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/

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[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.