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

[Yaunfitda]

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

If they really did then yeah, most likely it's a loss for them or it could be just break even that's why they are willing to sell it now.
And if I'm not mistaken, Tesla also sold bitcoin before some of their stash of BTC.

So it's really crazy to think that if they really sold and what is the reason for it? Doesn't make any sense at all.
Or is this just another FUD created by some entity to pull the price down?

[Sim_card]

What a dump of price now that we are expecting a pump. Is it that these two news about SpaceX and Evergrand bankruptcy was the cause of the downward movement in bitcoin,if so it is very annoying. Someone like Elon should abandon bitcoin and invest on the Dodgecoin that he prefers so that we wouldn't have his manipulation on the market of bitcoin price anymore because he is only after making profit and does whatever he thinks will bring more profit for him as a businessman. Let's not see it as a bad news but rather an opportunity to accumulate more bitcoin by taking advantage of the price now.

[bayu7adi]

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

Who even cares about that? Elon Musk's antics in the realm of cryptocurrency are an enigma wrapped in unpredictability. He's perennially armed with a trove of eccentric verdicts regarding Bitcoin and its digital counterparts. He hasn't even relinquished his penchant for tweeting about DOGE, a coin he pumped into the limelight years ago.

Even though his Bitcoin escapade might have ended in a financial fiasco, I'm quite convinced there's an ulterior scheme in the works, poised to churn out more monetary triumphs. His mastery in steering the market is a force to be reckoned with. Elon effortlessly wields the power to steer the tides of the market toward whatever end he envisions.

[thecodebear]

Ah yeah I just saw this and I was like ooooooh that's why it suddenly dropped to $25k lol. Got a bunch of people hanging off Musk's every word dumping now that they got wind that he dumped everything.


Unless they are strapped for cash its a terrible decision. But then again Musk is increasingly known for making terrible decisions, and that certainly applies to his actions in the cryptocurrency world. Probably better to get it over with now, Musk is just a market manipulator, a meme coin shiller, and kind of a loon the past few years. Obviously not good optics for Bitcoin that one of the few major corporate holders of Bitcoin just dumped everything, but at least the Bitcoin world can just leave Musk in the dust and leave him and the dogecoin fools to play with themselves.

Also I can't wait for the retrospectives the next two years as the bull market heats up, mentioning how Musk dumped under $30k whereas he could have made probably 4x to 5x if he waited two years. That'll be fun to see haha.

[Darker45]

I don't know if it's fair to say that "Elon is very harmful for Bitcoin as always." After all, he is the same Elon who also contributed to Bitcoin's rise when his company purchased more than a billion dollar in Bitcoin in 2021. He also significantly contributed to it when he announced that his company would be accepting Bitcoin payments.

The statement sounds bitter, especially because we all knew this would eventually happen. This is the reality. That's why it is actually bad for Bitcoin's price when considerable amounts are focused in the hands of a few individuals or institutions only.

Today, we're all praises to MicroStrategy, for example. What will happen when the day comes when the company finally liquidates its Bitcoin holdings? Should we also be bitter to it, to Michael Saylor? Should we blame them for taking profit? Everybody does this.

I guess we should start realizing that whatever is bought could be sold at some point. We shouldn't be fooled that these investors won't sell. What's the point of investing, after all?

[thecodebear]

I don't know if it's fair to say that "Elon is very harmful for Bitcoin as always." After all, he is the same Elon who also contributed to Bitcoin's rise when his company purchased more than a billion dollar in Bitcoin in 2021. He also significantly contributed to it when he announced that his company would be accepting Bitcoin payments.

The statement sounds bitter, especially because we all knew this would eventually happen. This is the reality. That's why it is actually bad for Bitcoin's price when considerable amounts are focused in the hands of a few individuals or institutions only.

Today, we're all praises to MicroStrategy, for example. What will happen when the day comes when the company finally liquidates its Bitcoin holdings? Should we also be bitter to it, to Michael Saylor? Should we blame them for taking profit? Everybody does this.

I guess we should start realizing that whatever is bought could be sold at some point. We shouldn't be fooled that these investors won't sell. What's the point of investing, after all?

Well let's not go overboard and compare Musk to Saylor. Saylor is a huge bitcoin bull, Musk is a market manipulator. He started turning his back on Bitcoin within months of getting involved in it, and he has always been a meme coin shill. Musk has always promoted dogecoin 100x more than bitcoin. I mean will Microstrategy sell a little bit of bitcoin here and there when they need to...sure, they already have done that once. But Saylor is nothing like Musk. Musk does things for attention. Saylor actually believe in Bitcoin.

[virasog]

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.

Don't know if this news is true or not but Good if Elon Musk sold his Bitcoin and bitcoin moved from weak hands to the strong hand.

Remember whenever anyone sells bitcoin, there is a buyer to buy it and this dump is a temporary one and may not last long. Think for a moment that bitcoin prices again reach the 29-30K range in next few days or weeks and then SpaceX would not have those bitcoins that they just sold.  Where will SpaceX stand then ?

Think Bitcoin reaches all time high in 2024 or 2025 and SpaceX will just witness the flight of Bitcoin regretting why they sold 

[Don Pedro Dinero]

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

Exactly. And it is not only that, that is to say, it is not only the current and recent rise in interest rates, but the expectation is that they will continue to rise, which means that there will be less money circulating, less money to consume, to pay debts and to invest. It is therefore normal that in general the price of financial assets will fall, as is happening.

The bad thing is that with the title of the thread, there are going to be a lot of people who will keep commenting on whether or not the drop has to do with the sale of bitcoin by SpaceX, which happened some time ago.

[Kakmakr]

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.

My question is this.... Was Elon Musk very harmful to Bitcoin when he bought those coins and subsequently pumped the price? We tend to concentrate on the negative news, forgetting that he also helped Bitcoin by investing money into it.

SpaceX are burning money like crazy, so I think Elon Musk are selling off non performing investments to fund his projects that might yield higher profits in the future. 

[avikz]

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.

That is precisely my fear when I hear news of institutional adoption of Bitcoin. With the kind of money they have in reserve, they can easily buy large quantities of Bitcoins and can have the power to manipulate the market even if it's for a short term.

My biggest fear is now BlackRock entering into the Bitcoin market. This is not going to be a good news for the crypto investors like me.

[Darker45]

I don't know if it's fair to say that "Elon is very harmful for Bitcoin as always." After all, he is the same Elon who also contributed to Bitcoin's rise when his company purchased more than a billion dollar in Bitcoin in 2021. He also significantly contributed to it when he announced that his company would be accepting Bitcoin payments.

The statement sounds bitter, especially because we all knew this would eventually happen. This is the reality. That's why it is actually bad for Bitcoin's price when considerable amounts are focused in the hands of a few individuals or institutions only.

Today, we're all praises to MicroStrategy, for example. What will happen when the day comes when the company finally liquidates its Bitcoin holdings? Should we also be bitter to it, to Michael Saylor? Should we blame them for taking profit? Everybody does this.

I guess we should start realizing that whatever is bought could be sold at some point. We shouldn't be fooled that these investors won't sell. What's the point of investing, after all?

Well let's not go overboard and compare Musk to Saylor. Saylor is a huge bitcoin bull, Musk is a market manipulator. He started turning his back on Bitcoin within months of getting involved in it, and he has always been a meme coin shill. Musk has always promoted dogecoin 100x more than bitcoin. I mean will Microstrategy sell a little bit of bitcoin here and there when they need to...sure, they already have done that once. But Saylor is nothing like Musk. Musk does things for attention. Saylor actually believe in Bitcoin.

Uh-uh!

But, well, let's believe what we want to believe. Musk and Saylor are not completely the same, of course. Are they completely different, though? I don't think so. These huge capitalists are basically of the same feather. They have a penchant to sweet-talk people. They exaggerate things a bit for their own interest. Musk is much more a troll and tactless, though.

However, when Saylor mentioned, for example, that it would hodl its Bitcoin for 100 years, do you believe him? When he encouraged people, for example, to mortgage their houses and buy Bitcoin, do you believe him? Do you really believe that Saylor is willing to have his billions sleep with Bitcoin for several decades and do nothing about them? Do you completely trust this man?

Even among us here, how many of us so-called hodlers are truly willing to hodl our Bitcoin even after it hit $100,000?

[fruktik]

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.

And there is also news that investors have begun to transfer their money to other assets. For example, in government bonds, because there was an increase in interest rates. This was to be expected for the reason that there is no profitability recently from crypto tools. Bitcoin has been trading in a narrow price range for a very long time, which is not what you need.

Yes, Musk is also able to influence the market, but still he does what he wants. Nobody orders him. This is how it should be in this direction. Is not it? Why should he be excluded from the players? I don't understand.

[izanagi narukami]

He just playing with our psychological trading assessments.
Nobody know what the future lies but if Elon said something,  he surely can influence the market.

The matter only if we can resist his temptation or not

[Patrol69]

This could be a big reason behind Bitcoin price dumping so much. Where the price of Bitcoin was hovering around $30K suddenly the price of Bitcoin dropped to $25K. It is natural that the market condition will deteriorate if you sell so many bitcoins at once. Why did SpaceX suddenly sell 373M BTC when everyone is suggesting to hold Bitcoin right now? 

I think the market depends a lot on Elon Musk because when he tweets on his twitter page that he bought 300 million btc the price of btc goes up a lot, when the price of btc goes up a lot he sells his btc the market is back again Returning to the situation he buys BTC again at that time and waits for the price of Bitcoin to increase ie all this looks like he follows this method of selling BTC only for his own profit.

[bluebit25]

The whale that regularly manipulates the market is out of the game, although this is bad news for the time being, we may soon see Elon Musk back in the market with all the hype that comes with it. I am not a fan or anti Elon Musk, because everything he has affected the market has been both positive and negative.
When prices started dropping a few hours ago I was also online on several social media platforms, and there was a lot of bad news with the economy and not just Tesla's financials, so no it is necessary to strongly blame Elon Musk, it seems that panic is happening when the amount of long/short liquidation has reached about $ 1B, anyway we will still aim for a cleaner environment in the future, everything at present should be viewed lightly and towards the positive market.

[mvdheuvel1983]

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

Yes, in the short term, it hurts us but in the long term it is good for the bitcoin community. Elon and everything else related to him and bitcoin has to be purged out of the system. That man shouldn't be allowed to own 0.00000001 satoshi ever again if it could be done. They sold at a loss, it is their loss not ours. Doge coin or whatever shitcoin he promotes cannot topple bitcoin.

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?

But we saw this coming. One year ago, they were already turning to the government for debt-for-equity rescue program. They also offered property and parking spaces instead of cash payments to investors and creditors. It comes as no surprise at all.

[WatChe]

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.

There is similar DIP in May 2021 after Tesla announced that they are no more accepting payments in Bitcoin. This is not a big dump nor it happened for the first time in history of Bitcoin. Such DIPs are a sort of nerve test and those who can withstand this pressure are the real winners in the long run. Whenever Bitcoin price goes down we hear such news which states that price will go further down. I urge everyone to just HOLD and don't pay much attention to FUD spread in the market.

[Nrcewker]

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.

He uses the shitcoins to profit himself only. He first buys the shitcoins when it’s price is worth nothing, then do some sort of fake campaigns to promote the coin. Once the coin gets enough recognition, he then sells it for almost 25x the price. This was done previously for the Doge also.
The reason for sudden dumping is still mysterious, maybe he planning to implement any other shitcoin with SpaceX and Tesla.

[Tony116]

I don't know if it's fair to say that "Elon is very harmful for Bitcoin as always." After all, he is the same Elon who also contributed to Bitcoin's rise when his company purchased more than a billion dollar in Bitcoin in 2021. He also significantly contributed to it when he announced that his company would be accepting Bitcoin payments.

The statement sounds bitter, especially because we all knew this would eventually happen. This is the reality. That's why it is actually bad for Bitcoin's price when considerable amounts are focused in the hands of a few individuals or institutions only.

Today, we're all praises to MicroStrategy, for example. What will happen when the day comes when the company finally liquidates its Bitcoin holdings? Should we also be bitter to it, to Michael Saylor? Should we blame them for taking profit? Everybody does this.

I guess we should start realizing that whatever is bought could be sold at some point. We shouldn't be fooled that these investors won't sell. What's the point of investing, after all?

Well let's not go overboard and compare Musk to Saylor. Saylor is a huge bitcoin bull, Musk is a market manipulator. He started turning his back on Bitcoin within months of getting involved in it, and he has always been a meme coin shill. Musk has always promoted dogecoin 100x more than bitcoin. I mean will Microstrategy sell a little bit of bitcoin here and there when they need to...sure, they already have done that once. But Saylor is nothing like Musk. Musk does things for attention. Saylor actually believe in Bitcoin.

What proof that Saylor believes in bitcoin? In my opinion, Elon or Saylor or even president el salvador invest in bitcoin not because they support bitcoin but for profit. They are just like us, they need money, all the same. Just because Saylor hasn't sold his bitcoins doesn't mean he won't sell them in the future for a profit.

Moreover, we don't have the right to condemn or criticize anyone just because they sell their bitcoins, we have the right to invest in bitcoin and sell when it is profitable, why can't they? It's fair game, just because bitcoin goes down, our portfolio goes down, and we blame someone selling bitcoin, it just says we're scared.

Why not see this as the cheap bitcoin buying opportunity we've been waiting for?

[SamReomo]

Elon has done the stupidest thing of his whole life by selling $373M worth of Bitcoin at such price mark. I'm quite sure that he will cry when the market starts its bullish run during the halving event. Such a huge mistake by someone who has been in business for a long time, but it's always okay for the ones who are accumulating Bitcoin because we don't really care who ever sells their Bitcoin for low price because our main goal is to buy at dips only.

I know that due to bulk selling from SpaceX the price of Bitcoin went down, but I don't think that the price will remain at $26k mark because the future of Bitcoin is bright and within few days Bitcoin's price will recover back to $29k, and at that time Elon will regret his decision of selling his bitcoins too early.

Even if supports shit-coins every time he won't be able to change the fact that Bitcoin was always the king of the market and it will always remain in its position as the king. Elon, you've done a huge mistake by selling your bitcoins for such cheap rates. The ones who are buying in those bitcoins for such low rates might be laughing at Elon.