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

[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.

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[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.