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

[LogitechMouse]

I will lean more to this chart of S&P 500 on the daily chart than SpaceX selling their Bitcoins (if they really did sell because some say they didn't).

We know that the price movement of Stock Market, and crypto are somewhat the same, and I believe that these is the reason why Bitcoin is going down during the last couple of days. Bitcoin is forming a falling wedge as well which is a bearish sign, and it did happen. I will not be surprised if Bitcoin will go lower than $25,000 this month knowing that Bitcoin really doesn't perform well in the month of August for the last 9 years or more. We'll see.

As for SpaceX selling, if they really did sell then I don't care.

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[Ucy]

He is not strong enough to move the price otherwise Bitcoin price would have seriously been harmed many months ago.
It's the bull charging backward like it used to do, before rushing forward to break a resistance. We are about to cross 32,000. So get ready.

[DapanasFruit]

Bitcoin can rise and fall anytime for reasons we might not be able to immediately fathom...and surely anyone holding BTCs can sell and then even buy anytime. I don't understand why there is that feeling of "hate" or resentment with people or organization who decided to sell their holdings for whatever reason...we must always remember that if Bitcoin will go down in price then we should be rejoicing because it is an opportunity to buy more...as we know that soon it will be rising again like legendary Phoenix.

[KiaKia]

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.

You are right about one thing though, for someone who have been in business for a long time, you think he just do this because his brain is now old? C'mon, I believe manipulation is at play here, funny thing is I am not one of those who will make stupid decision because of what Elon Musk did, how many Bitcoin addresses do you think he has? This is pure manipulation, to make people lose money or make bad decisions.

Many traders got liquidated yesterday, millions was wiped out.

I am not sure Elon will cry selling this many Bitcoin, there must be a bigger goal for him to do this, believe me, he would make more if he invest this money into Dogecoin, he will just pump the coin and make himself even more richer, I am certain that this man has a plan, Elin is more smarter than just taking profits.

[Ayers]

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.

So what about this news? Which is the correct news for us to believe? I find it too easy for us to believe what the media writes and wants us to believe. Moreover, have you tried asking the question with only that 373M, is it powerful enough to make bitcoin dump more than 10% in a day?

It sounds like you don't like Elon because he's in favor of shitcoins, not bitcoin. But his selling bitcoin is not bad for bitcoin on the contrary, it is good for bitcoin. You should thank him instead of criticizing him because he gave you the opportunity to buy bitcoin at 10% cheaper than yesterday's price, and he is no longer a bitcoin investor.


Source pic: x.com

[someone703]

The cryptocurrency market is always changing and volatility is inevitable. Bitcoin has experienced great volatility in the past and has continued to survive and recover. A bear market isn't necessarily a bad thing, but it can create buying opportunities at lower prices for those who believe in its long-term potential.

The future of Bitcoin or the crypto market cannot be predicted, but it can be a wise strategy to remain loyal and patient in an ever-changing environment. Most importantly, always follow the principles of risk management and only invest money that you can lose without putting your personal financial situation in jeopardy.

[o48o]

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/

My guess is that this s affecting to whole stock market, and bitcoin investors will dump their bitcoin to prevent getting liquidated in the stock market, in which investors are more seriously exposured to. And naturally alts are very sensitive when it comes to BTC movement. SpaceX has nothing to do with anything as in mentioned in this thread already they dumped while ago.

Funny how people were praising elon when his market manipulation was positive. It never was. And people should remember that he is not in your side, he is not anyone's side but his own.

[fuguebtc]

The cryptocurrency market is always changing and volatility is inevitable. Bitcoin has experienced great volatility in the past and has continued to survive and recover. A bear market isn't necessarily a bad thing, but it can create buying opportunities at lower prices for those who believe in its long-term potential.

The future of Bitcoin or the crypto market cannot be predicted, but it can be a wise strategy to remain loyal and patient in an ever-changing environment. Most importantly, always follow the principles of risk management and only invest money that you can lose without putting your personal financial situation in jeopardy.

What you said is what I am thinking, bitcoin price drop is not a bad thing, why should we fear and criticize Elon or whoever caused this? Those who are still in the market by now know very well that bitcoin is volatile and that dumping or spikes are a characteristic feature of it. It has happened a million times already, why are we constantly surprised and disappointed when it happens? People who feel frustrated or blame others make me feel like they don't have any plans for their investments.

[yudi09]

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

He is indeed very cunning.
While many analysts were describing the chances that bitcoin's price would increase with the bull run, I thought something was going to happen to mess things up. The course of my thoughts goes to this obscure shitcoin enthusiast. In the end, what I was worried about about Elon Musk's figure was finally done even though the cointelgraph in his article could not confirm whether everything had been sold.

He doesn't care what happens other than personal gain comes first. Maybe that's what Elon is doing to cover the decline in profits experienced on Twitter.
Based on glassnode, apart from liquidation, at the same time, the situation has resulted in a decrease in profit on the supply of bitcoin reaching 10%.

[Lucius]

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

You are not a beginner, so it would be good not to add more fuel to the fire, especially with information that definitely has no impact on the price of BTC. If you read the post from @stompix, it is clear what caused the drop in the price of BTC, but also almost everything else.

Mr. Mars has long since become completely irrelevant to anyone who understands how much damage he has done to Bitcoin with his statements about Bitcoin having a bad impact on the environment. For someone who is supposed to be an intelligent man, such a statement placed him among the stupidest people in the world who are not able to do even the simplest research.

[michellee]

The fall in the price of Bitcoin is welcomed by other investors because they are really waiting for low prices like now.

This is an opportunity to collect more Bitcoins and it is. This is a good time to accumulate Bitcoin again after the recent deep downturn. So don't look at what big companies have sold a lot of Bitcoin that has caused the price of Bitcoin to drop drastically as it is now.

We must be more prepared by owning more Bitcoin, especially with a deep decline. Use this opportunity as best you can and be on time in accumulating or you will regret it.

[Rruchi man]

You can see SpaceX sold $373M worth of Bitcoin.

SpaceX is a private company, so it is difficult to get a real confirmation.

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

It is why many bitcoiners have little love for him because of the big influence he has on the market and how he can occasionally and easily affect market price.

He always supports shitcoins that doesn't have any real value.

You cannot blame him for what he chooses to support and believe in. It is a personal choice always, the choice of cryptocurrency to HODL. For Elon, he has chosen shitcoins over bitcoin.

Have you see how dumping Bitcoin?

There were many complaints, many investors lost money and considered pulling out their investment. If any newbie investor in bitcoin in this forum is also considering taking same action, that is the wrong move to make. These kind of situations always happen in bitcoin, and dumps in price of bitcoin is what you need to be mentally prepared for always as an investor.

[Ever-young]

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 has always been against bitcoin from the beginning, I never even have the idea that the company is in possession of such amount of bitcoin, which could cause this kind of dump in bitcoin price, in as much as he is selling to dump the market we can also look at it in another way; He might also have a hidden agender to publicly dump their holdings and cause a panic in the market and when the price drop fair enough He can easily/secretly acquire them back might even be more than what was previously sold in preparation of the next bitcoin halving coming forth. All this Individual and institutional investor's can go to some certain length just to achieve what ever they want in the market.

[Porfirii]

The fall in the price of Bitcoin is welcomed by other investors because they are really waiting for low prices like now.

This is an opportunity to collect more Bitcoins and it is. This is a good time to accumulate Bitcoin again after the recent deep downturn. So don't look at what big companies have sold a lot of Bitcoin that has caused the price of Bitcoin to drop drastically as it is now.

We must be more prepared by owning more Bitcoin, especially with a deep decline. Use this opportunity as best you can and be on time in accumulating or you will regret it.

I would agree with you if we were starting with the accumulation phase, but taking into account that the new halving is expected of happen in a few months from now, abrupt dumps in price are more worrying than encouraging at this moment. And news about big companies selling millions worth Bitcoin is not the best news we can hear at the gates of a new cycle we all want to end in a new ATH.

I don't know whether this is the real reason behind the dump: we always need to make a story about everything, with causal links that give coherence to the facts, even if those are not real.

[cheezcarls]

I’ll take it as this is just a short term setback for us. Elon Boy should better stay away from Bitcoin and the crypto ecosystem and not sticking his nose in this space again.

We did appreciated him back then last 2021 when BTC skyrocketed insanely but it was a dangerous parabolic curve that the Bitcoin bulls can’t keep up.

However, we can’t stop him from buying the dip though as Bitcoimn is open to everyone.

[Dave1]

I’ll take it as this is just a short term setback for us. Elon Boy should better stay away from Bitcoin and the crypto ecosystem and not sticking his nose in this space again.

We did appreciated him back then last 2021 when BTC skyrocketed insanely but it was a dangerous parabolic curve that the Bitcoin bulls can’t keep up.

However, we can’t stop him from buying the dip though as Bitcoimn is open to everyone.

Yes, when we thought that he is out already in the market, suddenly we heard his name again and just like the previous years, it has negative effect on us.

Nevertheless, as you have said, this is just temporary effect on us, we can take this dip and nothing will change. Everyone is still looking to accumulate at this price. And we all know that we will have the halving next year so it's good to see the price going down again and so we can stash for more in preparation for the halving. As for Elon, for sure when we have our bull run, he will suddenly comes back in the market. But smart bitcoin investors and speculatiors knows that he can't influence the price unlike before.

[sunsilk]

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's always for the clout and uses bitcoin for his words to make look like that he's pro-Bitcoin. But on top of that, he's always for the profit regardless of what coin he's supporting.

It's no question that he's for the meme coins such as Dogecoin and also for his companies benefits before anything else. The market plunged every time there's news like this.

There is also a huge possibility that he'll just buy back and use all of those money to pile up and stock up again.

[CryptoHeadlineNews]

I’ll take it as this is just a short term setback for us. Elon Boy should better stay away from Bitcoin and the crypto ecosystem and not sticking his nose in this space again.

We did appreciated him back then last 2021 when BTC skyrocketed insanely but it was a dangerous parabolic curve that the Bitcoin bulls can’t keep up.

Everyone is entitled to their investment, and as such Elon Musk been a businessman is free to buy or sell his BTC without apology to anyone as an individual, but the only problem here is that he is a big crypto influencer, which millions of people are looking up to, whereby when he buys, they buys and when he sells, they follow sort and sell too, which I'm sure should be the main reason for this dump in price.

However, we can’t stop him from buying the dip though as Bitcoimn is open to everyone.

And that's a more reason for those who can afford to buy now to join in taking advantage of this low price of Bitcoin, as sooner or later, we are yet to see the price of Bitcoin bounce back after this fall.

[franky1]

if spaceX actually 'wrote down' $xxxm then where did they WRITE IT
i checked SEC filings.. nothing

seems someone wanted to post FUD without any source

its funny how all the media quote is other media.. where is an original spaceX filing

.. i do laugh when people blame elon for this price dip.. yet its not even elons words
even funnier.. spaceX didnt even acquire $1.5b in 2020-2021.. TESLA did.. totally different company

so whomever started the rumour didnt do any research or even fact check or get names correct or show sources

[Faisal2202]

Yeah, i heard about it and also read about it too but the thing is this was not the only factor the whole market was manipulated by those baking systems and centralized authorities. And one thing I am unable to understand here is why the hell SpaceX sold that much amount of BTC when they could make more money if they would have held them for 1 year at least.

But still, there were 5 other factors that are also counted for this dump but tbh I do not know if any of these factors have anything to do with BTC price because I am happy that BTC at least moved its position. It became a stable coin for some time. Yeah yeah, I know many people lost money in long trades but what could be done now? High-interest rates and yield bonds are also a part of this dump.