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Topic: SpaceX sold $373M worth Bitcoin, reason of current dump - page 6. (Read 789 times)

legendary
Activity: 1554
Merit: 1139
Did they had an urgent need for cash?
My thoughts for real and that be, after reading the part of the referred document in OP which states as follows;

Quote
The news outlet reportedly viewed documents on the firm’s financials showing roughly $5.2 billion in total expenses for 2022, and $5.4 billion in 2021 and 2022 for acquiring property and equipment in addition to research and development costs.

That's just a snippet from the original and you could with that colluded that Musk group after spending about $10.6billiom in expenses, they've got go reciter some or get some profits from all there investing.
The issue with them having to sell now is that  they sold when the market isn't in its full bloom as we hope this to happen next year but, you never can tell, it could be a dump to bug back strategy, Musk is good for it so, the game is on those that would follow and sell instead of increasing there portfolio. No point being impatient or entertaining fear here, know Musk and know how tricks, it ain't new.
sr. member
Activity: 1554
Merit: 334
You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.
That's why I follow that fool so I know what shitcoin I should buy in hopes that he will pump it and then I can profit from it and then buy myself more bitcoin. The insiders are probably making bank right now, especially those that was involve directly with the dump. To all the people asking if it's a good time to buy bitcoin right now, I think this event should be enough as an answer to your question if not then you're probably missing out.
legendary
Activity: 3122
Merit: 1140
Have you see how dumping Bitcoin? If not you are missing red chart. Here is the reason why current dump happened.

https://cointelegraph.com/news/spacex-sold-bitcoin-acquired-2021-2022-report


You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.
Thanks for the share up, i wasnt able to read up with the current news or events on the recent dump of Bitcoin which it did really hit up that 25k mark. Lots of sure who got liquidated specially to those who had made out some long position. Good for those who shorted.  Cheesy

Im not really that too impulsive with these kind of situations about those sudden sells that do happen specially into those companies who had bought on earlier years.There's always an specific time that they would really be releasing those bagholds and would really be resulting that devastation in the market but come to think that having that -4k usd in price decline is really just like an ordinary condition or situation here on this space.
For those who had been dealing with this market for couple of years wont really get shocked nor get surprised with this sentiment.

Good time to bag hold more. Feel sorry for those who had been liquidated. hehe
hero member
Activity: 1554
Merit: 880
Notify wallet transaction @txnNotifierBot
Why hate to the business, it's a nature a business to buy and sell their investment assets. This is always what i'm saying regarding to Microstrategy, people are so hype when a business buys bitcoin yet become so negative when they sell as if they are not required to do that.

Well, i don't think its the main reason though as for OmegaStarScream pointed out, but i guess it's more on fud.
legendary
Activity: 2814
Merit: 1192
Have you see how dumping Bitcoin? If not you are missing red chart. Here is the reason why current dump happened.

https://cointelegraph.com/news/spacex-sold-bitcoin-acquired-2021-2022-report


You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

The article doesn't say when Musk sold his bitcoin. It only says that in the recent filing the company confirmed that they sold. The recent filing wasn't today! They had to sell then report it and then someone wrote an article about the report. Get it? This means that a drop from 31.8k to 30k was possibly them selling, but the crash below 28k wasn't.

I'd say these were liquidated longs that caused it. Maybe some Chinese investors were holding bitcoin and seeing a possible crash on Chinese stock market sold everything, including BTC. That caused a long liquidation cascade and here we are.

More cheap bitcoin! I'm fine wit that. Wasn't planning to do anything before the halving anyway.

hero member
Activity: 1834
Merit: 879
Rollbit.com ⚔️Crypto Futures
I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what caused this?

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/
Thanks for point us in the right direction  Cool

I wonder why this event that happened first is buried alive and we all buying the story of Elon Musks involvement...and I must admit, anything Musk related concerning crypto/Bitcoin is always big news in our circles and I hate its become this way!

Thus is fantastic news, Musk needs to be removed from the ecosystem, or at least not have exposure through his companies.
With X (twitter) the speculation machinery at his finger tips,  his unstoppable and maybe because he has too much time to spare...otherwise Musk has proved to be more toxic than we thought of him to be good for crypto in the past days when he was shilling dogecoin.


hero member
Activity: 1624
Merit: 791
Bitcoin To The Moon 📈📈📈
It is interesting that today there are two news related to the bitcoin crash.

SpaceX sells bitcoin holdings maybe this makes a lot of sense and the other news Evergrande China filed for bankruptcy on twitter trending with this news.

According to Twitter sources $769 million was liquidated from the crypto market.
legendary
Activity: 3122
Merit: 1102
Leading Crypto Sports Betting & Casino Platform
Thus is fantastic news, Musk needs to be removed from the ecosystem, or at least not have exposure through his companies.

Ir's an economically troubling time for most economies and has been for people for some time. Now that trouble is spreading up to businesses and corps. Selling bitcoin at 30k? Either SpaceX are struggling to fund a new project or their cash flow is weak - or both.

well, we have in the previous years, btc crashed so many times, and yet, it goes up again and again. this one will just be one of those hurdles and if you are weak, you may also sell at a loss. but do remember, even one big economy like China can't topple the bitcoin's narrative. and musk is just one entity. so yeah, even if we are seeing that btc is going down, but look at the change, it is not so big deal in my opinion. time to collect more satoshis if you have very good feeling that sooner this will go up again.
legendary
Activity: 3066
Merit: 1047
Your country may be your worst enemy
The real news is that they were sold at a loss.
Did they had an urgent need for cash?
legendary
Activity: 2254
Merit: 2003
A Bitcoiner chooses. A slave obeys.
I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what did this:

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/

I agree. If anything, Husk selling his coin is just icing on the cake. Or perhaps it is a panic sell of enormous proportions from his side, due to the Evergrande news? That would be hilarious. Either way, I see a good buying opportunity but I am not quite sure if we will bottom out just yet, so I will wait.

Although I do wonder about the dynamics of how exactly the bankruptcy filing of Evergrande pushed the Bitcoin price down. Anyone have an explanation?

The last time Evergrande went belly up in 2021 it prompted a selloff in riskier assets from the side of institutional investors. I am guessing this is happening again? I doubt the sell-off will be as large scale this time, since Evergrande was already basically a dead fish in the water.
staff
Activity: 3500
Merit: 6152
I'm not sure that's the main reason though. SpaceX news were published a couple hours ago, and the (flash) crash just happened, it looks like China's Evergrande filing for banckrupcy is what caused this?

https://www.reuters.com/legal/china-evergrande-files-chapter-15-bankruptcy-us-court-filing-2023-08-17/
legendary
Activity: 1708
Merit: 1048
Thus is fantastic news, Musk needs to be removed from the ecosystem, or at least not have exposure through his companies.

Ir's an economically troubling time for most economies and has been for people for some time. Now that trouble is spreading up to businesses and corps. Selling bitcoin at 30k? Either SpaceX are struggling to fund a new project or their cash flow is weak - or both.
legendary
Activity: 2408
Merit: 2226
Signature space for rent
Have you see how dumping Bitcoin? If not you are missing red chart. Here is the reason why current dump happened.

https://cointelegraph.com/news/spacex-sold-bitcoin-acquired-2021-2022-report


You can see SpaceX sold $373M worth of Bitcoin. Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.
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