Bitcoin price hits the rock as Space X sells all it's BTC holdings

[Majestic-milf]

 Shocking right? Meh, Elon Musk looks to be trending again this year in relation to one of his company selling off Bitcoin. Last year, it was recorded that Tesla sold 75% of it's Bitcoin holdings in Q2 and now, Space X , the aerospace technology firm he owns sells off all it's $373m worth of Bitcoin at the drop of a hat!
This move has further set BTC price to dangle on the precipice because as at yesterday, the digital currency was trading at $28,565.28 but fell sharply to $25,392.05 Thursday night before rebounding to $26,685. In the space of 10mins, it's price falls down to levels only experienced since June 20!
 
 Although, there's no clear cut reason as to why he did it, this is just a bad time for him to develop cold feet and sell because it could trigger other institutional investors to follow suit.
I wonder if this move was borne out of a lack of confidence or just a temporary move by Space X because Elon Musk's moves can be flaky sometimes.

https://www.investors.com/news/elon-musks-spacex-news-sends-bitcoin-tumbling/

[The Sceptical Chymist]

I'm not sure a selloff of $373 million worth of bitcoin would tip the market to the downside, especially if Musk was shrewd enough to sell the btc holdings off in smaller pieces as opposed to dumping it all on the market at once.  Keep in mind that the stock market took a huge whack this week as well, and Musk and/or Space X had nothing to do with that as far as I'm aware.

And dammit, I was hoping bitcoin would break out to the upside after stagnating, but I guess it's back down to $26k for now (and hopefully not much lower).

[@sriyan]

Shocking right? Meh, Elon Musk looks to be trending again this year in relation to one of his company selling off Bitcoin. Last year, it was recorded that Tesla sold 75% of it's Bitcoin holdings in Q2 and now, Space X , the aerospace technology firm he owns sells off all it's $373m worth of Bitcoin at the drop of a hat!
This move has further set BTC price to dangle on the precipice because as at yesterday, the digital currency was trading at $28,565.28 but fell sharply to $25,392.05 Thursday night before rebounding to $26,685. In the space of 10mins, it's price falls down to levels only experienced since June 20!
 
 Although, there's no clear cut reason as to why he did it, this is just a bad time for him to develop cold feet and sell because it could trigger other institutional investors to follow suit.
I wonder if this move was borne out of a lack of confidence or just a temporary move by Space X because Elon Musk's moves can be flaky sometimes.

https://www.investors.com/news/elon-musks-spacex-news-sends-bitcoin-tumbling/

If SpaceX were to sell its Bitcoin holdings, it would be wise for investors and traders to closely monitor the news, market trends, and expert analyses to understand the crypto market. Also, it could potentially impact the market sentiment and the price of Bitcoin, depending on the amount of Bitcoin they hold and the market's reaction.

[Latviand]

And dammit, I was hoping bitcoin would break out to the upside after stagnating, but I guess it's back down to $26k for now (and hopefully not much lower).

Still a good sign for those that's still indecisive about buying bitcoin right? They're basically given a 3k USD discount to buy bitcoin right now.

I'm not sure as to what's the reason why SpaceX sold their hoard but I've read in an article that it's because SpaceX is needing funds or something. Hopefully as many have said, this dip is temporary and hopefully everyone here can get buy bitcoin while it's still in this state.

[Tytanowy Janusz]

Possible FAKE NEWS ALLERT

a lot could have happened. Perhaps they were liquidating the position because they lacked cash for subsequent flights? maybe they needed liquidity for something else? Selling off a big player does not always mean that the market is doomed to fall. By the way, this is what I saw on twitter today:


https://twitter.com/BitcoinMagazine/status/1692295710962483253

Chatgpt:

"wrote down" means that SpaceX officially reduced the value of their owned Bitcoins. In this case, the term "wrote down" refers to the action of decreasing the value of assets, such as Bitcoin, in the company's accounting records. This might indicate that the company recognized that the value of their owned Bitcoins has decreased since their initial purchase.

In short, SpaceX officially decreased the value of their Bitcoins in their financial documents, likely due to the decline in the value of Bitcoin since their acquisition. However, it's important to note that this action doesn't necessarily mean that SpaceX sold their Bitcoins; it simply means that they chose to lower their value in their accounting records.

So they bought higher, now it's cheaper, they recorded a paper loss of $ 300 million in the books. They did not sell bitcoin for $ 300 million. There is no proof they sold even a single bitcoin.

So its all one big fake news made by market manipulator to help close big short, that triggered this massive dump, on profit?

[WatChe]

I'm not sure a selloff of $373 million worth of bitcoin would tip the market to the downside, especially if Musk was shrewd enough to sell the btc holdings off in smaller pieces as opposed to dumping it all on the market at once.  Keep in mind that the stock market took a huge whack this week as well, and Musk and/or Space X had nothing to do with that as far as I'm aware.

And dammit, I was hoping bitcoin would break out to the upside after stagnating, but I guess it's back down to $26k for now (and hopefully not much lower).

According to CMC, Bitcoin has gone down by 7% in last 24 hours and now relatively stable at 26.5K. It may be because of that small sell off of 373 million usd worth of Bitcoin. This is not the first time we saw a dip in price of Bitcoin, there were more sever Blood bath Bitcoin has seen till date. May be its good time to accumulate some more Bitcoin but many of us will start speculating that Bitcoin will go further down and its not good to buy Bitcoin right now.

[EarnOnVictor]

I'm not sure a selloff of $373 million worth of bitcoin would tip the market to the downside, especially if Musk was shrewd enough to sell the btc holdings off in smaller pieces as opposed to dumping it all on the market at once.  Keep in mind that the stock market took a huge whack this week as well, and Musk and/or Space X had nothing to do with that as far as I'm aware.

And dammit, I was hoping bitcoin would break out to the upside after stagnating, but I guess it's back down to $26k for now (and hopefully not much lower).

The sharp fall of yesterday was uncalled for judging by the way Bitcoin had been avoiding much selling in months, but I'm afraid, I've not seen another news to counter what the OP narrated. All of them have been referring to the sale of $373 million worth of BTC by Elon Musk's company and using Space X's official statement to back this up.

Nonetheless, it should baffle anyone how the worth of just $373 million plummeted Bitcoin price that much, yet the psychology behind it isn't far-fetched. The truth is that the economics of the market works differently with different psychology and sentiment. Ordinary rumour could cause a ripple effect in the market, not to talk of action, while some actions are often overrated by speculators.

With yesterday's deal, it's not about the worth but the person/company behind the sale. Elon Musk has been kind of idolised when it comes to cryptocurrency, if his words could move the market so much, how much more is his action?

[Findingnemo]

So they bought higher, now it's cheaper, they recorded a paper loss of $ 300 million in the books. They did not sell bitcoin for $ 300 million. There is no proof they sold even a single bitcoin.

So its all one big fake news made by a market manipulator to help close big short, that triggered this massive dump, on profit?

I wouldn't be surprised if the person behind this short selling is Elon Musk himself.

He is facing losses for a while, especially since the takeover of the Twitter company so he wants something to make his name up on the wall so obviously one of his favorites is crypto so that he can get back the fame while making profits as well.

The price has been tangling in the mid $26K since this news spread hope it doesn't get worse further.

[Mr. Magkaisa]

        -     In my understanding of that article link, this is said to be the reason for the fall in the value of Bitcoin in the market. Because the 371M$ worth of Bitcoin is said to have all been sold. But the problem is that it is still unconfirmed, you know that in these times, what people always read in the news are just headlines. And the journalists, they need to exaggerate the headlines to get more attention.

So without verifying the actual fact, people will panic sell the public companies because they release public documents on their public activities and that's where the profits and expenses of the companies can be seen. in 2021 because Elon Musk acquired an announcement about the public firm certain amount of Bitcoin during these times. That they plan to buy this time 1.5B$ and this also caused the increase of Btc during these times

But this 2023, the sold worth of Bitcoins will be around 184M$, although this is not a big bad news in the market. It's not like Saylor dumping Bitcoins. And it is also not clear why this report came out and why only now? Because the market structure is already bearish and if negative news hits it, it will fall even more, that's as simple as that to understand.

[Yamane_Keto]

So they bought higher, now it's cheaper, they recorded a paper loss of $ 300 million in the books. They did not sell bitcoin for $ 300 million. There is no proof they sold even a single bitcoin.

So its all one big fake news made by market manipulator to help close big short, that triggered this massive dump, on profit?

If we had been patient for several hours before publishing the news, no FUD would succeed in the market, but how can we be patient with these articles that are looking for views more than credibility and shamefully they will publish a link that the news was misleading without even apologizing to the readers.

Bitcoin Magazine
@BitcoinMagazine
The Most Trusted Voice In #Bitcoin

HAHAHA most trusted

I understand that you are trying to find a reason why the price of Bitcoin fell, but search and confirm before you make judgments. So far, there is no official confirmation, and even the WSJ report has an unclear statement.

[Ayers]

 
 Although, there's no clear cut reason as to why he did it, this is just a bad time for him to develop cold feet and sell because it could trigger other institutional investors to follow suit.
I wonder if this move was borne out of a lack of confidence or just a temporary move by Space X because Elon Musk's moves can be flaky sometimes.

https://www.investors.com/news/elon-musks-spacex-news-sends-bitcoin-tumbling/

The news of SpaceX selling their bitcoins is yet to be confirmed as there are also some sources claiming that they sold those bitcoins in Q1 of this year. But the strange thing is that this news has been revived and is said to be the cause of this bitcoin dumping. It's too easy for people to believe what the media says without doing any research.

Moreover, $ 373 million is not too large a number to make the market fall into such extreme panic, with the naked eye we can also speculate and realize that is not the real reason. Why don't we make our own deductions, but only believe what the press reports? Are we too easy for someone to manipulate?
I found this news from social network X and according to the Wall Street Journal, SpaceX has been selling these bitcoins since Q1.

[Majestic-milf]

Keep in mind that the stock market took a huge whack this week as well, and Musk and/or Space X had nothing to do with that as far as I'm aware.

Yeah, I see it now. I doubt Space X supposed selling off Bitcoin stock is the only reason for the downward spiral of BTC price. Some have it that the bankruptcy of China's Evergrande can be responsible, but I think it would take something stronger than these events to impact the price.

And dammit, I was hoping bitcoin would break out to the upside after stagnating, but I guess it's back down to $26k for now (and hopefully not much lower).

We all hope to see it climb up, but at the moment it doesn't seem likely. The sharp drop in price is really making investors think twice about hodling and honestly I won't blame them. Imagine BTC price dropping 8% in less than ten minutes! I doubt that has been experienced before.

[michellee]

Keep in mind that the stock market took a huge whack this week as well, and Musk and/or Space X had nothing to do with that as far as I'm aware.

Yeah, I see it now. I doubt Space X supposed selling off Bitcoin stock is the only reason for the downward spiral of BTC price. Some have it that the bankruptcy of China's Evergrande can be responsible, but I think it would take something stronger than these events to impact the price.

If Space X sells its Bitcoin it will hurt them and I doubt they will do it let alone the news that it is fake news. The price of Bitcoin has no reason to fall, especially now that too many rumors are circulating in the community so we might catch the wrong news.

So it's better not to think too much about what is causing the Bitcoin price to fall so deeply right now. If you are a long-term Bitcoin investor, you shouldn't care about price movements but will see when your opportunity comes to buy lots of Bitcoins. And the opportunity has come again to you and it's up to you to decide to buy it now or still want to wait again.

There is a possibility that the price will remain like this until the weekend. But that's just conjecture and there is also a possibility that the price of Bitcoin will fall even further. What's important is that we can be prepared to buy more Bitcoin if the price does drop further.

[passwordnow]

I'm not surprised, it's just like a ticking bomb that's waiting to be sold. Remember what Tesla did with their bitcoin holdings? They've sold it as well and that's why it's no longer a surprise to me. Honestly, at first thought, I thought that this is all about the ghost month but I don't know much about that month for which I've been always reading about it that the market doesn't go well upon stepping on that time. And so this sell off made by Space X with all of its BTC holdings have probably triggered every huge whale and the retailers as well. The market is on sale, don't buy your emotions, BUY BITCOIN!

[DeathAngel]

I think we were due a significant move any way to be honest. I don’t think this move can be attributed to Musk selling. 373 million $ really isn’t that much these days, in the context of moving the market price. It’s probably just normal, we had a big dump in 2019 when everybody thought we would only go up. There will be a few games before the halving.

[sesterceshop]

Always intriguing how market sentiment can swing on a dime, especially when someone like Elon is involved. The sale might seem significant, but the market is much more complex than that. It's possible that it might have contributed to the recent dip, but the overall market dynamics are far from being solely driven by a single event. Market reactions like these are opportunities for those who see the bigger picture and understand Bitcoin's long-term potential.

[icalical]

The current Bitcoin market cap according to coinmarketcap.com is around $ 510B, so $373M is only like 0.7% of the total market cap. Tho is not a small amount and it will still have some effect on the price, but I don't think it make Bitcoin price plummeting. For now after falling 7% the price seems going back to sideways, and I think this is the lowest the price will be affected by Space X liquidation.

[Coin_trader]

I think we were due a significant move any way to be honest. I don’t think this move can be attributed to Musk selling. 373 million $ really isn’t that much these days, in the context of moving the market price. It’s probably just normal, we had a big dump in 2019 when everybody thought we would only go up. There will be a few games before the halving.

That 373 million $ is really not huge now to dump massively the market but this only true if other traders will not sell too as reaction for that sell-off. We are talking about theoretical selling of Elon Musk without considering the chain effect in the market once some sold a huge chunk of Bitcoin on a indecision phase of Bitcoin.

I really doubt that this Elon Musk news is true since Elon is not dumb to sell on current price while he is so silent when Bitcoin is dumping from ATH. I think he already take profit his asset at the top since he never shill Bitcoin like Saylor did if he really still holds his coin.

[darkangel11]

What have we learned from this?

1. Most journalists can't read and write stupid articles just to get paid. The Wall Street Journal article literally said that SpaceX has not reported to own bitcoin anymore, which means they sold before the WSJ came to know about it, right? This means that they sold last week, or the week before, or at some other, earlier date.
There's not a single proof that could confirm that the recent slide was caused by Musk!

2. The market lacks liquidity and is prone to manipulation. You could see it as some exchanges were crashing to 25k while others reported 26k. This means the price is not the value and there can be a temporary trading price and a real price derived from the weekly or monthly averages. If you see the price much lower than a 30 day MA, it shows the asset is undervalued at the moment and you shouldn't sell.

3. Someone is manipulating the markets by spreading fake news, just like they were doing in 2014 when China was banning bitcoin every single month... People never learn.

4. Bitcoin Magazine sucks.

If you have some money it's a good idea to get more BTC. You'll thank me in a few months

[Dr.Bitcoin_Strange]

Doesn't it smell like a trick, I know? a plot to pull down the market and buy more. The news I saw did not mention the sum of Bitcoin that was sold; it only showed its dollar equivalence, and doesn't it look like it's just some kind of formulated figure? The question is: why will Elon Musk sell his Bitcoin now, when the price is not even that high and the bull market has not started? Well, I think an opportunity to buy just presented itself, but still, the market might not take too long to rebounce, and we can still expect more surprises in the market.

[Silberman]

What have we learned from this?

1. Most journalists can't read and write stupid articles just to get paid. The Wall Street Journal article literally said that SpaceX has not reported to own bitcoin anymore, which means they sold before the WSJ came to know about it, right? This means that they sold last week, or the week before, or at some other, earlier date.
There's not a single proof that could confirm that the recent slide was caused by Musk!

2. The market lacks liquidity and is prone to manipulation. You could see it as some exchanges were crashing to 25k while others reported 26k. This means the price is not the value and there can be a temporary trading price and a real price derived from the weekly or monthly averages. If you see the price much lower than a 30 day MA, it shows the asset is undervalued at the moment and you shouldn't sell.

3. Someone is manipulating the markets by spreading fake news, just like they were doing in 2014 when China was banning bitcoin every single month... People never learn.

4. Bitcoin Magazine sucks.

If you have some money it's a good idea to get more BTC. You'll thank me in a few months

It seems that Elon Musk selling his coins has become the new China banned bitcoin, even if at some point it was confirmed that Elon did in fact sell and this caused the price to go down, who cares? If Elon wants to sell for a cheap price that is his problem not mine, I do not understand why so many people let themselves become influenced by something that has nothing to do with them, bitcoin is still as solid as ever and anyone that can keep holding their coins and get more bitcoin at this price will do incredibly well on the next bull run.

[serjent05]

Possible FAKE NEWS ALLERT

a lot could have happened. Perhaps they were liquidating the position because they lacked cash for subsequent flights? maybe they needed liquidity for something else? Selling off a big player does not always mean that the market is doomed to fall. By the way, this is what I saw on twitter today:


https://twitter.com/BitcoinMagazine/status/1692295710962483253

Chatgpt:

"wrote down" means that SpaceX officially reduced the value of their owned Bitcoins. In this case, the term "wrote down" refers to the action of decreasing the value of assets, such as Bitcoin, in the company's accounting records. This might indicate that the company recognized that the value of their owned Bitcoins has decreased since their initial purchase.

In short, SpaceX officially decreased the value of their Bitcoins in their financial documents, likely due to the decline in the value of Bitcoin since their acquisition. However, it's important to note that this action doesn't necessarily mean that SpaceX sold their Bitcoins; it simply means that they chose to lower their value in their accounting records.

So they bought higher, now it's cheaper, they recorded a paper loss of $ 300 million in the books. They did not sell bitcoin for $ 300 million. There is no proof they sold even a single bitcoin.

So its all one big fake news made by market manipulator to help close big short, that triggered this massive dump, on profit?

If it is fake news, then the release of the news is to manipulate the Bitcoin market.  Probably someone is wanting to buy Bitcoin at very cheap price and do this trick whle other factors are coinciding to what the fake news wanted to do.  News like  Evergrande and the USD strengthening can be a factor for the current Bitcoin dump, plus the many weak hands that follow the market trend.

It looks like this dump has massacred lots of sheep with weak hands.

[JoyMarsha]

Do we really need to blame Elon Musk for everything that occurs in the crypto industry, whether it be good or bad? It seems as though we are making him more significant in the crypto world. And he is delighted that we keep making him the subject of constant conversation.
Since Elon Musk and Space X haven't publicly addressed this, I don't believe they are entirely to blame for the recent drop in the price of bitcoin. These factors could be the cause of the dump in bitcoin price as of yesterday

The market was dumped due to 5 reasons, which are as follows:

• SpaceX sold BTC unofficially means there is still some confusion about it but they need not answer us that either they have sold or not because it is an open market.
• 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

[AmoreJaz]

Do we really need to blame Elon Musk for everything that occurs in the crypto industry, whether it be good or bad? It seems as though we are making him more significant in the crypto world. And he is delighted that we keep making him the subject of constant conversation.
Since Elon Musk and Space X haven't publicly addressed this, I don't believe they are entirely to blame for the recent drop in the price of bitcoin. These factors could be the cause of the dump in bitcoin price as of yesterday

The market was dumped due to 5 reasons, which are as follows:

• SpaceX sold BTC unofficially means there is still some confusion about it but they need not answer us that either they have sold or not because it is an open market.
• 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

we can't deny the fact that huge sell-off has sudden impact on btc market. however, i believe, this is of course temporary. once the dust settles, btc will climb again. though there are other factors which influence the recent drop but spacex's sell-off is a major contributing factor for now. this will pass anyway. check in a few days and you will see btc recovering again. unless, there will be more negative news brewing.

[Faisal2202]

Do we really need to blame Elon Musk for everything that occurs in the crypto industry, whether it be good or bad? It seems as though we are making him more significant in the crypto world. And he is delighted that we keep making him the subject of constant conversation.
Since Elon Musk and Space X haven't publicly addressed this, I don't believe they are entirely to blame for the recent drop in the price of bitcoin. These factors could be the cause of the dump in bitcoin price as of yesterday

When banks or governments lure people into there games to make money then they do need a puppet on which they want to shift all the blame like a fall guy and here Elon has become the fall guy. I am just sharing my thoughts on the matter that's it nothing more.

we can't deny the fact that huge sell-off has sudden impact on btc market. however, i believe, this is of course temporary. once the dust settles, btc will climb again. though there are other factors which influence the recent drop but spacex's sell-off is a major contributing factor for now. this will pass anyway. check in a few days and you will see btc recovering again. unless, there will be more negative news brewing.

I said that because these selling seems to be un digestible, but if Elon is to behind this case then he also must have shorted it to make more profits. Point is nothing to be sure has but spacex selling do have a impact on all the matter but whole shift can not be only driven by this news only. Instead this might started a dominos effect and one by one all other factors must have triggered people to do the selling in panic.

[YUriy1991]

Yes. Previously if we noticed there was more institutional interest starting to enter the crypto market. BTC corrected hard since yesterday where Elon Musk downgraded Bitcoin ownership via SpaceX. Well, It seems that there will be a continuation of the story due to Elon's actions and it is possible that this price reduction will become wider for risky assets, such as stocks or others and also the frequent birth of controversial statements from the chairman of the US Securities and Exchange Commission (SEC), Gary Gensler, who made market players are not excited.

[Sayeds56]

Although the recent downturn in crypto currencies market on last Thursday was primarily triggered by the report that Elon Musk is selling Bitcoins. However several other factors also added to this abrupt plunge. These include such as fear of interest rate increase as indicated by FED in their last statement as well as the news that Chinese major real estate firm Evergrande is filing bankruptcy. These combined negative developments promoted wide spread selling of high risk assets across various markets.

[el kaka22]

As it is shown that space X sold their coins way way before and not anytime recent. Maybe the news itself came out recently and that is why the price went down, but that just means that people reacted to this news and I think it's not the same as them actually making it go down, this is a bit different, this means that we are at a point where people are dropping the price and nothing more.

This is not the same as spacex selling their coins and dropping, because that one would mean that we would just buy it all back and make the price go up again, but because they did it so long ago and this is just market reacting to it, we could say that it's going to be a different situation and market may not react that easily so quickly.

[Fuso.hp]

Maybe they needed cash that's why they sold so much BTC. Not just Space X but anyone who needs cash will sell their BTC holdings. After Space X sold so much BTC the market went down a lot but from that down the market went up again i.e. all of a sudden the market went from $20K to around $27K but today when I observed the Bitcoin market When I did, I saw the price of Bitcoin drop by $25K again. After the Space X Bitcoin sale, the price of Bitcoin came down, but then the price of Bitcoin pumped again, so why did the price of Bitcoin dump again from that second pumping?

[Gyfts]

...

Based on what others have said, I don't know if SpaceX sold its holdings for sure so it can't be tied to Evergrande, but anyone that's been paying attention to the markets as of the last 6 months know that that there's a relatively high likelihood of recession which increases the need for liquidity. Evergrande's bankruptcy was imminent when they defaulted in 2021 and it pointed to the economy in China slowing down, which would cause the global economy to recede in tandem.

[Sim_card]

The drop in price of bitcoin wasn't only because Elon sold such huge amount of bitcoin but it can also be that the Evergrand bankruptcy and recession has also affected bitcoin price to dump. It is not only the cryptocurrency that was affected,the stock market was also affected. But this shouldn't be a problem to us because the price will pump up again. Instead let's use this opportunity to stash our bags with more bitcoin because nobody knows the next price that bitcoin will be. When bitcoin price is sideways for some period of time,there will either be a dump or pump.

[Tytanowy Janusz]

If it is fake news, then the release of the news is to manipulate the Bitcoin market.  Probably someone is wanting to buy Bitcoin at very cheap price and do this trick whle other factors are coinciding to what the fake news wanted to do.  News like  Evergrande and the USD strengthening can be a factor for the current Bitcoin dump, plus the many weak hands that follow the market trend.

It looks like this dump has massacred lots of sheep with weak hands.

If "Evergrande and the USD strengthening" was the case, then stocks and financial markets as a whole would also be at a huge loss. Meanwhile, yesterday the sp500 ended the session at 0, and the key European markets in little minus (like ~-0.5%).

"Probably someone is wanting to buy Bitcoin at very cheap price and do this trick" - this does not necessarily mean that someone wants to buy cheap to earn on increases. Most likely, it's about short profit.

[Franctoshi]

Doesn't it smell like a trick, I know? a plot to pull down the market and buy more. The news I saw did not mention the sum of Bitcoin that was sold; it only showed its dollar equivalence, and doesn't it look like it's just some kind of formulated figure? The question is: why will Elon Musk sell his Bitcoin now when the price is not even that high and the bull market has not started? Well, I think an opportunity to buy just presented itself, but still, the market might not take too long to renounce, and we can still expect more surprises in the market.

I still smell the same that there is some sort of manipulation currently going on with the overall market situation, and when it comes to the game of this business, institutions are smart in every decision that they take, Why would I even think of panic selling my Bitcoin with the current drop knowing fully well that we have few months ahead of the main event (BTC Halving), I resist being fooled, and I can't be fooled twice like what I did in 2017 when I was still a newbie in the game.

[Dr.Bitcoin_Strange]

I resist being fooled, and I can't be fooled twice like what I did in 2017 when I was still a newbie in the game.

LOL, that's great; experience is the best teacher, like they say. The news of Space X selling all its Bitcoin is just some usual random media FUD, and only a newbie investor will be fooled and rush to sell their coin because of the little pullback in the market. At times things like this do happen, and the drop in price can even last longer than Bitcoiners expected, but if the market correction starts, it's usually with a quick move, and during that time, those that sold because of the fall pressure will still regret it.

[Tony116]

Doesn't it smell like a trick, I know? a plot to pull down the market and buy more. The news I saw did not mention the sum of Bitcoin that was sold; it only showed its dollar equivalence, and doesn't it look like it's just some kind of formulated figure? The question is: why will Elon Musk sell his Bitcoin now when the price is not even that high and the bull market has not started? Well, I think an opportunity to buy just presented itself, but still, the market might not take too long to renounce, and we can still expect more surprises in the market.

I still smell the same that there is some sort of manipulation currently going on with the overall market situation, and when it comes to the game of this business, institutions are smart in every decision that they take, Why would I even think of panic selling my Bitcoin with the current drop knowing fully well that we have few months ahead of the main event (BTC Halving), I resist being fooled, and I can't be fooled twice like what I did in 2017 when I was still a newbie in the game.

That's what's going on with this market, crypto is a manipulative market but many people still don't believe it. A market with a relatively modest capitalization compared to other markets and a free market without any regulation, manipulation is inevitable. The news that Elon sold bitcoin was just fake news, but many people quickly believed it to be true and dumped their bitcoins. It shows that there are still a lot of people who are too easily fooled by the news.

Even if the halving is still far away from us, we have no reason to sell our bitcoins because even if it is heavily dumped, a subsequent recovery is certain. So there is no reason to panic and sell our bitcoins.

[Catenaccio]

That's what's going on with this market, crypto is a manipulative market but many people still don't believe it. A market with a relatively modest capitalization compared to other markets and a free market without any regulation, manipulation is inevitable.

Do you know any protective gun for newbies to minimize bad decisions and effects from market manipulation?

The news that Elon sold bitcoin was just fake news, but many people quickly believed it to be true and dumped their bitcoins. It shows that there are still a lot of people who are too easily fooled by the news.

Believe in news and response quickly against news are terrible when you are in a volatile market when most of news are cooked and fud.

Even if the halving is still far away from us, we have no reason to sell our bitcoins because even if it is heavily dumped, a subsequent recovery is certain. So there is no reason to panic and sell our bitcoins.

It is about 249 more days till the halving in 2024 with Reward-Drop ETA date: 26 Apr 2024 03:07:43 UTC

[Alpha Marine]

I'm not sure a selloff of $373 million worth of bitcoin would tip the market to the downside, especially if Musk was shrewd enough to sell the btc holdings off in smaller pieces as opposed to dumping it all on the market at once.

I also don't believe it was the sale of their BTC that caused the dip.
I feel it's what other players in the market begin to speculate that can caused the dip, that's if truly they did sell $373 million worth of bitcoin. Imagine how people will feel if a big corporation as that is selling off that amount of Bitcoin.
This is the reason I believe the market was manipulated. I believe the reports that said these are all rumors.

[eightdots]

Shocking right? Meh, Elon Musk looks to be trending again this year in relation to one of his company selling off Bitcoin. Last year, it was recorded that Tesla sold 75% of it's Bitcoin holdings in Q2 and now, Space X , the aerospace technology firm he owns sells off all it's $373m worth of Bitcoin at the drop of a hat!
This move has further set BTC price to dangle on the precipice because as at yesterday, the digital currency was trading at $28,565.28 but fell sharply to $25,392.05 Thursday night before rebounding to $26,685. In the space of 10mins, it's price falls down to levels only experienced since June 20!
 
 Although, there's no clear cut reason as to why he did it, this is just a bad time for him to develop cold feet and sell because it could trigger other institutional investors to follow suit.
I wonder if this move was borne out of a lack of confidence or just a temporary move by Space X because Elon Musk's moves can be flaky sometimes.

https://www.investors.com/news/elon-musks-spacex-news-sends-bitcoin-tumbling/

Elon may be looking to buy Bitcoin at a lower price. He can wait for another company like him to make a sale. So he can buy Bitcoin at a lower price in advance before the bull run arrives.

The amount of Bitcoin he sells is not an amount that can affect the market very badly. Of course, it caused the price to drop, but it won't take long for the Bitcoin price to recover. As I said before, there was a bearish expectation in the market and I'm not sure if Elon did it on purpose. The price may drop one more level, but then it will rise rapidly.

Bitcoin gives an opportunity to buy again, that's all I'm interested in.

[Silberman]

I'm not sure a selloff of $373 million worth of bitcoin would tip the market to the downside, especially if Musk was shrewd enough to sell the btc holdings off in smaller pieces as opposed to dumping it all on the market at once.

I also don't believe it was the sale of their BTC that caused the dip.
I feel it's what other players in the market begin to speculate that can caused the dip, that's if truly they did sell $373 million worth of bitcoin. Imagine how people will feel if a big corporation as that is selling off that amount of Bitcoin.
This is the reason I believe the market was manipulated. I believe the reports that said these are all rumors.

This was a clear case of manipulation and the most suspect like always are the whales, before this move they could have sold some of their bitcoin in order to accumulate cash, then they scare weak hands and make the price drop, they buy their coins and in a few weeks the price returns where it was, and after this process they obtained some nice profits while their potential profits are now even higher as the next bull run approaches, and if anything it would not surprise me if they try this maneuver a few more times during the next months.

[kawetsriyanto]

So they bought higher, now it's cheaper, they recorded a paper loss of $ 300 million in the books. They did not sell bitcoin for $ 300 million. There is no proof they sold even a single bitcoin.

So its all one big fake news made by market manipulator to help close big short, that triggered this massive dump, on profit?

Well, it is actually still a rumor as long as no proof that Space X, Tesla, or Elon Musk really sold their Bitcoin. Even Elon Musk claimed that he sold their Bitcoin, he can lie us to get an advantage of market drops. How if they are trying to collect more Bitcoin before the end of this year? It is very possible that big whales cooperate together with the media to shake the market by spreading fake news. It is not the first time that media and whales manipulate crypto market, so I'm not so surprised if the news is a big fake only.

By the way, Elon Musk isn't a stupid person. I never believe if Elon Musk wants to sell their Bitcoin for a huge losses. A person like Elon Musk must better to keep their Bitcoin forever than selling them for losses. He isn't a new investor, he is a very very experienced one. It is strange if someone like him to decide exit the market before the market reaches the bullrun season. 

[Lanatsa]

So they bought higher, now it's cheaper, they recorded a paper loss of $ 300 million in the books. They did not sell bitcoin for $ 300 million. There is no proof they sold even a single bitcoin.

So its all one big fake news made by market manipulator to help close big short, that triggered this massive dump, on profit?

Well, it is actually still a rumor as long as no proof that Space X, Tesla, or Elon Musk really sold their Bitcoin. Even Elon Musk claimed that he sold their Bitcoin, he can lie us to get an advantage of market drops. How if they are trying to collect more Bitcoin before the end of this year? It is very possible that big whales cooperate together with the media to shake the market by spreading fake news. It is not the first time that media and whales manipulate crypto market, so I'm not so surprised if the news is a big fake only.

By the way, Elon Musk isn't a stupid person. I never believe if Elon Musk wants to sell their Bitcoin for a huge losses. A person like Elon Musk must better to keep their Bitcoin forever than selling them for losses. He isn't a new investor, he is a very very experienced one. It is strange if someone like him to decide exit the market before the market reaches the bullrun season. 

Im having on the same thoughts too on which its impossible that he would really be loading off those coins in huge loss considering on whats his entry point or purchasing price with those coins then he wont really

be that dumb on selling it on huge losses but rather i do believe that it is really just that good to be hold until the bull run time comes. He wont really be that become a billionaire if he doesnt really know on how
that basic buy low sell high kind of principle and he could really definitely make out some lies about selling those coins and getting in line with those manipulators which its true that it isnt really that shocking
that everything is just really for the show and shaking off weak hands is never been that something new. They do always love on doing things like this just to have that kind of advantage on buying at the bottom.

On the time that positive news come out then same concept on trying out to hype to lure in investors and then this is the best time for them to release and sell out their bags.
Its a common cycle but there are lots of people who do got liquidated and losing up their investment which its just really that a normal thing on this market.

[rikybrosh]

it is proof that rich people or whale still has power to influence or manipulate bitcoin price. I think is a good chance for other rich people to buy btc at lower price. He is not the only one rich person in this world, maybe if other rich people see opportunity to earn profit in bitcoin investment then they will get involved in it.

[noorman0]

it is proof that rich people or whale still has power to influence or manipulate bitcoin price. I think is a good chance for other rich people to buy btc at lower price. He is not the only one rich person in this world, maybe if other rich people see opportunity to earn profit in bitcoin investment then they will get involved in it.

They don't have that kind of power directly, and still I don't think that Musk's intention of selling bitcoin was to create a scene. We don't know about the actual financial health of his company, but that could be a reason.

Bitcoin circulation is too widespread,Elon musk can only influence his followers sentimentally, as can other bitcoin whales.

[Tytanowy Janusz]

Well, it is actually still a rumor as long as no proof that Space X, Tesla, or Elon Musk really sold their Bitcoin. Even Elon Musk claimed that he sold their Bitcoin, he can lie us to get an advantage of market drops. How if they are trying to collect more Bitcoin before the end of this year? It is very possible that big whales cooperate together with the media to shake the market by spreading fake news. It is not the first time that media and whales manipulate crypto market, so I'm not so surprised if the news is a big fake only.

If you're talking about Q2 2022 and elon "dimon hands" appeared to be "paper hands" than elon was not selling. TESLA was. And TESLA is a regulated public company listed on the US Stock Exchange. It has its own investors and is accountable to them. Keeps accounts and must make them available to investors. So there is no way for Tesla to say that it sold bitcoin and in fact bought. There are relevant paragraphs and high penalties for this.

Another thing could be that Tesla could sell openly to drive down the price and Elon could buy secretly with private money. And the very loss that Tesla recorded could be Elon's profit (thus efecting in withdrawal of capital from the company). But I honestly doubt that would be the case. It is more likely that Elon simply chose the wrong timing with investing in BTC. the rich make mistakes too.

[TravelMug]

it is proof that rich people or whale still has power to influence or manipulate bitcoin price. I think is a good chance for other rich people to buy btc at lower price. He is not the only one rich person in this world, maybe if other rich people see opportunity to earn profit in bitcoin investment then they will get involved in it.

They don't have that kind of power directly, and still I don't think that Musk's intention of selling bitcoin was to create a scene. We don't know about the actual financial health of his company, but that could be a reason.

Bitcoin circulation is too widespread,Elon musk can only influence his followers sentimentally, as can other bitcoin whales.

Or we really don't know if Elon Musk has sold his bitcoin. There are a lot of speculations that he didn't, but we will know the truth once they released their financial statement and open it to the public.

But so far though, it seems the news has settled down a bit, we've seen strong showing of price and recovery about $26k already. And if by chance we hit $27k or higher, then we will forget about this FUD on how Elon Musk sells their BTC or not.

[puloweh555]

I'm not sure what SpaceX is doing by selling $373 million worth of bitcoins to the market. My prediction is that BTC will fall between 26k if it doesn't stay at 20k. Next up will come the April 2024 Halving. My advice is if you have a lot of money, don't go all in with all the money, but gradually and consistently.

Because if you know candlesticks, every minute of every month there is a new candlestick, if I personally look at candlesticks at the age of a month. so every month it issues a new candle, and also issues a new price. now all you have to do is find the bottom of the candlestick, when there is an uptrend you will know the results and why not everything is all in, because the market is not all green, so buy when it is red sell when it is green, don't reverse!!

Because I read some news about bitcoin, from the past there were issues of bitcoin going down to 13k to 10k and now it says it's going down to 26k it will go down to 20k, this news will continue for years and still the price of bitcoin is even more expensive.

Notes: Don't be sensitive to hot money (loan money, emergency money, money for consumption, etc.).

Because Mental will be different when using hot money with cold money.

[stomachgrowls]

I'm not sure what SpaceX is doing by selling $373 million worth of bitcoins to the market. My prediction is that BTC will fall between 26k if it doesn't stay at 20k. Next up will come the April 2024 Halving. My advice is if you have a lot of money, don't go all in with all the money, but gradually and consistently.

Because if you know candlesticks, every minute of every month there is a new candlestick, if I personally look at candlesticks at the age of a month. so every month it issues a new candle, and also issues a new price. now all you have to do is find the bottom of the candlestick, when there is an uptrend you will know the results and why not everything is all in, because the market is not all green, so buy when it is red sell when it is green, don't reverse!!

Because I read some news about bitcoin, from the past there were issues of bitcoin going down to 13k to 10k and now it says it's going down to 26k it will go down to 20k, this news will continue for years and still the price of bitcoin is even more expensive.

Notes: Don't be sensitive to hot money (loan money, emergency money, money for consumption, etc.).

Because Mental will be different when using hot money with cold money.

Keep DCA'ing on the time that it would really be making up some splurge and we do know that halving is fast approaching on which it would really be just that normal that there might be some decrease before it would

rocket out its price. This is why we should really be that wise on taking up some actions rather than on freaking out on whats happening currently. Yes, its not really that easy to say because there would really be lots of things that would really be hindering us out in speaking with our investment decisions just because of market unpredictability. You would definitely be trying out to catch that bottom which is something that cant be known.
About for SpaceX on selling his coins, do we really think that Elon would really be that dumb on selling out his coins on losses? No one would ever do such thing.

This is why i do highly believe that it was really just that pure FUD and just making things to dip its price of the entire market.I dont believe that there was a sell off made by SpaceX but rather
it is really that something that manipulative move which is not really that shocking or surprising at all on this market. This is what its better to be wary and getting used to it.

[ChiBitCTy]

I honestly don’t know how Elon musk has done as well in business as he has. I personally think he’s a moron. Maybe not intelligence wise, but personality wise which I don’t think affects his businesses.

If you’ve ever watched the round table discussion with him, Cathie wood and Jack Dorsey you’ll realize he’s got no true clue how bitcoin works. He acted like a complete and utter buffoon during the the whole thing. Was embarrassing.

[Fortify]

Shocking right? Meh, Elon Musk looks to be trending again this year in relation to one of his company selling off Bitcoin. Last year, it was recorded that Tesla sold 75% of it's Bitcoin holdings in Q2 and now, Space X , the aerospace technology firm he owns sells off all it's $373m worth of Bitcoin at the drop of a hat!
This move has further set BTC price to dangle on the precipice because as at yesterday, the digital currency was trading at $28,565.28 but fell sharply to $25,392.05 Thursday night before rebounding to $26,685. In the space of 10mins, it's price falls down to levels only experienced since June 20!
 
 Although, there's no clear cut reason as to why he did it, this is just a bad time for him to develop cold feet and sell because it could trigger other institutional investors to follow suit.
I wonder if this move was borne out of a lack of confidence or just a temporary move by Space X because Elon Musk's moves can be flaky sometimes.

Elon is only looking out for himself right now. He made a complete joke of himself by overpaying for twitter by maybe 20 billion dollars and it is bleeding money on top of that, while also losing extra value because he is has zero self control and spouts so much nonsense that it scares away advertisers. He only got into crypto because he saw how much he could sway the price, in many other fields this would be classified a pump n dump or insider trading - he was lucky to avoid the regulators in many situations. He is simply happy that bitcoin somewhat recovered from the lows, because you better believe he was buying when it was worth $40k+ per bitcoin and has probably still lost money overall on it.

[Bushdark]

it is proof that rich people or whale still has power to influence or manipulate bitcoin price. I think is a good chance for other rich people to buy btc at lower price. He is not the only one rich person in this world, maybe if other rich people see opportunity to earn profit in bitcoin investment then they will get involved in it.

Just imagine that we know that the Crypto market is going to fall like the way we experienced it, this would have bring a huge profits to us because we would have set a sell limit with a big leverage that is going to earn us a very huge profits. The market is being manipulated always and we that don't understand how the market works will never know what we are missing and those things we don't know.

 A big whale can decided to sell part of his Bitcoin to crash the market and buy back again when the market falls to earn more profits for himself. This is what most whales do and inform others to do the same that is why when the make a speculation, it does go in there direction mist time.

[Majestic-milf]

Elon is only looking out for himself right now. He made a complete joke of himself by overpaying for twitter by maybe 20 billion dollars and it is bleeding money on top of that, while also losing extra value because he is has zero self control and spouts so much nonsense that it scares away advertisers.

You sound as if you just discovered that part about him now. You know, money has a way of messing with your thinking process, making it look normal to make stupid and careless decisions for your business and covering it up with the stupid excuse of "you lose money to make money".
I feel his acquisition of Twitter was his worst investment ever and the rumour mill had it that the Twitter deal (now X) was brokered as a result of the discomfort Jack Sweeney presented to him. It alleged the college student was tracking Elon's private jet. I mean, this is such a ridiculous reason to acquire something you are now struggling to keep afloat.
 It's only Elon that can buy over a business like Twitter today, fire it's top officials in less than a week and still go on to say "I want a platform that is advocates freedom of speech"..now, thats not gonna work, especially with how dictatorial he is?

[JeffBrad12]

I honestly don’t know how Elon musk has done as well in business as he has. I personally think he’s a moron. Maybe not intelligence wise, but personality wise which I don’t think affects his businesses.

If you’ve ever watched the round table discussion with him, Cathie wood and Jack Dorsey you’ll realize he’s got no true clue how bitcoin works. He acted like a complete and utter buffoon during the the whole thing. Was embarrassing.

I do sometimes think that way but then again he has scored the feat of becoming a billionaire, but seeing his business decision lately I think he has made quite controversial business decision which make many doubt his capabilities.
maybe he himself just too lazy to truly understand what bitcoin is for his main purpose was simply getting money of it, right now his company is liquidating the investment that they made few months back which i'm pretty sure maybe this decision was also influenced by elon musk, regardless though doesn't matter, market could contain this dumping very well, hopefully that it won't affect the future bullrun of bitcoin in general.
its good that finally some institutional investors are empty their crypto assets, at least less massive dumping in the future.

[Silberman]

I do sometimes think that way but then again he has scored the feat of becoming a billionaire, but seeing his business decision lately I think he has made quite controversial business decision which make many doubt his capabilities.
maybe he himself just too lazy to truly understand what bitcoin is for his main purpose was simply getting money of it, right now his company is liquidating the investment that they made few months back which i'm pretty sure maybe this decision was also influenced by elon musk, regardless though doesn't matter, market could contain this dumping very well, hopefully that it won't affect the future bullrun of bitcoin in general.
its good that finally some institutional investors are empty their crypto assets, at least less massive dumping in the future.

Once a person reaches a level of wealth it does not matter much what their true capabilities are as they can always find the right person for the job and pay them to work for them, in the case of Elon I can only imagine three possible scenarios to explain what we are seeing, he is just an eccentric but when it comes to his job he is really good, he was really good on the past but his mental capabilities are decaying, or finally the guy just got lucky and he simply was at the right place at the right time.

[KiaKia]

Whether Tesla dumps Bitcoin or not this dump may have happened somehow, some people believe that it's not from Tesla but from China, As for me I don't care, I am grateful that the dump took place, I secured a new bag anyway, and now I am sitting on some stable coin for the possible dump in coming months, once the halving is over non of these tough times will matter again.

The only way new money can find its way into crypto is after every massive dump, How it's going to happen is none of my business but manipulators, whoever they are will make sure it happens, for them to secure a nice entry price.

[2double0]

This is why, when we say institutions are too good for crypto, they are too dangerous as well and we should not forget that. There are rumors roaming all around that Greyscale might get some liquidations (I don't know how they will get liquidated when all their positions were spot bought) as told by a friend, and there are certain companies on whom the sword is hanging that if btc crashes down to 12k or less, many big institutions will get their positions liquidated and we might see a sharp selling in the market. Elon was one good example when traders used to react to everything he posted and now we are seeing the results.

[Mate2237]

If it is one of his companies then the other companies are still hodling bitcoin so by you saying that he sold all his bitcoins is not a correct information again. Even though the bitcoin in Space X were sold out by Elon Musk, and I don't think that can reduce the price of bitcoin because other whales are there in the market, there are other factors that also contributed to the downside of the bitcoin market recently though Space X is also part of it but not only it.

Since this new year of 2023 this is the second time bitcoin is come to this low price but I can't remember the last low price but I know that it has reduced some months ago. And since when this bear price has started, it has not gone below $25k. And it is always on the $26k. It has been for there for some days now. And this is the last week in this month so bitcoin price will end this month with $26k. And I believed this will be the minimum price market in the blockchain.

[Gozie51]

The only way new money can find its way into crypto is after every massive dump, How it's going to happen is none of my business but manipulators, whoever they are will make sure it happens, for them to secure a nice entry price.

This is why the opinion of majority of bitcoin retailers is that the market is manipulative. When they want to shake up market and get cheaper coin, they will do a massive dump and create that unnecessary artificial panic and that will get small traders to panic and dump hard until the whales start to buy them back. It is a circle that someone need to be knowledgeable on.

[Silberman]

The only way new money can find its way into crypto is after every massive dump, How it's going to happen is none of my business but manipulators, whoever they are will make sure it happens, for them to secure a nice entry price.

This is why the opinion of majority of bitcoin retailers is that the market is manipulative. When they want to shake up market and get cheaper coin, they will do a massive dump and create that unnecessary artificial panic and that will get small traders to panic and dump hard until the whales start to buy them back. It is a circle that someone need to be knowledgeable on.

True, but it is no a cycle that is difficult to understand, those at the top of the food chain will try for things to go their way, and if this means bending the rules a little bit then they are going to do it, I am pretty sure everyone has experimented this at some point on their lives, the issue here is that traders sell their coins for a huge loss and then a recovery for them becomes very difficult, especially if they do not learn their lesson quickly, as whales will try to keep using this tactic several times before the bull run comes.

[Cryptomultiplier]

A rich man's problems is always his to bear. It's clear that all the businesses Elon owns was acquired with investors money more and bonds. Crypto is just a way I think Elon could keep his billions safe from the clutches of the fiat taxation and regulatory system. It could also be easier for him to use crypto to make payments for mechanical parts of his projects.
I partially believe one reason as to why SpaceX sold its BTC holdings is also to meet up the mounting deficit rate that the company has had to incur after acquiring Twitter and further spending on redesign and rebranding.
Well, I don't know how that relates actually, but for effing sake, SpaceX(Elon) could just be doing so because he can, who cares anyways?

[poodle63]

Whether Tesla dumps Bitcoin or not this dump may have happened somehow, some people believe that it's not from Tesla but from China, As for me I don't care, I am grateful that the dump took place, I secured a new bag anyway, and now I am sitting on some stable coin for the possible dump in coming months, once the halving is over non of these tough times will matter again.

The only way new money can find its way into crypto is after every massive dump, How it's going to happen is none of my business but manipulators, whoever they are will make sure it happens, for them to secure a nice entry price.

seems like the wisest decision there is, if it truly coming for space X then there's nothing we can do honestly these dumping are already anticipated considering the fact that institutional investors tend to have timeframe for their investment and eventually just gonna dump their coin altogether.
at least right now the market could contain the dumping, people are still seeing bitcoin value beyond $25K thats why many are still bagging the coins despite knowing institutional investors are dumping it.
at the end of the day the opportunity of entry for those that eager to invest become gold opportunity to make profit off the dumping just within short amount of time.

[STT]

If he was never using it I do wonder why he bought the BTC, what purpose did it serve for him.  Should a company sending rockets be speculating on commodities they have no direct interest in, its hardly the fault of BTC what the misguided ideas of the buyers may have.
   Elon is bearish on the Dollar I suppose, well thats a hard argument to carry because its macro economics.  The idea of bearish dollar has been in play maybe longer then he has been alive, it has declined yet it remains here as the largest most referenced currency.  Elon has some good ideas but fighting over this USD forex play, fiscal deficits or whatever his personal take might be and expecting some profitable trade to result in a few years is not one of them.