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

[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.