is not so big deal in my opinion. time to collect more satoshis if you have very good feeling that sooner this will go up again.

[salad daging]

It is interesting that today there are two news related to the bitcoin crash.

SpaceX sells bitcoin holdings maybe this makes a lot of sense and the other news Evergrande China filed for bankruptcy on twitter trending with this news.

According to Twitter sources $769 million was liquidated from the crypto market.

[Woodie]

I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what caused this?

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/

Thanks for point us in the right direction  

I wonder why this event that happened first is buried alive and we all buying the story of Elon Musks involvement...and I must admit, anything Musk related concerning crypto/Bitcoin is always big news in our circles and I hate its become this way!

Thus is fantastic news, Musk needs to be removed from the ecosystem, or at least not have exposure through his companies.

With X (twitter) the speculation machinery at his finger tips,  his unstoppable and maybe because he has too much time to spare...otherwise Musk has proved to be more toxic than we thought of him to be good for crypto in the past days when he was shilling dogecoin.

[coolcoinz]

Have you see how dumping Bitcoin? If not you are missing red chart. Here is the reason why current dump happened.

https://cointelegraph.com/news/spacex-sold-bitcoin-acquired-2021-2022-report


You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

The article doesn't say when Musk sold his bitcoin. It only says that in the recent filing the company confirmed that they sold. The recent filing wasn't today! They had to sell then report it and then someone wrote an article about the report. Get it? This means that a drop from 31.8k to 30k was possibly them selling, but the crash below 28k wasn't.

I'd say these were liquidated longs that caused it. Maybe some Chinese investors were holding bitcoin and seeing a possible crash on Chinese stock market sold everything, including BTC. That caused a long liquidation cascade and here we are.

More cheap bitcoin! I'm fine wit that. Wasn't planning to do anything before the halving anyway.

[PX-Z]

Why hate to the business, it's a nature a business to buy and sell their investment assets. This is always what i'm saying regarding to Microstrategy, people are so hype when a business buys bitcoin yet become so negative when they sell as if they are not required to do that.

Well, i don't think its the main reason though as for OmegaStarScream pointed out, but i guess it's more on fud.

[dunfida]

Have you see how dumping Bitcoin? If not you are missing red chart. Here is the reason why current dump happened.

https://cointelegraph.com/news/spacex-sold-bitcoin-acquired-2021-2022-report


You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

Thanks for the share up, i wasnt able to read up with the current news or events on the recent dump of Bitcoin which it did really hit up that 25k mark. Lots of sure who got liquidated specially to those who had made out some long position. Good for those who shorted. 

Im not really that too impulsive with these kind of situations about those sudden sells that do happen specially into those companies who had bought on earlier years.There's always an specific time that they would really be releasing those bagholds and would really be resulting that devastation in the market but come to think that having that -4k usd in price decline is really just like an ordinary condition or situation here on this space.
For those who had been dealing with this market for couple of years wont really get shocked nor get surprised with this sentiment.

Good time to bag hold more. Feel sorry for those who had been liquidated. hehe

[blckhawk]

You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

That's why I follow that fool so I know what shitcoin I should buy in hopes that he will pump it and then I can profit from it and then buy myself more bitcoin. The insiders are probably making bank right now, especially those that was involve directly with the dump. To all the people asking if it's a good time to buy bitcoin right now, I think this event should be enough as an answer to your question if not then you're probably missing out.

[Smartvirus]

Did they had an urgent need for cash?

My thoughts for real and that be, after reading the part of the referred document in OP which states as follows;

The news outlet reportedly viewed documents on the firm’s financials showing roughly $5.2 billion in total expenses for 2022, and $5.4 billion in 2021 and 2022 for acquiring property and equipment in addition to research and development costs.

That's just a snippet from the original and you could with that colluded that Musk group after spending about $10.6billiom in expenses, they've got go reciter some or get some profits from all there investing.
The issue with them having to sell now is that  they sold when the market isn't in its full bloom as we hope this to happen next year but, you never can tell, it could be a dump to bug back strategy, Musk is good for it so, the game is on those that would follow and sell instead of increasing there portfolio. No point being impatient or entertaining fear here, know Musk and know how tricks, it ain't new.

[Texac]

Is that the real reason or someone took advantage of the news to manipulate the market?  spaceX just sold $373 million while bitcoin's market cap is over 500 billion, will that really seriously affect bitcoin causing it to be dumped more than 10%?  what I see bitcoin dumping shows that the market is still full of manipulation when people are expecting bitcoin to have a bull run, it goes against the crowd.  moreover, we always call to buy more if bitcoin is cheaper, why are we criticizing Elon when he is helping us? This is a good time to accumulate, that's all I see.

[examplens]

Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

Elon is a cunt, he only supports his interests and his wallet. Obviously, Bitcoin can't bring 1000x profit like shitcoin, so maybe he's losing interest. I would honestly like this to be his final exit from the crypto sphere.

Things seem to be calming down. btw. According to Coinglass, over $866.73M million in liquidations have occurred in the last 4h. after all, this seems to have been some kind of stress test

Current price

[stompix]

Here is the reason why current dump happened.

That's not the reason!
Musk as in Spce x didn't sell coins now, it did somewhere in Q2 so that's at least  3 weeks ago and at most 3 months ago!

Rather than speculation about Musk this is far more realistic and more correlated with the dump:
https://www.coindesk.com/markets/2023/08/17/bitcoin-slides-to-283k-after-leveraged-funds-ramp-up-bearish-bets/

Among the factors behind the selling is a continued surge in global interest rates, particularly in the U.S., where the 30-year Treasury bond rose to 4.42%, its highest level since 2011, according to Bloomberg. The 10-year yield at 4.32 has risen to just a basis point shy of about a 15-year high.
That's helped put a damper on not just crypto prices, but risk assets in general. Though holding the flatline today, the Nasdaq is lower by about 6% for the month of August.

It's the whole market that's going down including stocks, it has nothing to do with some rumors about Spacex
https://www.barrons.com/livecoverage/stock-market-today-081723

[Ale88]

I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what caused this?

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/

It could be a combination of the two things all together, but anyway also the Evergrande news is not actually a news, they were pretty much already bankrupted but in a certain way the Chinese government decided to slow down the process since they already had economical issues (I mean slower growth). Anyway, as usual, any news is good to create FUD and make BTC dump, or at least they try.

[Ultegra134]

I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what caused this?

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/

Is there a way to check the validity of the source? I'm seeing quite a few users suggesting that it isn't accurate and that it's practically old news. Although even if that happened, I find it doubtful to believe that SpaceX caused such a major crash, as Bitcoin has been losing value in the past one or two days. This major dip today, however, has been the icing on the cake. I do believe, however, that if their coins were actually sold, it would deteriorate an already existing situation, as Bitcoin is currently trending at $26,500, something that I wasn't expecting to see. I'm frustrated if we're about to see a major downfall in the market for the remainder of 2023.

[rikybrosh]

I think it is okay for any company to sell their assets, it will be good if bitcoin is not depend on any company. it is just my point of view but it seems that people are changed a lot. in the past I saw many people hope for mass adoption, now many people hope for big company to invest in bitcoin. the extreme volatility of bitcoin is still exist, it is good for trader. I hope it will not fall too deep. this is opportunity to buy btc at lower price.

[Husires]

When did SpaceX buy Bitcoin, I thought it was Tesla who did it, it is true that the two investments are for Musk, but they are completely different, and was the same action done by Tesla? $373M will not cause this change, as daily trading is around $30,926,828,624, and if we convert $373M into Bitcoin, we will find it 14,000 Bitcoin, not the amount that can cause a price move.
the reason for -9.65%, the price lasted for more than a month below 30k, and it is normal for it to decrease.