Topic: No, Elon Musk's SpaceX Isn't the Cause of This Multi-Billion-Dollar Bloodbath - page 2. (Read 483 times)

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.

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.

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.

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.

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.

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.

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.


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

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.

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.

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.

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.

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?!

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.

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.

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.

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.  


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!

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.

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.

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.

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.