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

[Agbe]

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

Even the reason of Cryptovator is not the main reason of this downtime, and what you have said they all boiled down to whales selling off bitcoin in a large quantities which caused the decreasing of the bitcoin price at the moment. Yes as you said, the downturn is not only affecting bitcoin but all all other exchange market in the globe.

[m2017]

I still remember the time when the crypto community was dreaming and waiting for institutional investors to start investing in bitcoin, anticipating that this would allow the bitcoin to rise in price. But as you can see, it also has the opposite effect. When a large number of btc is concentrated in the hands of big companies, they can have a very strong influence on the cryptocurrency market. It would be better if bitcoin was distributed more evenly in the hands of the holders, following the example of decentralization, but this is not possible. Big holders will still remain and will create similar collapses in the cryptocurrency market. Don't forget that the MicroStrategy has a pretty impressive amount of bitcoin on hand, and as a commercial organization whose goal is to make a profit, they will one day start selling it. Let's see what effect this will have.

It's good that the collapses are temporary and the phenomenon is passing, and price fluctuations are beneficial for traders, indifferent to holders, frightening for beginners and a reason for discussion for those who watch bitcoin from the outside.

[lionheart78]

The current crash of the Bitcoin market has something to do with different factors and not just Spacex selling their Bitcoin.  I think it is the accumulation of factors like

1. China's economic crisis,
2. the Evergrande declaring bankruptcy on the US,
3. the selling of SpaceX of $373M worth of BTC,  (not fully confirmed because there is no tweet from Musk that confirm they did)
4. and the US dollar Index (DXY) is climbing.  

We all know that when USD gets stronger, its purchasing power increases and it affects the conversion of BTC to USD.

This stream may probably answer some of the questions why BTC Dumped:  https://www.youtube.com/watch?v=5F_ebxvOZm8

[panganib999]

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.

He's never been the linchpin of this industry anyway, I don't understand why people are sensationalizing his sells of bitcoin when he's lost all his internet cred from 2020. We really still that hungover from the past that we would relate to some clown on the internet who's trying so desperately to prove that he's funny? Going back to the topic, I don't think this is going to cause any detriments to bitcoin in the long run, he can sell all his holdings for all I care and the whole industry's going to work just as well as it did in the past before he stepped in and made people think he's the bitcoin jesus or something. I personally wouldn't let someone like Elon affect my buys or my sells, not even my mood. So why should the whole industry do so?

[RewFrew]

Still dumping Bitcoin. Right Now Bitcoin price touched $25620. Today near about 8% dump already. It happen for SpaceX sold $373M worth Bitcoin.They sold this big amount for urgent need. They Bought it fron 2021. Big impact created for it in total crypto currency market. Till now market continuously dumping. I believe SpaceX will buy Bitcoin again in low price. When they or Big investor buy Bitcoin then Bitcoin price will Stable and start to increase. And we have to wait for that.

[darkangel11]

OMG why are you repeating this stupid "news"?

If SpaceX sold, the reports of it happening were made public a whole day before bitcoin crashed 10%, so it wasn't the cause of the dump but the FUD and articles from various sources repeating this FUD without thinking were probably the cause of the crash.

Now think about it for a moment. Someone spreads rumors about Musk dumping, so traders short bitcoin and create panic. Every dumped bitcoin does not disappear - it is bought by someone. It's just that there's not enough standing orders to fill so the price goes down. There are people who want this to happen and buy cheaper. Have you ever thought that people buying bitcoin at 26k are people who had something to do with spreading this rumor?

Hold your coins, they know the ETF is coming and so is the halving and they want to make you give it away cheap.

[OgNasty]

OMG why are you repeating this stupid "news"?

If SpaceX sold, the reports of it happening were made public a whole day before bitcoin crashed 10%, so it wasn't the cause of the dump but the FUD and articles from various sources repeating this FUD without thinking were probably the cause of the crash.

Now think about it for a moment. Someone spreads rumors about Musk dumping, so traders short bitcoin and create panic. Every dumped bitcoin does not disappear - it is bought by someone. It's just that there's not enough standing orders to fill so the price goes down. There are people who want this to happen and buy cheaper. Have you ever thought that people buying bitcoin at 26k are people who had something to do with spreading this rumor?

Hold your coins, they know the ETF is coming and so is the halving and they want to make you give it away cheap.

It does appear that the dump happened a while ago. You bring up some good questions. Wasn’t SpaceX using Coinbase for their BTC purchases and sales? If so, wouldn’t Coinbase then be aware when the filings would happen that made the news public? This may not seem like a big deal, but it was also just reported that Coinbase has taken large short positions given their new futures approval. Maybe the drop was Coinbase profiting from their shorts and then pulling their bids to let the market crash for their own profit. Timing seems reasonable.

[mindrust]

Haven’t Elon told us that he wasn’t going to sell the remaining coins? If he did sell then Elon lost so much credibility here. Or maybe he was forced to sell somehow. Either way it is a good thing if paper-hand Elon lost his coins to the people who really deserve then coins. In the end bitcoin don’t need Elon or any other billionaire. The billionaires need bitcoin. As long as the network works flawlessly, the price doesn’t matter much. Bitcoin works now just like it did 10 years ago. Fundamentally nothing has changed for btc. If Elon don’t want to hold anymore, that’s his choice. We should all respect his decision.

[Bushdark]

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.

I have already seen from the start that Elon has no good plan for Bitcoin and he always like to do the odd things not minding the effect it could have on the market. Him selling his Bitcoin holdings is never a good idea and this had made the market to lose it current value.

Since Elon Musk joined the Crypto space, he had been doing different things and manipulating the market in his own way buy I am very sure that soon the market is going to gain resistance to such kind of market dumping. I see this as an opportunity for me to buy some more holdings even though the market looks very bearish now and it is very certain that soon, Bitcoin is going to be on the regular bull movement again.

[The Cryptovator]

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.

The decentralized ecosystem offers a unique benefit: individuals cannot simply remove or ignore others, even if there's a dislike. This is particularly evident with prominent individuals, often referred to as "big whales," who wield substantial influence and act independently. Elon Musk, for instance, possesses significant personal and official cryptocurrency holdings, making it impossible to disregard his impact. He holds the ability to influence coin values by choosing to buy or sell, and his numerous devoted followers consistently heed his lead.

[Majestic-milf]

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/

I doubt that it was SpaceX sale of it's Bitcoin holdings that caused the crash alone but it must have had a hand because the news must have been what prompted investors to sell over $1bn worth of digital currencies. This is really a bad time to make such huge sell offs considering as the market is a bit shaky and unbalanced and coupled with how influential he is, he'd sure put prices under pressure.
 Another possible reason to the sudden price dump could be a potential devaluation of the Chinese yuan which is trading at it's weakest since 2007.

[aoluain]

If Musk / SpaceX were smart they should buy back what they sold and gain ~10% more
Bitcoin, then sell it again if they are so inclined when the Bitcoin market recovers by 10% again!
That would be a typical Musk ploy, to play the markets and everyone who follows him.

Anything Musk/SpaceX does will affect the markets temporarily, it would be the same
if any high profile person would do the same, its all very temporary though.

[macson]

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.

Elon is acting up again...no need to exaggerate, Elon is only a fraction compared to all bitcoin supporters, i really support Elon Musk selling all the bitcoins he owns ^{(let unstable humans stay away from bitcoin)}, without him the bitcoin price is actually very stable, apart from that the fluctuations in the bitcoin price so far seem reasonable, i instead seeing as this is part of the drama leading up to the next halving, let's bet that not until the end of this year, bitcoin price will cross $40k and maybe create a new ATH, who knows...

[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.

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.

You may be right but I don't think that Elon will invest that money into Dogecoin in current market situation. I agree that this can be a very manipulative step from someone like Elon Musk and due to such manipulation many people with weak hearts will rush sell their Bitcoin holding. However, if someone knows the Bitcoin and such manipulations of the crypto market then that person will try to accumulate more and more Bitcoin in current scenario.

Elon might have thousands of addresses because he's most probably one of the whales of the crypto market and that's why it's somewhat impossible to know the exact number of addresses he has currently. However, if his main goal was to manipulate the market in a way that the traders would get liquidated then that's really unethical step from someone so reputable for his actions.

Let's suppose that if in current scenario Elon makes a decision to invest the $373M into Dogecoin then the price of that shit-coin will get boosted to very higher levels. Many new investors may begin to invest in Doge only because of the influence of Elon Musk, and that would be one of the worst decisions by those newbie investors.

[tvplus006]

...Here is the reason why current dump happened. ..

However, it remains unclear to me how the message that SpaceX sold bitcoins belonging to it a year ago can affect today's BTC price. This is more like market manipulation and the WSJ article should be considered as a custom-made one designed to collapse the market in order to provide an opportunity for large capital to buy BTC at a reduced price.

[serveria.com]

It's definitely not the reason of the dump. SpaceX sold their coins a while ago, it only became obvious after the Q2 or yearly report had been published. Peeps in cryptoverse tend to overestimate Elon's influence on the markets.

[serjent05]

...Here is the reason why current dump happened. ..

However, it remains unclear to me how the message that SpaceX sold bitcoins belonging to it a year ago can affect today's BTC price. This is more like market manipulation and the WSJ article should be considered as a custom-made one designed to collapse the market in order to provide an opportunity for large capital to buy BTC at a reduced price.

More likely a new manipulation and some couple of sales to make the news become a FUD and wishing for the Domino effect that does happen.  I believe someone is playing on the market again using these bad events like FUD about SpaceX selling, then followed by several weak hands that heighten the effects.  Also comes the controversy about Evergrande and the rising power of the US dollar.  

What you stated really makes sense so I believe after someday there is a possible announcement of some company buying a huge chunk of BTC amidst the BTC dump event.

[The Cryptovator]

It's definitely not the reason of the dump. SpaceX sold their coins a while ago, it only became obvious after the Q2 or yearly report had been published. Peeps in cryptoverse tend to overestimate Elon's influence on the markets.

What, in your view, is the cause of the present market decline? Although even the sale of Bitcoin hasn't had an impact, news can exacerbate the situation. Remember, significant sales can naturally lower prices due to selling pressure, even before news is released. However, news amplifies fear, leading to panic selling by traders. Some traders seize the opportunity to benefit from the price dip. Feel free to share your perspective on the cause of the current market decline.

[serveria.com]

It's definitely not the reason of the dump. SpaceX sold their coins a while ago, it only became obvious after the Q2 or yearly report had been published. Peeps in cryptoverse tend to overestimate Elon's influence on the markets.

What, in your view, is the cause of the present market decline? Although even the sale of Bitcoin hasn't had an impact, news can exacerbate the situation. Remember, significant sales can naturally lower prices due to selling pressure, even before news is released. However, news amplifies fear, leading to panic selling by traders. Some traders seize the opportunity to benefit from the price dip. Feel free to share your perspective on the cause of the current market decline.

It could be anything, maybe it's just the time for a correction. Bitcoin cycles are still valid, and Bitcoin historically can lose some value before the end of the year before halving. Just check out the previous cycles. As a hodler, I'm not really interested as it doesn't affect me.

[coupable]

It's definitely not the reason of the dump. SpaceX sold their coins a while ago, it only became obvious after the Q2 or yearly report had been published. Peeps in cryptoverse tend to overestimate Elon's influence on the markets.

Even if this happened at an earlier time, the announcement of the news, whether at that time or at any other time, will have an impact on the market at the time. And I am almost certain that this would not have had such an impact if Elon Musk had not been involved in the scene, as usual. Moreover, Elon Musk would not have taken this sudden decision unless he wanted to benefit from the decline in market prices.
Personally, I do not believe that this news alone is responsible for this sudden decline in prices because it coincides with other events, which can be summarized as follows:

• The surge in high-interest rates.
• High increment in Bond yeild
• ETH ETF just got a green light after this dump ETH went around $1500 which provided BTC whales a chance to collect some ETH too because this greenlight of ETF will take ETH to new heights.
• Devalutaion of Chinese Yuan

Source