Topic: SpaceX sold $373M worth Bitcoin, reason of current dump - page 2. (Read 784 times)

That's what I don't like with big people like Elon Musk, they easily manipulate asset prices as they like and don't care who is the victim. It's not just Elon Musk out there who has influence on Bitcoin it makes me worry that with the impact that SpaceX has made they are selling on a large scale. They do not understand the meaning of the uniqueness of Bitcoin because for him while profit is the initial target. Even though at the time of adoption it seemed to support the existence of Bitcoin, but after this we have to realize that having a large amount can easily do what makes other people lose.

Lol. Musk can be called anything, but I don't think loser is the most appropriate word, as you explain, I agree.

On the subject of the thread, I think that in the end it has been a combination of factors: the recent rise in interest rates and the expectation of further increases, the bankruptcy of Evergrande and this news about the sale of Bitcoins by Musk's company, which even if it has been known after the fact, it is another bearish news for the market. Like it or not, Musk has a lot of influence. If he were to announce tomorrow that he has become a Saylor style believer and bought lots of Bitcoin we would have a crazy price rise.

While I agree that Elon is an opportunist and bullshitter that can't be trusted, I find your claim that he is a loser ridiculous. I mean, this guy is one of the richest persons in the world so I don't know how "everything that he touches turn the shit".

I mean, if that's really the case he would be bankrupt king time ago and instead his wealth just keep increasing.

Even though it's simple to attribute Elon to each and every issue Bitcoin has, it's vital to consider the wider picture. The cryptocurrency industry is not characterized by any one person or entity. It's a vast, intricate web of agreements, notions, and novel inventions. The Bitcoin sold by SpaceX is only a minuscule portion of all the cryptocurrency trades that take place globally. Furthermore, referring to all other coins as "shitcoins" demonstrates a shocking lack of information. Will you attempt to remove the layers in order to view the greater picture? To comprehend cryptocurrency, which isn't a game, you need to know more than just what Elon tweets

This guy is such a loser, everything he touches turns to *hit. Look at Dogecoin, then Twitter. I wouldn't trust him a minute, this guy is the father of all lies. How come people don't realize it yet?

That's a dream for many for Musk to be out of bitcoin entirely but I remember people were really happy that Musk is in the bitcoin space when his company Tesla bought bitcoins and allowed bitcoins as a payment for their cars, didn't a lot was also happy because he's making the price of bitcoin pump in the last bull run. I think SpaceX is really struggling at funding and you're definitely right, their cash flow is weak iirc they have a rocket that have exploded.

There is already evidence that SpaceX sold those bitcoins in Q1 of this year, not that they sold them now and caused a dumping. Second, Evergrande's demise is not surprising as news of the company's default has been circulating for months and it is only a matter of time before the company files for bankruptcy. I also tried to find out what was the real reason for the sharp drop in bitcoin but to be honest, there was no news of interest. This reminds me of what happened in March when there wasn't any positive news, but bitcoin quickly went up from $17k to $30k. What I'm thinking is that the market is being manipulated, and we're being led by the media with fake news. But it's quite funny that people keep blaming Elon for this drop, it seems like many people bought bitcoin at a premium and are losing money so they need to find someone to blame.

Tesla is only one of institutional investors that have bigger capitals than retail investors so any activity from those institutional investors will cause more effects on the market, from news, fud to price and trading volume and sometimes their buying or selling can trigger massive crashes on the market and forced liquidations on centralized exchanges as well.

Because this market is very volatile, to prevent being killed by forced liquidations, we should avoid Leverage and Futures trading. With Spot trading, nobody can liquidate our capital but remember Reminder: do not keep your money in online accounts

Agree with you about this investor. We often hear news like this where big investors sell bitcoins and others buy them and in this way bitcoin can be fluctuated. Any trader can take any decision for profit. If Elon Musk thinks that he is profitable to sell Bitcoin then I think he was right with his decision. But I don't think it will have any bad impact for Bitcoin holders because Bitcoin is not controlled by a big trader. Soon Bitcoin will be bullish again. Holders will certainly welcome this dump as they will have the opportunity to purchase some bitcoins at a low price.

Elon Musk or any big business man like him should not be trusted. We should remember that they can do whatever they want only for their profit. Their strategy is hard to understand for ordinary investors.

I just don't understand why people listen to Elon Musk like he's saying something for their own good. He played everybody several times and yet people still follow him, I don't get it, it doesn't make any sense, why do you people even care about this guy? He has nothing to do with bitcoin, and he never did anything for bitcoin. If he wants to talk, let him talk, but don't listen to him.

For some reason, I didn't got this on my twitter feed. I no longer follow Crypto accounts maybe that is the actual reason however I was actually thinking about this. Elon bought Twitter and made it to X, so I was thinking that he might needs his funds back from other investments and Bitcoin being one of them. And now after 3-4 months of my initial thought, there comes the news. It's sad honestly and good too. We don't need any one person be authorized to pump or dump or manipulate the market. Let him stay with the memecoin.

Last year there was also news about one of the Elon companies reportedly selling their bitcoins. And even then there was a drastic decline in bitcoin in the market. But even then there was actually no clear news that proved the truth of the information. And a few months later the Elon company announced that they still hold their bitcoins and haven't sold them at all. Which suggests that the news made about them is untrue. And now there is news that is almost similar when Bitcoin has decreased. In fact, the news came before bitcoin's sharp decline. And it was only after the publication of the news that a deeper decline occurred. Maybe due to panic in the market or something.

But the negative news isn't just about Space X selling bitcoin. But there is also news about one very large property company originating from China which has officially filed for bankruptcy, namely Evergrande. And yeah this adds to the panic in the market. But speaking of Evergrande, actually this company has been in trouble since a few years ago due to the company's debt swelling. So his bankruptcy is actually not too surprising.
What caught my eye was because of the rumor that Tether had an attachment to the company. namely about Tether's financial papers in Evergrande. I hope the tether is fine and doesn't suffer any losses.

So senior isn't it good that it's bringing some volatility in the market as volatility of the crypto market can be considered as the beauty of the market which brings some excitement and opportunities, if someone's go with the right decisions and quick management he can really enjoy such dumps or pumps.

Also as far as we all know it's temporary so why, it's making so much noise if Ellon really did it so what, as Bitcoiner if we think he made a dumb decision then HE is at a loss, not us. I think simply everyone should prepare himself or herself for every type of situation in the market and with some decent decisions and preparation just bring a cup of tea and some snacks then enjoy haha.

Even if this happened at an earlier time, the announcement of the news, whether at that time or at any other time, will have an impact on the market at the time. And I am almost certain that this would not have had such an impact if Elon Musk had not been involved in the scene, as usual. Moreover, Elon Musk would not have taken this sudden decision unless he wanted to benefit from the decline in market prices.
Personally, I do not believe that this news alone is responsible for this sudden decline in prices because it coincides with other events, which can be summarized as follows:

It could be anything, maybe it's just the time for a correction. Bitcoin cycles are still valid, and Bitcoin historically can lose some value before the end of the year before halving. Just check out the previous cycles. As a hodler, I'm not really interested as it doesn't affect me.

What, in your view, is the cause of the present market decline? Although even the sale of Bitcoin hasn't had an impact, news can exacerbate the situation. Remember, significant sales can naturally lower prices due to selling pressure, even before news is released. However, news amplifies fear, leading to panic selling by traders. Some traders seize the opportunity to benefit from the price dip. Feel free to share your perspective on the cause of the current market decline.

More likely a new manipulation and some couple of sales to make the news become a FUD and wishing for the Domino effect that does happen.  I believe someone is playing on the market again using these bad events like FUD about SpaceX selling, then followed by several weak hands that heighten the effects.  Also comes the controversy about Evergrande and the rising power of the US dollar.  

What you stated really makes sense so I believe after someday there is a possible announcement of some company buying a huge chunk of BTC amidst the BTC dump event.

It's definitely not the reason of the dump. SpaceX sold their coins a while ago, it only became obvious after the Q2 or yearly report had been published. Peeps in cryptoverse tend to overestimate Elon's influence on the markets.

However, it remains unclear to me how the message that SpaceX sold bitcoins belonging to it a year ago can affect today's BTC price. This is more like market manipulation and the WSJ article should be considered as a custom-made one designed to collapse the market in order to provide an opportunity for large capital to buy BTC at a reduced price.

You may be right but I don't think that Elon will invest that money into Dogecoin in current market situation. I agree that this can be a very manipulative step from someone like Elon Musk and due to such manipulation many people with weak hearts will rush sell their Bitcoin holding. However, if someone knows the Bitcoin and such manipulations of the crypto market then that person will try to accumulate more and more Bitcoin in current scenario.

Elon might have thousands of addresses because he's most probably one of the whales of the crypto market and that's why it's somewhat impossible to know the exact number of addresses he has currently. However, if his main goal was to manipulate the market in a way that the traders would get liquidated then that's really unethical step from someone so reputable for his actions.

Let's suppose that if in current scenario Elon makes a decision to invest the $373M into Dogecoin then the price of that shit-coin will get boosted to very higher levels. Many new investors may begin to invest in Doge only because of the influence of Elon Musk, and that would be one of the worst decisions by those newbie investors.