Big surprise in mid-August - Do not panic!!!

[fzkto]

It was reported that SpaceX bitcoin holdings which amounts to $373 million according to WSJ has been sold. This came after it was reported that WSJ discovered documents of SpaceX financial records. But this doesn’t add any substantial evidence because they didn’t report any information whatsoever as to when the sale was done and Musk himself didn’t disclose anything even after this news broke out. So we could simply say it is just  speculation by People.

I agree with you, I also do not think that the reason for the decline is the sale of SpaceX holdings because as you mentioned, Musk himself did not reveal anything after the spread of this news. In addition, it is unlikely that Musk would sell his Bitcoin holdings at a price lower than the purchase price, this is far from businessman thinking.

There may be more than one reason for this sudden decline, including, for example, the interest rate hike in the United States of America, as well as the news of huge sales and long liquidations in many exchanges such as Binance, Coinbase, Kraken, and others.

In any case, yes, there is no need to panic, because this is not the first time, and it is certain that Bitcoin will return to its position soon.

I too believe that SpaceX is not the cause of this drop. It is not uncommon for large amounts of bitcoins to be bought and sold on the cryptocurrency market, and this is usually not the cause of a large drop or rise in price. Just now someone successfully created a rumour that caused a panic. We may not know the real reason, or if it is something serious, we will find out about it later.

[Dave1]

It was reported that SpaceX bitcoin holdings which amounts to $373 million according to WSJ has been sold. This came after it was reported that WSJ discovered documents of SpaceX financial records. But this doesn’t add any substantial evidence because they didn’t report any information whatsoever as to when the sale was done and Musk himself didn’t disclose anything even after this news broke out. So we could simply say it is just  speculation by People.

I agree with you, I also do not think that the reason for the decline is the sale of SpaceX holdings because as you mentioned, Musk himself did not reveal anything after the spread of this news. In addition, it is unlikely that Musk would sell his Bitcoin holdings at a price lower than the purchase price, this is far from businessman thinking.

There may be more than one reason for this sudden decline, including, for example, the interest rate hike in the United States of America, as well as the news of huge sales and long liquidations in many exchanges such as Binance, Coinbase, Kraken, and others.

In any case, yes, there is no need to panic, because this is not the first time, and it is certain that Bitcoin will return to its position soon.

I too believe that SpaceX is not the cause of this drop. It is not uncommon for large amounts of bitcoins to be bought and sold on the cryptocurrency market, and this is usually not the cause of a large drop or rise in price. Just now someone successfully created a rumour that caused a panic. We may not know the real reason, or if it is something serious, we will find out about it later.

There could be deeper cause of the massive drop, it could be SpaceX or some bad news in China that I read.

Regardless though, we should remain calm from this kind of downward spiral, it's not the first time that we suddenly see the price going down fast without any rational explanation, so this is such one good case.

Maybe when everything settles down, we will finally see reasons, but for now, no need to panic sell, just saying.

[Nheer]

I've been taking a short break from my work for the past two days - and WOW was I totally shocked when I know the price of bitcoin having dropped so much the previous day. I was wondering what this was all about - but my quick search says Elon Musk seems to be one of the reasons for the decline.

I was shocked too and a bit disappointed, I don’t usually check the price of Bitcoin often but just a few days back when I checked it’s price it was around 29k then all of a sudden the price dropped so fast and i saw it to be around 26k. I was surprised but wasn’t really bothered about it because this is not the first time we are witnessing such fall in price and every cryptocurrency enthusiast would know what to expect, we are all aware that bitcoin is volatile and the price can move in any direction. It has even below 20k and still bounced back so definitely it will still rise again. I only felt bad for my brother who recently invested in bitcoin, he invested some days back and his first encounter was a fall in price, such experience always discourages someone but it’s even better so he would not always expect an increase in it’s value.

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

Similar price crashes have occurred, and the market has always recovered gradually. Sometimes this process merely requires time, but it always happens. There must have been some sort of incident someplace which might possibly be the result of a massive sale of bitcoin someplace and from what I've heard, it has to do with Elon Musk's and SpaceX's interests. Although we don't know for sure, only large investors can have such a significant impact on the price of bitcoin. Let's just hope it doesn't drop any more but if it eventually does, there's no need to panic, we simply need to take advantage of the opportunity to keep acquiring more bitcoin.  We have experienced worse days, so let's continue buying the dip.

[Aanuoluwatofunmi]

So far I haven't really cared much about market volatility - but the current market conditions have reminded me of the FTX crash. Not sure when the market will recover even though I'm not too affected by the volatility. My hope is only one; avoid panic - just hold your bitcoin and accumulate.

Anyone that have already invested should hodl, if they allow fear grid their mind to release and sell then they are going to miss the future experience for a bullrun, if hinge like this happens and when the market demands is lower and the supply increases, there's more likely possibilities for the price to go low for more investors to have an opportunity to buy and accumulate, all these are part of the preparation for the upcoming halving whereby we are going to see the market rising to all time high, keep holding and don't panic.

[$crypto$]

Well the panic is for weak heart people (novice investors) who cant see the market bleeding. While for investors with strong nerves its a shopping time a Bitcoin is available on discounted price aka 26000$.

There are news that current dip is because of SpaceX selling its Bitcoin holdings. Whats important is that its not the first time we seeing Bitcoin dip. Bitcoin always came back strongly after such dips. Just stay strong and HODL. Bitcoin is going no where. Halving is just round the corner.

Not novice investors but panic also in old investors considering this is the fastest time to be bearish, who doesn't panic when the price of bitcoin is in a long sideways but suddenly falls to $25k of course some of them are a little panicked or FOMO from other news.

When SpaceX sells all these bitcoins the news must always be associated, how once FTX fell the whole market was red at that time we were still able to survive for this time too there should be no problem because it will not be a low price but rather return to the support point predicted by experts before.
I think this is normal.

[Kemarit]

I think it's too late though, I mean there are already who sold that's why it has a domino effect on the market right now -11% in the last 7 days, ouch. But it seems that it has settled down a bit, prices going back to $26,000 and most likely those who come to their senses right now might have think that they messed up because of their panic selling.

So let's wait for this month of August to settle down, we have another 2 weeks to go and hopefully for all the glory and marbles, we can go back to $30,000 so that all are anxieties for this month will be forgotten.

[Sexylizzy2813]

- but my quick search says Elon Musk seems to be one of the reasons for the decline.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

[BITCOIN4X]

- but my quick search says Elon Musk seems to be one of the reasons for the decline.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

Come on, the market will recover without a doubt, but of course it will take time.
After all such big dumps have happened before and bitcoin is again able to prove that it is simply the result of a panic or a big sell off from an institution or a whale.

I believe bitcoin won't take long to recover above $30k, but I'm not too sure it will recover during August. Market conditions are still too panicked even about something that is not yet valid.

[ScamViruS]

Everything that happened in the market was expected, but it was unexpected for many traders that it happened so quickly. Elon Musk's name is involved in the recent unstable market but I think there are many reasons behind this, not just SpaceX selling Bitcoin. Bitcoin market will recover from this situation but it will take time. Bitcoin whales want to strengthen their position and this dump gives them maximum opportunity to accumulate more bitcoins. As a result of the recent dump, many big whales have faced big losses and their big big positions have been liquidated, so looking at their situation here, it is clear that the market movement has exceeded their expectations.

I am positive here, as a result of this market dump, the market will get more momentum to go uptrend, before the last bull market started, a lot of Fud was created in the market and those who took smart moves at that time were the ones who enjoyed the bull market to the maximum. So instead of panic selling, staying positive will be the best decision.

[adaseb]

- but my quick search says Elon Musk seems to be one of the reasons for the decline.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

Musk selling isn’t a big deal. Especially since this was a small position anyways and we knew he would eventually sell since he sold 80% or so already.

The reason why we crashed so hard is due to poor liquidity. Nobody is trading now. It’s summer and the books are thin. And we had many leveraged longs who went long in June and July and they were the reason we took a big dump. Many people liquidated and nobody left to take the trade on the other side.

[avp2306]

- but my quick search says Elon Musk seems to be one of the reasons for the decline.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

Musk selling isn’t a big deal. Especially since this was a small position anyways and we knew he would eventually sell since he sold 80% or so already.

The reason why we crashed so hard is due to poor liquidity. Nobody is trading now. It’s summer and the books are thin. And we had many leveraged longs who went long in June and July and they were the reason we took a big dump. Many people liquidated and nobody left to take the trade on the other side.

It gather attention because he is influential but if we look at the bigger picture he is not dictating all of the movements since his holdings cannot actually affect bitcoin if people will not panic on his action done. Much better for people is to stay  relax since scenarios like this always happen and to avoid losses much better they should not sell and wait for bitcoin price recover. I see a lot of negative sentiments on current situation and we can't blame other to get stress on situation since maybe they are new for this and they don't know how to deal with such movements.

[TravelMug]

- but my quick search says Elon Musk seems to be one of the reasons for the decline.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

Musk selling isn’t a big deal. Especially since this was a small position anyways and we knew he would eventually sell since he sold 80% or so already.

The reason why we crashed so hard is due to poor liquidity. Nobody is trading now. It’s summer and the books are thin. And we had many leveraged longs who went long in June and July and they were the reason we took a big dump. Many people liquidated and nobody left to take the trade on the other side.

And probably it triggered though the news of Elon Musk selling and so it has a domino effect on the market. And talking about poor liquidity, its been months that we have been trading sideways and so it's just a matter of time before we can have a break out run to the upside or the downside.

It's just so unfortunate the we went on a downside because of this whole Elon Musk selling and it seems it become a FUD and sends panic to the investors again. And after that it's obvious panic selling next pushing it down to it's lowest at $25k.

[slaman29]

I honestly don't know what the fuss is. Bitcoin flash crashes and flash rallies. Normal.

People panic in these moments, but only when it goes down. For some reason, big rally and everyone FOMOs with silly predictions and that's ok, nobody says don't panic, right OP?

And this whole week people said waiting for the dip lol

Sentiments do change depending on the current situation.

But you're right with that, if there have been bull runs then people are going to say that it's going to be down. And the same goes when the market is on high, the opposite is being said.

While we're on the top, people are saying that they will wait until it dips so they can buy more.

And when the dip comes, they don't know what to do and won't buy.

But that's not exactly what I meant by my post. What I meant was now there's a flash crash, everybody generally says: stay calm don't panic.

But if the opposite happens and market flashes up, nobody says: stay calm don't fomo. They get excited and start buying into the fomo, some even saying 1 million is coming.

What do you think OP? Have you been guilty of that?

[KingsDen]

- but my quick search says Elon Musk seems to be one of the reasons for the decline.

I don't understand, what has he done to make the price to fall with so much force like I never thought it would be this way. Must he be on the negative side or what? I wish investors should not entertain FUD rather they should hold.

Come on, the market will recover without a doubt, but of course it will take time.
After all such big dumps have happened before and bitcoin is again able to prove that it is simply the result of a panic or a big sell off from an institution or a whale.

I believe bitcoin won't take long to recover above $30k, but I'm not too sure it will recover during August. Market conditions are still too panicked even about something that is not yet valid.

The effects of panic in Bitcoin price cannot be overemphasized. One thing about panic is that the more panic is coming the more the price is dumping and the more the price is dumping there will be more panic and if that continues to happen, it means a very major good news to upturn the whole process.

As I am looking at the market condition presently. I do not think that there is any such good news that will upturn the market this time around. The major good news we are waiting for is the halving.
Meanwhile, the market moves up and down, and as we talk now it is somehow above 26 thousand dollars, which means it is improving. Some minor news that could also moved market is microstrategy coming in at this time. Since Elon Musk has done his own  negatively.

[inthelongrun]

Only newbies that aren't familiar with the price history of bitcoin panic. Or maybe those people that invested amounts that they cannot afford to lose or amounts that are expected to be utilized short term hence they cannot afford a huge downward swing. Apart from them, many are happy since they can buy bitcoin at a cheaper price. I am waiting for bitcoin price to drop back to $25k for months already so this is an opportunity for me. Although I woke up at $26k already and I just bought quickly thinking it may rise quickly.

[jossiel]

Sentiments do change depending on the current situation.

But you're right with that, if there have been bull runs then people are going to say that it's going to be down. And the same goes when the market is on high, the opposite is being said.

While we're on the top, people are saying that they will wait until it dips so they can buy more.

And when the dip comes, they don't know what to do and won't buy.

But that's not exactly what I meant by my post. What I meant was now there's a flash crash, everybody generally says: stay calm don't panic.

But if the opposite happens and market flashes up, nobody says: stay calm don't fomo. They get excited and start buying into the fomo, some even saying 1 million is coming.

What do you think OP? Have you been guilty of that?

Ohh, it's the opposite that I've understood.

However, that also happens and the same as what you've meant. Anyway, I think that many are guilty of that and even some or many of the forum members as well.

I am also do guilty of that but that was before not until I've planned all of my buying patterns and sequences that usually happens when there's a crash.

[Falconer]

OP, I'll admit that we had a big shock this mid-August, but it's not bad. Some people hope bitcoin goes lower because they want to buy a lot, while many of us hope price goes up and continues to break resistance. Both of these expectations are very likely to occur because bitcoin is traded freely without control, it's just that it's all influenced by many factors.

Since January 2023 I don't really expect bitcoin to drop lower to $20k, but given the one or two things that could be considered FUD then $20k seems like a possibility. $20k probably won't happen if the market recover again and the panic subsides a bit, meaning increased demand should land us at new support for bitcoin. Let's see what happens over the end of august, I think recovery will happen instead of a deeper decline.

[MFahad]

Bitcoin is reducing in price from few weeks and now its almost 26k$ but its not a time of panic but instead of it everyone who wants to get more profit should buy at this rate.
There was alots of prediction about the enhancement of price that we will see Bull season in coming months but all the predictions proves to be wrong as the price goes against these predictions.

Actually all the news have some impacts on the price so if this news arise so may be this is true news therefore the price get reduces but it also indicates that if price remains low then there will be no effect of halving on Bitcoin's price as the interest of people reduces due to spread news.

[_BlackStar]

-snip-

It was reported that SpaceX bitcoin holdings which amounts to $373 million according to WSJ has been sold. This came after it was reported that WSJ discovered documents of SpaceX financial records. But this doesn’t add any substantial evidence because they didn’t report any information whatsoever as to when the sale was done and Musk himself didn’t disclose anything even after this news broke out. So we could simply say it is just  speculation by People.

Yes - as far as I can believe to this day, the information looks like speculation.
I ignore the many rumors about what caused the decline - sometimes they make absolutely no sense to believe because they are simply telling assumptions. But really - let's consider this all speculation.

But just like you have stated above, it is certainly a time not to panic but to even accumulate more if the funds is there. But we all know not many will heed to this mostly those who invested to get a short time gain, so holding for long will be a big challenge for them. That’s why the advice is always to invest with money that isn’t need for a long time

Of course it is a challenge for anyone to be a holder in the long term instead of taking short term profits. Indeed this was all based on their individual plans - so their decisions had to be the best for themselves. I'm just saying avoid panicking so they don't sell at a loss - but their risk tolerances must be different so I'm not blaming the selloff.

Today the market has not recovered - but this is just small move. Buying advice may be useful if they are on an investment budget - but always leave a few percent for DCA in case prices drop lower.

[JoyMarsha]

~
My hope is only one; avoid panic - just hold your bitcoin and accumulate.

Whoever ever panics about the price of Bitcoin, in my opinion, doesn't understand anything about the crypto market, and he doesn't need to invest in it to keep his emotions in check. If you lack the necessary mental capacity, stay far away from investing in crypto. That's the piece of advice I gave to the newbies. Accumulating bitcoin at this declining price is the best idea for someone who believes in bitcoin and has the patience to do that.

Whatever the current state of the crypto market may be, one thing is for certain. The downturn won't last forever. Focusing on the short term but not the long term can only cause panic.