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
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. 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
Quote
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.”
- 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???
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. 
