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

[user210822]

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??? 

Like it was stated by someone else above: what FUD are we talking about?! The amount of transaction is overhelming! First US investigators sold something like a few hundred million worth of BTC. Now this story. Could anybody explain me how this could possibly go unnoticed at the Open Blockchain? Every transaction is absolutely transparent and displayed live in Blockchain only. So how any fraudster could possibly went uncovered? And how is it got "reported" by  mass-media if not in attempt to let the track got lost so no evedence remain to open that kind of fraud?!

[AmoreJaz]

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.

do remember, people are always looking for the possible culprit of what's happening in the market. and as we have seen, this sudden decline to about 26k will keep people asking for the reason behind such downward motion. and now, even if we say, Musk's company sold some of their bitcoin months ago, they will still blame him because it is just now that they are learning that they sold those huge chunk of bitcoin. they need someone to blame on this bloodbath. but the thing is most people forget to learn the truth and so spreading fud for no basis at all.

[Ale88]

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.

People should be sick and tired of Elon Musk and all his BS. It's clear that he tries to manipulate the market, probably for him it's just a way to kill some time, and the worst thing is that he can actually ruin people's life because out there it's full of stupid people who will buy or sell depending on his tweets.

[boyptc]

I think that I am one of those that have believed that it's SpaceX's fault that did start it and then everyone starts panicking and selling on their own. Usually, that's how it goes when there's a big news that comes out all of a sudden.

It creates the fear especially to the small ones and several factors added on it. At least for me, that's what I think the major factor for the dump because of the buzz it made.

And whoever made this or probably paid for this did again a successful thing for giving exposure to SpaceX and mostly for Elon Musk once again. So it's like whatever the crowd is shouting, we'll also shout for it.

[erep]

do remember, people are always looking for the possible culprit of what's happening in the market. and as we have seen, this sudden decline to about 26k will keep people asking for the reason behind such downward motion. and now, even if we say, Musk's company sold some of their bitcoin months ago, they will still blame him because it is just now that they are learning that they sold those huge chunk of bitcoin. they need someone to blame on this bloodbath. but the thing is most people forget to learn the truth and so spreading fud for no basis at all.

Every bullish or bearish movement must have a cause that supports the market movement towards the positive side or vice versa depending on the influence of news from valid sources. However, if traders are too focused on following crypto news it will cause losses because they panic sell their assets when bearish news comes like SpaceX has sold bitcoin assets a few days ago. Supposedly if all traders are wise to respond to certain news then I make sure the price of bitcoin will not drop significantly if without the influence of the panic that underlies the decline factor a few days ago, actually I don't care about any news related to Elon and his company, he is very controlling with statements that have no value. supports bitcoin even though he has bitcoin assets, even though microstrategi also has bitcoin assets and many other people who hold bitcoin assets are higher than elon but they don't corner negative news against crypto.

[serjent05]

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.

Things won't happen without any reason, though liquidation can also be triggered by the events happening in the global economy, liquidation itself is too general but obviously, we buy that even without knowing the real cause of it.  If the technical analysis is so precise, those TA experts won't even give an "if or else" statement.  This simply means that these TAs is also guessing what will happen next.  I do not downgrade the importance of knowing TA and FA but in the Bitcoin market, prediction involving technical analysis is often got shamed.

I think that I am one of those that have believed that it's SpaceX's fault that did start it and then everyone starts panicking and selling on their own. Usually, that's how it goes when there's a big news that comes out all of a sudden.

It creates the fear especially to the small ones and several factors added on it. At least for me, that's what I think the major factor for the dump because of the buzz it made.

And whoever made this or probably paid for this did again a successful thing for giving exposure to SpaceX and mostly for Elon Musk once again. So it's like whatever the crowd is shouting, we'll also shout for it.

Whoever staged this current incident is clever to shake weak hands into selling their BTC and create a temporary domino effect.

[davis196]

- 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!

I wonder why would a space company like SpaceX own Bitcoins. What's the point? Space companies are supposed to build rockets, not trade on the cryptocurrency markets.
Anyway, the trading volumes on the crypto markets were decreasing, there was little to no demand for BTC and many traders decided to sell. When there's big supply and low demand, the price does down. I also assume that the price drop triggered some stop loss orders, which sold more BTC automatically, which caused the price to go down even further. It's not like we've never seen this happening before in the Bitcoin market. The bad news coming the Chinese economy and the Blackrock Bitcoin ETF decision getting postponed also have a small impact over the BTC price. There's no reason for drama here.

[legendbtc]

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.

do remember, people are always looking for the possible culprit of what's happening in the market. and as we have seen, this sudden decline to about 26k will keep people asking for the reason behind such downward motion. and now, even if we say, Musk's company sold some of their bitcoin months ago, they will still blame him because it is just now that they are learning that they sold those huge chunk of bitcoin. they need someone to blame on this bloodbath. but the thing is most people forget to learn the truth and so spreading fud for no basis at all.

Even many people have realized this is fake news but still continue to blame Elon for feeling frustrated because their investment is declining. People always find a way to blame anyone when they are hurt and fail to acknowledge their weakness in managing their investments. What's more interesting is that the people who always say they expect bitcoin to drop more to buy more are the ones who are harshly criticizing Elon for this unexpected drop. It is difficult to understand what many investors have in their mind.

[someone703]

I still see the fact that he has always been the source of all the volatility problems in this market, from participating in buying bitcoin in the previous period, manipulating the price of dogecoin as well as bringing memecoin dump, and he's absolutely always been part of the stories. And this time I'm not sure if it wasn't for Elon and Tesla, the market would still be in its previous state, maybe there will also be bad news coming to dump the price of btc, anyway this market is still too much small when it is still subject to strong volatility from the news sometimes if taken as a whole it is only a small part, and also the domino effect will accompany the sentiment of everyone in the market.

[yhiaali3]

In any major drop in Bitcoin, everyone will blame Elum Musk, which is normal, given his bad history of constantly manipulating Bitcoin in his favor.

Even if he is not really responsible for the decline, once the rumor spreads, many weak people will rush to sell and the decline will increase. I am not saying that he is the reason, but I am describing the reality.

In any case, what I care about is not the decline because it is a good opportunity to buy more, but what worries me is the high volatility that hinders global adoption because volatility prevents large institutions or even the government from adopting Bitcoin. As for the price drop, it is temporary.

[Minor Miner]

In any case, what I care about is not the decline because it is a good opportunity to buy more, but what worries me is the high volatility that hinders global adoption because volatility prevents large institutions or even the government from adopting Bitcoin. As for the price drop, it is temporary.

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency. But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

[yhiaali3]

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency. But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

I wouldn't say you are selfish, everyone has a personal point of view and I respect all points of view.

I'm not going to say that I don't want to profit from the volatility of Bitcoin but if you ask me my opinion I would say that I prefer global adoption over the temporary profit of investing in volatility.

Yes, we are all looking for money and profit, especially with the continued inflation and high prices, things have become much more difficult, but we must look beyond that and hope for a better future for Bitcoin, because violent fluctuations not only prevent adoption, but give governments the opportunity to constantly attack Bitcoin and say that it is a highly volatile and unreliable asset.

[boyptc]

I think that I am one of those that have believed that it's SpaceX's fault that did start it and then everyone starts panicking and selling on their own. Usually, that's how it goes when there's a big news that comes out all of a sudden.

It creates the fear especially to the small ones and several factors added on it. At least for me, that's what I think the major factor for the dump because of the buzz it made.

And whoever made this or probably paid for this did again a successful thing for giving exposure to SpaceX and mostly for Elon Musk once again. So it's like whatever the crowd is shouting, we'll also shout for it.

Whoever staged this current incident is clever to shake weak hands into selling their BTC and create a temporary domino effect.

And we're going to see it anytime soon just like this recently and also in the past, I've seen this strategy before.

In any major drop in Bitcoin, everyone will blame Elum Musk, which is normal, given his bad history of constantly manipulating Bitcoin in his favor.

As long as he's making himself relevant to the market, he'll keep saying and doing things that are connected to the market just as what the Space X did.

It will not be surprising if the time comes again that he's get to talk a lot about Dogecoin or any crypto that he thinks he needs to boost or discount just as what always happens for Bitcoin.

That's like there's always a big factor why the market pumps and dumps other than the demand that it gets.

[lionheart78]

In any case, what I care about is not the decline because it is a good opportunity to buy more, but what worries me is the high volatility that hinders global adoption because volatility prevents large institutions or even the government from adopting Bitcoin. As for the price drop, it is temporary.

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency.

High volatility serves as the fuel in the early years of Bitcoin to get the interest of traders and investors. It is also one of the initial factor of adoption, luring traders to the Bitcoin market for the possible profit from high volatility of Bitcoin.  Aside from that, Bitcoin although high volatile, it has a good liquidity that anyone can sell their BTC anytime without changing much of value except if the seller is purposely pulling the price of BTC down.

But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

Isn't Bitcoin a currency even with its high volatility? And the adoption had been happening regardless of its high volatility.  These three things, high volatility, wide acceptance of Bitcoin and cryptocurrency is happening with Bitcoin.  I do not know the reason why you still think Bitcoin is not currency when it is created to function as such.

[Lanatsa]

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency. But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

I wouldn't say you are selfish, everyone has a personal point of view and I respect all points of view.

I'm not going to say that I don't want to profit from the volatility of Bitcoin but if you ask me my opinion I would say that I prefer global adoption over the temporary profit of investing in volatility.

Yes, we are all looking for money and profit, especially with the continued inflation and high prices, things have become much more difficult, but we must look beyond that and hope for a better future for Bitcoin, because violent fluctuations not only prevent adoption, but give governments the opportunity to constantly attack Bitcoin and say that it is a highly volatile and unreliable asset.

We might be sharing up with the same insights and impressions but there would really be those people who would really be thinking up different which it isnt really that something wrong though when it comes comes to those points on which it is really that still valid specially on making profits on volatility but if you are really that optimistic in regards to Bitcoins potential and overall usage and relevance then these kind of
things like having those FUDs and really those shit claims and naming about or against Bitcoin would really be pissing you off since we know that it isnt really that true.

Well, each person or investor does have its own approach about these movements but honestly im not really that shock anymore if there would really be some sudden news that would pop out and
turns out that these news could neither make out some huge impact on the price or not and its really hard to determine whether this is a legit or real news or simple those false things just to make FUD.
It do really sucks if you do fall out with that kind of news and you have made out some movement or altering out your decisions just because of that.

[Minor Miner]

Everything has two sides, mate. High volatility not only hinders global adoption but is also part of the reason bitcoin cannot become a currency. But that's good for investors like us, the more volatility, the higher the chance of making a profit. We can't be greedy and want high volatility and wide acceptance of bitcoin or become a currency. We need to make a choice, and I would choose volatility because self-interest still needs to come first. Though you would say I'm selfish.

I wouldn't say you are selfish, everyone has a personal point of view and I respect all points of view.

I'm not going to say that I don't want to profit from the volatility of Bitcoin but if you ask me my opinion I would say that I prefer global adoption over the temporary profit of investing in volatility.

Yes, we are all looking for money and profit, especially with the continued inflation and high prices, things have become much more difficult, but we must look beyond that and hope for a better future for Bitcoin, because violent fluctuations not only prevent adoption, but give governments the opportunity to constantly attack Bitcoin and say that it is a highly volatile and unreliable asset.

Everyone wants bitcoin to become globally popular because then it will trigger a crazy bull run when demand outstrips supply. But with such high volatility, does it really stand a chance of being adopted globally? That's what I mean, if bitcoin becomes globally popular but loses volatility then I prefer the opposite idea.

I think the government attack on bitcoin is not due to volatility but rather the decentralized nature of bitcoin. They don't like things they can't control.

Isn't Bitcoin a currency even with its high volatility? And the adoption had been happening regardless of its high volatility.  These three things, high volatility, wide acceptance of Bitcoin and cryptocurrency is happening with Bitcoin.  I do not know the reason why you still think Bitcoin is not currency when it is created to function as such.

Satoshi created bitcoin to be a peer-to-peer currency, not an asset for speculation, but what are we turning it into? And what is more realistic is that I want to ask you, are you investing in bitcoin or are you using bitcoin as currency? Are you willing to spend it on everyday expenses or do you just accumulate it as much as possible?

[NotATether]

Surprise, I didn't even notice that the market went down. 

Prices still look more or less the same to me.

It's like every time the price goes up or down by a few thousand dollars, our first instinct is to point to either a) Elon Musk and any of his tech companies or b) whichever corp is selling their bitcoin at the time.

BTW, do you guys think that PayPal are dumping their crypto profits on the market in exchange for cash? (/s)

[Outhue]

You can say whatever you want, the question that I still can't get over is why now? Bitcoin was at the critical levels and losing that level will make Bitcoin go down to 17k, how is this not a manipulation? Losing that critical level of support will create panic and fear, they know this that's why they did it.

Whatever this cause might be, I believe it's planned out, Elon was part of it and so the China news, but anyway I still believe that the bull market is already happening, we are still on track and the worst that could possibly happen is seeing 17k again.

[Frankolala]

Whenever bitcoin dumps or pumps investors and speculators will always find a reason for that. This was why some people came up with Elon selling some portion of his bitcoin investment and Evergrand bankruptcy in order to console themselves or to use it as a reason to sell as the price drop due to panic.

Since the market is short of liquidity this will affect the price to dump,but I see it as an advantage for people to accumulate more bitcoin and wait for the better days that the price will be bullish. I have this strong feelings that the dump in price will create for bitcoin to break the resistance of 30k barrier and pump above 31k when it start moving upward.

[rdbase]

- 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!

I wonder why would a space company like SpaceX own Bitcoins. What's the point? Space companies are supposed to build rockets, not trade on the cryptocurrency markets.
Anyway, the trading volumes on the crypto markets were decreasing, there was little to no demand for BTC and many traders decided to sell. When there's big supply and low demand, the price does down. I also assume that the price drop triggered some stop loss orders, which sold more BTC automatically, which caused the price to go down even further. It's not like we've never seen this happening before in the Bitcoin market. The bad news coming the Chinese economy and the Blackrock Bitcoin ETF decision getting postponed also have a small impact over the BTC price. There's no reason for drama here.

They should more likely be holding doge coin since the whole community for this altcoin are always mentioning 'To the moon!' if you ever go to their reddit or twitter channel or feeds.
Sending any sort of amount on a hardware wallet along on one of their rocketships would be more or less be pointless. It will be as a publicity stunt. Nothing more.