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

[MCUKing]

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.

So senior isn't it good that it's bringing some volatility in the market as volatility of the crypto market can be considered as the beauty of the market which brings some excitement and opportunities, if someone's go with the right decisions and quick management he can really enjoy such dumps or pumps.

Also as far as we all know it's temporary so why, it's making so much noise if Ellon really did it so what, as Bitcoiner if we think he made a dumb decision then HE is at a loss, not us. I think simply everyone should prepare himself or herself for every type of situation in the market and with some decent decisions and preparation just bring a cup of tea and some snacks then enjoy haha.

[1715560959]

1715560959

[1715560959]

1715560959

[Ahli38]

Last year there was also news about one of the Elon companies reportedly selling their bitcoins. And even then there was a drastic decline in bitcoin in the market. But even then there was actually no clear news that proved the truth of the information. And a few months later the Elon company announced that they still hold their bitcoins and haven't sold them at all. Which suggests that the news made about them is untrue. And now there is news that is almost similar when Bitcoin has decreased. In fact, the news came before bitcoin's sharp decline. And it was only after the publication of the news that a deeper decline occurred. Maybe due to panic in the market or something.

But the negative news isn't just about Space X selling bitcoin. But there is also news about one very large property company originating from China which has officially filed for bankruptcy, namely Evergrande. And yeah this adds to the panic in the market. But speaking of Evergrande, actually this company has been in trouble since a few years ago due to the company's debt swelling. So his bankruptcy is actually not too surprising.
What caught my eye was because of the rumor that Tether had an attachment to the company. namely about Tether's financial papers in Evergrande. I hope the tether is fine and doesn't suffer any losses.

[ImThour]

For some reason, I didn't got this on my twitter feed. I no longer follow Crypto accounts maybe that is the actual reason however I was actually thinking about this. Elon bought Twitter and made it to X, so I was thinking that he might needs his funds back from other investments and Bitcoin being one of them. And now after 3-4 months of my initial thought, there comes the news. It's sad honestly and good too. We don't need any one person be authorized to pump or dump or manipulate the market. Let him stay with the memecoin.

[Ale88]

For some reason, I didn't got this on my twitter feed. I no longer follow Crypto accounts maybe that is the actual reason however I was actually thinking about this. Elon bought Twitter and made it to X, so I was thinking that he might needs his funds back from other investments and Bitcoin being one of them. And now after 3-4 months of my initial thought, there comes the news. It's sad honestly and good too. We don't need any one person be authorized to pump or dump or manipulate the market. Let him stay with the memecoin.

I just don't understand why people listen to Elon Musk like he's saying something for their own good. He played everybody several times and yet people still follow him, I don't get it, it doesn't make any sense, why do you people even care about this guy? He has nothing to do with bitcoin, and he never did anything for bitcoin. If he wants to talk, let him talk, but don't listen to him.

[Rabata]

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.

Agree with you about this investor. We often hear news like this where big investors sell bitcoins and others buy them and in this way bitcoin can be fluctuated. Any trader can take any decision for profit. If Elon Musk thinks that he is profitable to sell Bitcoin then I think he was right with his decision. But I don't think it will have any bad impact for Bitcoin holders because Bitcoin is not controlled by a big trader. Soon Bitcoin will be bullish again. Holders will certainly welcome this dump as they will have the opportunity to purchase some bitcoins at a low price.

Elon Musk or any big business man like him should not be trusted. We should remember that they can do whatever they want only for their profit. Their strategy is hard to understand for ordinary investors.

[SquirrelJulietGarden]

Agree with you about this investor. We often hear news like this where big investors sell bitcoins and others buy them and in this way bitcoin can be fluctuated. Any trader can take any decision for profit. If Elon Musk thinks that he is profitable to sell Bitcoin then I think he was right with his decision. But I don't think it will have any bad impact for Bitcoin holders because Bitcoin is not controlled by a big trader. Soon Bitcoin will be bullish again. Holders will certainly welcome this dump as they will have the opportunity to purchase some bitcoins at a low price.

Tesla is only one of institutional investors that have bigger capitals than retail investors so any activity from those institutional investors will cause more effects on the market, from news, fud to price and trading volume and sometimes their buying or selling can trigger massive crashes on the market and forced liquidations on centralized exchanges as well.

Because this market is very volatile, to prevent being killed by forced liquidations, we should avoid Leverage and Futures trading. With Spot trading, nobody can liquidate our capital but remember Reminder: do not keep your money in online accounts

[Ayers]

Last year there was also news about one of the Elon companies reportedly selling their bitcoins. And even then there was a drastic decline in bitcoin in the market. But even then there was actually no clear news that proved the truth of the information. And a few months later the Elon company announced that they still hold their bitcoins and haven't sold them at all. Which suggests that the news made about them is untrue. And now there is news that is almost similar when Bitcoin has decreased. In fact, the news came before bitcoin's sharp decline. And it was only after the publication of the news that a deeper decline occurred. Maybe due to panic in the market or something.

But the negative news isn't just about Space X selling bitcoin. But there is also news about one very large property company originating from China which has officially filed for bankruptcy, namely Evergrande. And yeah this adds to the panic in the market. But speaking of Evergrande, actually this company has been in trouble since a few years ago due to the company's debt swelling. So his bankruptcy is actually not too surprising.
What caught my eye was because of the rumor that Tether had an attachment to the company. namely about Tether's financial papers in Evergrande. I hope the tether is fine and doesn't suffer any losses.

There is already evidence that SpaceX sold those bitcoins in Q1 of this year, not that they sold them now and caused a dumping. Second, Evergrande's demise is not surprising as news of the company's default has been circulating for months and it is only a matter of time before the company files for bankruptcy. I also tried to find out what was the real reason for the sharp drop in bitcoin but to be honest, there was no news of interest. This reminds me of what happened in March when there wasn't any positive news, but bitcoin quickly went up from $17k to $30k. What I'm thinking is that the market is being manipulated, and we're being led by the media with fake news. But it's quite funny that people keep blaming Elon for this drop, it seems like many people bought bitcoin at a premium and are losing money so they need to find someone to blame.

[Latviand]

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.

That's a dream for many for Musk to be out of bitcoin entirely but I remember people were really happy that Musk is in the bitcoin space when his company Tesla bought bitcoins and allowed bitcoins as a payment for their cars, didn't a lot was also happy because he's making the price of bitcoin pump in the last bull run. I think SpaceX is really struggling at funding and you're definitely right, their cash flow is weak iirc they have a rocket that have exploded.

[virtualdn]

This guy is such a loser, everything he touches turns to *hit. Look at Dogecoin, then Twitter. I wouldn't trust him a minute, this guy is the father of all lies. How come people don't realize it yet?

[Blitzboy]

Even though it's simple to attribute Elon to each and every issue Bitcoin has, it's vital to consider the wider picture. The cryptocurrency industry is not characterized by any one person or entity. It's a vast, intricate web of agreements, notions, and novel inventions. The Bitcoin sold by SpaceX is only a minuscule portion of all the cryptocurrency trades that take place globally. Furthermore, referring to all other coins as "shitcoins" demonstrates a shocking lack of information. Will you attempt to remove the layers in order to view the greater picture? To comprehend cryptocurrency, which isn't a game, you need to know more than just what Elon tweets

[Rikafip]

This guy is such a loser, everything he touches turns to *hit. Look at Dogecoin, then Twitter. I wouldn't trust him a minute, this guy is the father of all lies. How come people don't realize it yet?

While I agree that Elon is an opportunist and bullshitter that can't be trusted, I find your claim that he is a loser ridiculous. I mean, this guy is one of the richest persons in the world so I don't know how "everything that he touches turn the shit".

I mean, if that's really the case he would be bankrupt king time ago and instead his wealth just keep increasing.

[Poker Player]

This guy is such a loser, everything he touches turns to *hit. Look at Dogecoin, then Twitter. I wouldn't trust him a minute, this guy is the father of all lies. How come people don't realize it yet?

While I agree that Elon is an opportunist and bullshitter that can't be trusted, I find your claim that he is a loser ridiculous. I mean, this guy is one of the richest persons in the world so I don't know how "everything that he touches turn the shit".

I mean, if that's really the case he would be bankrupt king time ago and instead his wealth just keep increasing.

Lol. Musk can be called anything, but I don't think loser is the most appropriate word, as you explain, I agree.

On the subject of the thread, I think that in the end it has been a combination of factors: the recent rise in interest rates and the expectation of further increases, the bankruptcy of Evergrande and this news about the sale of Bitcoins by Musk's company, which even if it has been known after the fact, it is another bearish news for the market. Like it or not, Musk has a lot of influence. If he were to announce tomorrow that he has become a Saylor style believer and bought lots of Bitcoin we would have a crazy price rise.

[hyudien]

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's what I don't like with big people like Elon Musk, they easily manipulate asset prices as they like and don't care who is the victim. It's not just Elon Musk out there who has influence on Bitcoin it makes me worry that with the impact that SpaceX has made they are selling on a large scale. They do not understand the meaning of the uniqueness of Bitcoin because for him while profit is the initial target. Even though at the time of adoption it seemed to support the existence of Bitcoin, but after this we have to realize that having a large amount can easily do what makes other people lose.

[posi]

This guy is such a loser, everything he touches turns to *hit. Look at Dogecoin, then Twitter. I wouldn't trust him a minute, this guy is the father of all lies. How come people don't realize it yet?

What are you saying, is Elon a loser or are you a loser yourself? How can a loser become the richest man in the world? How can a loser run billion-dollar companies and have thousands of employees work for him? Meanwhile what do you have? I really don't understand why there are so many people who always like to speak badly of others while we lose to them thousands of times. To me, speaking ill of others only proves that we are failures and always feel jealous and envious when we see them more successful than us.

To be more precise, he does it for his own benefit, not for anyone else's, and there's nothing wrong with that. Because we are also for our own good, we are no better than anyone else.

I would like to ask, if any of us own a large amount of bitcoins, would we be kind enough not to sell them for a profit? Instead, are we going to distribute free bitcoins to everyone, or will we find a way to protect the market? No one is not greedy, no one is not for personal gain, don't try to be a good person when you have not done something good for others.

[Artemis3]

Idiot Musk is idiot, who cares? It is but a little pot hole in a road of wealth for those who are in the know (unlike him).
He now thinks he can play the altcoin game, well he can go ahead and burn his wealth in the process (again).
Musk sells? Cheap bitcoin! take yours while you can...

posi as if Musk was the first rich man to talk fud against Bitcoin, hmmpf. He almost lost everything at the beginning of SpaceX, simply got lucky. Of course making Paypal with another person was the real reason, but that simply allowed credit card payments thru email. So its an older/outdated method, which appeared when there was nothing like that to send money between peers. Sounds familiar? Difference is, his tool used the existing bank infrastructure while Bitcoin is independent. Which is why, Bitcoin is already worth more than Musk's fortune.

[WillyAp]

Plus it was sold last year.
https://www.investing.com/news/cryptocurrency-news/spacex-sold-373m-worth-of-bitcoin-acquired-in-20212022-report-3156924

Market data is not really positive, just as a sidenote: Money is never lost, it just changes hands.
So the billions cashed in go somewhere and most likely not just groceries. 

[coinerer]

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 Musk always thinks about his own interests.  He may or may not feel that Bitcoin is not going to bring him any good results at the moment and that is why he has sold all the Bitcoins he bought for SpaceX.  His focus is only on shitcoins like Meme Coin Doge, shiba inu. His actions have had a bad effect on the Bitcoin market. and in this chance maybe bitcoin can come to $20k. However, since this is not a major issue, it does not seem to have much of an impact on Bitcoin

[leonair]

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 Musk always thinks about his own interests.  He may or may not feel that Bitcoin is not going to bring him any good results at the moment and that is why he has sold all the Bitcoins he bought for SpaceX.  His focus is only on shitcoins like Meme Coin Doge, shiba inu. His actions have had a bad effect on the Bitcoin market. and in this chance maybe bitcoin can come to $20k. However, since this is not a major issue, it does not seem to have much of an impact on Bitcoin

Elon Musk has not done such an activity this time. He has done such an activity many times before.  He is a man of crazy nature and is always seen taking sudden decisions.  Like he suddenly changed the name of Twitter to X. And now he sold SpaceX's bitcoins. When he first got interested in crypto and started tweeting about Bitcoin and Doge, the price of Bitcoin and Doge skyrocketed.  But nothing much changes in his tweets now.  Because people are slowly giving up trusting him

[armanda90]

Current update I found its not real about SpaceX sold $373M worth Bitcoin, its rumor only publishing by WSJ or watching guru and many people claim as FUD how to make many people are getting panic for selling their bitcoin assets. Based on source information publishing by OP I don't find with announcement or tweet from Elon Musk, actually he always announce to public when investing or selling his cryptocurrency assets exactly last several time active tweet when FUD and FOMO with Doge coin. 
I am waiting some one can show me direct link of Elon Musk tweet he has sold all bitcoin assets investment around 2021 to 2022 and its big amount to make many people get panic for selling their bitcoin assets. Looks worth with this FUD and right now our chance buy back when bitcoin still in dip price and seems difficult to get this chance for buying bitcoin and altcoin with lower price.

[Compromise me]

SpaceX selling all their BTC was just FUD and the other main reason for Bitcoin price dump was Evergrande filing for bankruptcy which was also FUD in the market and on social media. Many new narratives are emerging, but none have been confirmed as the actual reason for the BTC price drop. Now there was going in the social media that the pressure of open interest was so mush that it had to explode, that is why that the price of BTC has dumping.But so far, whatever new is available,it cannot be confirmed that this is the reason why the price of BTC has dumping.