No, Elon Musk's SpaceX Isn't the Cause of This Multi-Billion-Dollar Bloodbath

[stompix]

Finally seems that I found some articles that don't go by the same stupid narrative blaming Spacex and Musk for everything
https://www.coindesk.com/markets/2023/08/18/no-spacex-isnt-the-cause-of-this-multi-billion-dollar-bitcoin-bloodbath/

Before going to what the article says, I must add I'm surprised everytime how people in the crypto world always look for always for the easiest answer, price goes down:
- IT'S FUD! FUD!! FUD is to blame!  of course, with 90% not even knowing what the acronym stands for.
- Then it's a single culprit, obviously, someone who criticizes Bitcoin, a simple handy scapegoat is needed! Musk! Buffett!
- the last stage obviously's the evil gubbermint! Forgetting that for months before every single one of them was laughing at how the evil governments are not able to hurt Bitcoin, now when they see only red candles it's the same impotent government that is somehow not that impotent anymore!

As usual, the real cause it's not any of those

Some pointed to space exploration company SpaceX’s supposed bitcoin sales – an unsubstantiated claim – while others said the bankruptcy of China Evergrande's may have had something to do with the fall. However, neither of these events are the probable cause.
- Professional traders say market structure and liquidations were a likely reason for the sudden drop instead of a singular fundamental catalyst. The market has also been relatively illiquid and flat – creating conditions ripe for sudden movements.
- Some fundamental catalysts, however, are the rising interest rates in the U.S., as previously reported.
“U.S. interest rates are rising to multi-year highs. The 10-year yield has pushed to 15-year highs. This is bearish risk assets in general,” Harland added. “If this sell-off in bonds continues we could see continued negative price action in risk assets into the weekend.”

Who could have thought of that? I mean it's not like the stock market did the same without Elon selling Spacex....
https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-china-fed-deflation-bonds-bankruptcy-2023-8

Right? Right??? 

[Oshosondy]

Elon Musk allowed Tesla payment with bitcoin. Later he said rubbish, discontinue bitcoin as one of the Tesla payment option. Later he said he will only accept the coin that uses 1% of bitcoin energy. Later he accepted doge which was what we thought about. Elon Musk manipulation in the past can make people to link him to what that draged bitcoin downside.

As for me, I have been predicting that bitcoin price may fall, we posted about it on the speculation board. $30000 has been the resistance and the market was very less volatile. After long less volatility, the market will later become more volatile in one direction. Bitcoin was going down to $29000, $28500. That was when we expected more volatility, but bitcoin went up instead and $30000 was the support again. It decreased back to $29400. Very boring market. As it decreased below $28500 again, people should guess that bitcoin price may fall. $26000 was predicted to be the resistance but if bitcoin go down to $23000/24000 and stay there for like three days, the price may fall to or below $20000.

They were just speculations from analyses and it happened. There are a lot of things that may cause the fall, it is indicating already that such a thing may happen. I will not link this to Elon Musk, but kind of linking to it which may not be 100% but you what some holders and traders can do when the heard that people like Elon Mush sold huge amount of bitcoin. They will sell and the price will fall.

I do not care about if Elon Musk did anything, but I know that as bitcoin fall in price, I have more bitcoin to buy with the same amount of fiat that I can use to buy at higher price. What a greater opportunity.

[Artemis3]

Exactly, whatever the reason, opportunity for cheap bitcoin, get while supplies last!
As for Musk, lets not forget the Twitter altcoin thing.

[Hamza2424]

Hmm, I do agree that the initial fabricated news and the Dip were quite expected by some of the factors that increased the total impact of the crash, after Ellon Musk's fabricated news I did find another reason for the market crash which I found quite unrelatable but after reviewing their impact on the crypto market time I did realized it also can be a reason Ever-Grande.

Also, a point to be considered here is that we ignored in the initial stage that as Spacex news spread after the crash, not this news caused the panic market well, whatever it was it seems like this caused as much damage as the FTX crisis in the market. There were other reasons as well which can say and consider but the event passed now what to get from it. Except for Ellon Musk was not responsible haha. In WO or somewhere I think I had already read that at the time when everyone was blaming the SpaceX someone said it's not him.

Rest the case  and Buy some in cheap and enjoy.

[Ucy]

The Bull is charging backward in order to rush forward in full speed to break a resistance and hit a new high.. . Centralized fundamentals no longer affect the market... When you hear a new high will be hit then expect a pullback like this.
And that again is a good opportunity ride the bull to the top.

[thecodebear]

Finally seems that I found some articles that don't go by the same stupid narrative blaming Spacex and Musk for everything
https://www.coindesk.com/markets/2023/08/18/no-spacex-isnt-the-cause-of-this-multi-billion-dollar-bitcoin-bloodbath/

Before going to what the article says, I must add I'm surprised everytime how people in the crypto world always look for always for the easiest answer, price goes down:
- IT'S FUD! FUD!! FUD is to blame!  of course, with 90% not even knowing what the acronym stands for.
- Then it's a single culprit, obviously, someone who criticizes Bitcoin, a simple handy scapegoat is needed! Musk! Buffett!
- the last stage obviously's the evil gubbermint! Forgetting that for months before every single one of them was laughing at how the evil governments are not able to hurt Bitcoin, now when they see only red candles it's the same impotent government that is somehow not that impotent anymore!

As usual, the real cause it's not any of those

Some pointed to space exploration company SpaceX’s supposed bitcoin sales – an unsubstantiated claim – while others said the bankruptcy of China Evergrande's may have had something to do with the fall. However, neither of these events are the probable cause.
- Professional traders say market structure and liquidations were a likely reason for the sudden drop instead of a singular fundamental catalyst. The market has also been relatively illiquid and flat – creating conditions ripe for sudden movements.
- Some fundamental catalysts, however, are the rising interest rates in the U.S., as previously reported.
“U.S. interest rates are rising to multi-year highs. The 10-year yield has pushed to 15-year highs. This is bearish risk assets in general,” Harland added. “If this sell-off in bonds continues we could see continued negative price action in risk assets into the weekend.”

Who could have thought of that? I mean it's not like the stock market did the same without Elon selling Spacex....
https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-china-fed-deflation-bonds-bankruptcy-2023-8

Right? Right??? 

I mean it was a combo of things. The price did drop from like $27k to $25k or something right after the market found out Musk dumped all of SpaceX's bitcoin. But of course it had already dropped from $29k to $27k leading up to that. It was a combo or negative real estate / interest rate news (not bad for bitcoin but just bad for global economy), liquidations, and SpaceX, and Coinbase futures also got accepted and I wouldn't be surprised if people sold on that news as well as futures generally are looked at as a negative thing since it just allows more shorting of the market and no upside (no actual buying of bitcoin). All this stuff happened at once basically. But yeah, SpaceX news definitely dropped the market a good bit on its own cuz that's exactly when the crash to $25k happened, but it was multiple things all happening within 24 hours or so that caused the several thousand dollar drop.

[ImThour]

I mean no one is blaming him and there are millions of articles online published as anyone and everyone is a journalist now with a 10 dollar domain with WordPress installed on it.
It doesn't matter however, he surely does damage to the Bitcoin community by doing stupid things and preferring shitcoins over Bitcoin. His idea to implement Doge logo on Twitter/X was a clear example. I still don't understand why hes not booked for manipulating the trading markets with his stupid ass tweets in 2021/22.

[franky1]

I still don't understand why hes not booked for manipulating the trading markets with his stupid ass tweets in 2021/22.

he did not do anything in 2021...
he filed his normal december 2020 SEC filings.. then CRAP PRESS MEDIA picked up on it in feb-march 2021 and THEY spread gossip about elons purchases months after the actual purchase

also he is avoiding bitcoin gossip recently to avoid causing manipulation to bitcoin... however doge is just a joke so he can manipulate that to however anyone sees fit.. doge is a joke after all.

as for this year elon didnt say anything about bitcoin involved in spaceX this month.. again CRAP PRESS started rumours

[Faisal2202]

I was also shocked to see how everyone was and still blaming Elon for all this dump. Instead, we all know the markets were in less volatility which you are calling flat and illiquid too but in such conditions a piece of bad news and some influence must have triggered the dominoes effect but much good news came up why that news did not put the positive trend in the BTC price while the unofficial selling of BTC by SpaceX triggered this Flat and Illiquid state of Market which influenced BTC price to make high volatility outcomes.

The point is, if the Devaluation of the Chinese Yuan, High Yield Bonds, High-Interest rates are just minor factors then something must have triggered the domino effect for the flat market.

[Poker Player]

Actually we cannot be 100% sure, but it is good to know this perspective, because among the possible causes I had not heard about market structure and liquidations. Anyway, FUD spreads very fast and I imagine that the bankruptcy of Evergrande together with the news of the sale of Bitcoin by SpaceX, even though it had happened some time ago, somewhat influenced the market downwards.

[hugeblack]

Whoever thinks that the reason for Elon Musk, SpaceX or China Evergrande does not want to search carefully and even the reasons mentioned in the article are not accurate. If you follow technical analysis, you will not need a reason to worry about the price of Bitcoin unless it drops below 24600. If this happens, then it must To look for a reason because it will take a long time for us to return to the levels of 30 thousand dollars, but the price rebounded quickly when it reached 25400, and therefore we are still in the range of 24500 to 40900.

So the most realistic reason is the liquidation operations, in addition to the failure to break the resistance level with weak trading volumes.

[Synchronice]

Finally seems that I found some articles that don't go by the same stupid narrative blaming Spacex and Musk for everything
https://www.coindesk.com/markets/2023/08/18/no-spacex-isnt-the-cause-of-this-multi-billion-dollar-bitcoin-bloodbath/

Before going to what the article says, I must add I'm surprised everytime how people in the crypto world always look for always for the easiest answer, price goes down:
- IT'S FUD! FUD!! FUD is to blame!  of course, with 90% not even knowing what the acronym stands for.
- Then it's a single culprit, obviously, someone who criticizes Bitcoin, a simple handy scapegoat is needed! Musk! Buffett!
- the last stage obviously's the evil gubbermint! Forgetting that for months before every single one of them was laughing at how the evil governments are not able to hurt Bitcoin, now when they see only red candles it's the same impotent government that is somehow not that impotent anymore!

As usual, the real cause it's not any of those

Some pointed to space exploration company SpaceX’s supposed bitcoin sales – an unsubstantiated claim – while others said the bankruptcy of China Evergrande's may have had something to do with the fall. However, neither of these events are the probable cause.
- Professional traders say market structure and liquidations were a likely reason for the sudden drop instead of a singular fundamental catalyst. The market has also been relatively illiquid and flat – creating conditions ripe for sudden movements.
- Some fundamental catalysts, however, are the rising interest rates in the U.S., as previously reported.
“U.S. interest rates are rising to multi-year highs. The 10-year yield has pushed to 15-year highs. This is bearish risk assets in general,” Harland added. “If this sell-off in bonds continues we could see continued negative price action in risk assets into the weekend.”

Who could have thought of that? I mean it's not like the stock market did the same without Elon selling Spacex....
https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-china-fed-deflation-bonds-bankruptcy-2023-8

Right? Right??? 

It's natural instinct, relief and easy to blame someone. By the way, I don't really understand what's wrong with Elon's SpaceX selling bitcoins? Maybe he needed all the fiat from his bitcoin reserves, why shouldn't he do that? He isn't married to Bitcoins. But people do dumb things, trade with x10 margin and then get in trouble.
By the way, I really wonder, how would SpaceX trade thousands of bitcoins? Where do they trade? What kind of agreement do they make? Does anyone have any clue about that?

Elon Musk allowed Tesla payment with bitcoin. Later he said rubbish, discontinue bitcoin as one of the Tesla payment option. Later he said he will only accept the coin that uses 1% of bitcoin energy. Later he accepted doge which was what we thought about. Elon Musk manipulation in the past can make people to link him to what that draged bitcoin downside.

It's not Elon Musk's fault that people are stupid and looking for messiah who will give them unlimited money without work.

[cryptomaniac_xxx]

Whoever thinks that the reason for Elon Musk, SpaceX or China Evergrande does not want to search carefully and even the reasons mentioned in the article are not accurate. If you follow technical analysis, you will not need a reason to worry about the price of Bitcoin unless it drops below 24600. If this happens, then it must To look for a reason because it will take a long time for us to return to the levels of 30 thousand dollars, but the price rebounded quickly when it reached 25400, and therefore we are still in the range of 24500 to 40900.

So the most realistic reason is the liquidation operations, in addition to the failure to break the resistance level with weak trading volumes.

Yes, it's most likely there is some liquidity issues, like the volume is very weak in the very beginning as we are just trading sideways for quite sometime now.
But then again, there are panic sellers here and we can't really blame them if they hear like someone is selling specially Elon Musk. It has a ripple effect causing the market to dump -11% or higher in the last couple of days.
At least though we have realized what's the real reason behind. But it's always like that, we are too late to analyzed but FUD'sters are quickly to take advantage of it and make it look bad to push others to sell. Could it be manipulation? probably as the whales were able to buy cheap bitcoin and scoop it away from newbies again.

[yudi09]

At first I thought that Elon Musk was doing the stupid thing again by selling all the assets that were circulating behind the sudden drop in prices.
We had discussions and tried to find out from several sources whether it is true or not that the cause behind the decline in bitcoin prices was due to the news on Elon Musk's SpaceX.

In the cointelegraph article which reports that one of Elon Musk's companies, namely Tesla, is following the submission of the US Securities and Exchange Commission which plans to buy a large number of crypto assets. In the cointelegraph article with another title that we found in it, we found that the financial statements of one of the Tesla companies did not show sales and purchases of assets recorded in 2021.



After seeing this report, we believe that it is most likely not the main reason for the decline in the bitcoin price.

[Bureau]

This may be the right time for anyone to take an entry and wait till halving. Of course there is a risk involved as in all kind of investment. I don't want to know the reason for this big dip as most of them are speculation. There can be multiple reason behind it but if you are a trader that this is the right opportunity to gain profit in by next year.

[DapanasFruit]

As part of our human nature, people will always be looking for reasons for anything that happened and in the case of Bitcoin fall there must be a scapegoat somewhere. We have to understand that Elon Musk did not sell his Bitcoin just days ago...what happened days ago was the report of that sell so it could have been a month ago or even more. Anyway, since he bough Bitcoin using the money of his company he has all the right to sell it anytime regardless on what will happen to the market - this is still a capitalist economy we are talking here.

[stompix]

If you follow technical analysis,

Sorry, but following TA is the same as following Musk tweets!

People have a fear of the unknown and they try to combat this fear with past experiences, the same with TA, you look back and decide intervals and averages and you think you have found the holy grail. But never!!!! past history is reproduced in the future accurately, none of those TA have in them anything like
- CB interest rates charge (future and past)
- bonds interest
- inflation
- positive or negative laws being enacted

You can't just look at charts and say tomorrow will be like this because MACD or RSI when tomorrow the FED might slap you with a 100-point interest rise that will turn everything upside down. Charts are great when you have zero events in the past and zero events waiting for in the future and everyone is doing exactly as predicted and no one is missing any budget or profit or revenue. But no chart can predict or take into account an invasion of Taiwan or CZ dying in a hotel with all the cold wallet keys hidden somewhere nobody knows where.

So in short, no! Following some old patterns right now is the same as analyzing how many goals and assists Harry Kane has when playing against a team that has C in their name.  

It's natural instinct, relief and easy to blame someone. By the way, I don't really understand what's wrong with Elon's SpaceX selling bitcoins?

When it's about their own money people tend to forget about the basic principles and start trying to impose what others should do with theirs.
It's great when you buy and you become a hero, much like Saylor has (despite calling Bitcoin a Ponzi scheme before ) but god forbid you sell before them!
I always said:
- not your keys not your coins
- my keys, my coins, my decision, none of your business!

[kryptqnick]

Yeah, Elon Musk's influence diminished, and I don't think it's significant on the Bitcoin's price nowadays. So the assumption that SpaceX is to blame for the decrease of the price isn't convincing to me either.
10% isn't nothing, but it's not that big of a deal either. An explanation that the drop is due to the market's nature seems reasonable to me, although I wouldn't look for any explanation when a price is down 10% because it's not a huge drop when it comes to Bitcoin.

[adaseb]

There is a lot of speculation and even some conspiracy theories about the dump that we just had.
Many think it’s due to SpaceX but they most likely sold OTC and they sold in small batches and didn’t cause this market sell off. You can’t dump $300M with a market order even during a liquid time such as New York session.

Other are saying it’s blackrock doing this to get cheap bitcoins. Don’t think that’s true either because I don’t think blackrock cares whether they acquire their bitcoins at $20K or $30K because they are just launching the trust and will profit off the management fees, they don’t care if it goes up or down in price.

Whomever buys the etf will indirectly be buying the bitcoins and not blackrock. They might need an initial amount for the launch and that is it.

[panganib999]

Thing is, even though the media sensationalized this, they wouldn't have gotten the news if nothing short of awry happened on SpaceX's part. Where there's smoke there's fire basically. Not pinning the blame on anyone here as it's bound to happen eventually (some large-scale company with bitcoin holdings selling all their assets or most of it at some point during or before the bull run), so it's not like it's something that blindsided the whole industry. At the end of the day it's not over for bitcoin, we're a few short months before 2024. Bitcoin's got a good track record of keeping up and pumping like crazy just before the halving happens. Let's cross our fingers and hope that the same thing happens this time.