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

Market makers certainly use these channels to drive the narrative. But you see, its not always nefarious. Information asymmetry exists in all markets; its the lifeblood of trading. You mentioned Bitcoin Spot ETFs; yes, their approval or rejection isnt the sole factor affecting market dynamics. Market momentum is a function of cash flow - fresh capital in and old capital out. If the balance is disrupted, the market corrects itself.

People get swayed by headlines because they lack the broader perspective. The market has its own pulse, independent of hourly updates. Investment decisions should be rooted in comprehensive research, not just breaking news. Ignore the noise; focus on fundamentals.

Yes , you are right that if the investors stop investing in BTC and start withdrawing their investment from Bitcoin, then it's price will start going down that too by a limit.This makes sense ,but suddenly there is an earthquake in the market and the price of BTC drops indefinitely It will not happen because the investor stopped investing and started withdrawing his investment from Bitcoin.I have already mentioned that if no investment is made  and Bitcoin is de-invested its value will decrease to a certain extent and it is mind-boggling to see the price drop so much. We  cannot put this factor on the investor.

You always have reasons why market goes down as market makers will give you news to find reasons. Social media is their tool to spread their prepared explanations on reason of market movements that is part of their plans for market manipulation.

Market can go up and down with many news, Bitcoin Spot ETF approval or rejection is only one of news types and actually is not real reason of market movement. Market needs to have cash flow in and out to make up its momentum. If it does not have enough fresh capital in, it will lose momentum and price will start to decrease after that.

People who don't have enough experience will feel very excited with news about Bitcoin Spot ETF approval and highly disappointed or fearful when a rejection is released on social media. Approval or rejection, the market is still lively and continue to grow more so if they don't read news on social media, they will feel better and won't panic sell or FOMO buy.

Whenever the price of Bitcoin goes down ,there are endless rumours in the market . Whatever news is there ,not a single news on social media proves that the price of Bitcoin has decreased because of this .Yes of course it will give us all a joy which is going to happen soon if it becomes an ETF proof then Bitcoin will become a legal asset if it happens then it's price will go into million which we all Bitcoin will give you a very nice surprise.When Bitcoin becomes a legal asset, all investors will jump on it , then Bitcoin making it a shining of star .

This is definitely true, when I see a dump like this I happen to think of it any regular day and nothing important at all, I do not even check what the reason for the dump was and it is just another dump day which we have all the time. I think it should be important to remember that we are going to end up with a result that would be different in the end.

I believe that we are going to end up with a result that should be considered different, and that means that we are going to end up with a different thing. Just hope that we get the best of it and when we can, that will be something to enjoy without a doubt. I hope that it gets to a point where it should be considered a different subject and should be considered hopeful.

It is funny isn't it, I call it the Bitcoin Blame game. Most of the time people who don't have a pulse with what's going on at all will talk about it like they know. Like SpaceX causing the price to go down, it's a baseless claim as the article states and the claim has no credibility. What makes a lot of sense is attributing these losses to a multitude of factors which I think this article did a good job of laying out. Thanks for sharing.

I was thinking that since the price is not going above $30k range for quite some time the price might dip and that is what happened.
This doesn't mean it will happen for sure. I didn't want to risk my coins just for a possible minor dip.
I am in for the long game because that's where we make large profits. I won't be selling anywhere before $45k.
Even that would be just for minor gains because my next large selling point will be near the next ATH price.

Hundreds of large dumps have occurred in the market over the years. So, it can be said that bitcoin dumping is a very normal thing for old investors, but they will also be surprised and unhappy if they buy bitcoin at a higher price. No one is happy when our investment goes negative, even if it is a seasoned investor or a long-term investor.

If you are sure it will happen. Did you sell your bitcoin for 30k and repurchase it now? If you said this before it happened I would believe you, but it happened and we can say whatever we want.

Anyone who believes that Elon is the cause of the market crash is someone who has been successfully manipulated by the media. I quite agree that this is a normal condition in the Bitcoin market, especially in the current conditions where we trade in a sideways position, anything can happen and that includes a market crash. Rather than looking for reasons for this market crash, it is much better for me to buy back Bitcoin and increase my hold at a lower price.

I guess newbies in the community are the ones making the noise because the early ones know that this short dump in the market is nothing.
We have seen huge dumps earlier too. So I guess we shouldn't panic over it and allow the price to recover.
I personally think it was bound to happen because the price was flat around $30k and a movement was needed.
Now that the price is down we sill see some movement in the price in coming days.

Yes, people will immediately go to social media to look for news every time btc fluctuates whether it is positive or negative. It can be said that it is part of the market, although that would not make any sense since it has already happened and cannot be changed.

It is true that the price drop will benefit long-term investors who still have USDT and haven't bought too much btc yet. But for those who don't have the money to buy dip, I think the drop in price is no longer seen as an advantage. There is a lot of mixed emotions going on in the market, not everyone is happy to see bitcoin fall more.

I'm not at all surprised anymore that this happens, and personally I'm not surprised that beginners do it, but also members who have been on the forum for years and have some kind of legendary status, so that makes all of this actually tragicomic. Again, not only people are to blame, but also the so-called "crypto media" who place such stories in the public, because they know that most of them are easily caught on clickbait headlines.

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In this topic, some reasons are mentioned that led to disruptions in the markets, including the price of BTC, so although some mention that it was Mr. Mars, some brought up an old topic like Evergrande, it seems to me that no one mentioned another Chinese company Country Garden, which is in trouble and as things stand, will go in the same direction as Evergrande.

In addition, it should be added that some economic indicators in China are so bad (record youth unemployment) that the authorities have decided to censor them, and some other sources claim that China has not been in a worse position for decades. It would be good if we could say that we don't care what happens in China, but unfortunately problems in that country mean problems for the whole world.

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.

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.

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.

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)

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.


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?

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.

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.



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.

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

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.

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.

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.

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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?

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

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.

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.

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.

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

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.

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.

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.

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.

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

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.

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???