SpaceX sold $373M worth Bitcoin, reason of current dump - page 3.

macson

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Quote from: The Cryptovator on August 17, 2023, 04:59:10 PM

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.

Elon is acting up again...no need to exaggerate, Elon is only a fraction compared to all bitcoin supporters, i really support Elon Musk selling all the bitcoins he owns ^{(let unstable humans stay away from bitcoin)}, without him the bitcoin price is actually very stable, apart from that the fluctuations in the bitcoin price so far seem reasonable, i instead seeing as this is part of the drama leading up to the next halving, let's bet that not until the end of this year, bitcoin price will cross $40k and maybe create a new ATH, who knows...

aoluain

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If Musk / SpaceX were smart they should buy back what they sold and gain ~10% more
Bitcoin, then sell it again if they are so inclined when the Bitcoin market recovers by 10% again!
That would be a typical Musk ploy, to play the markets and everyone who follows him.

Anything Musk/SpaceX does will affect the markets temporarily, it would be the same
if any high profile person would do the same, its all very temporary though.

Majestic-milf

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Quote from: OmegaStarScream on August 17, 2023, 05:04:37 PM

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/

I doubt that it was SpaceX sale of it's Bitcoin holdings that caused the crash alone but it must have had a hand because the news must have been what prompted investors to sell over $1bn worth of digital currencies. This is really a bad time to make such huge sell offs considering as the market is a bit shaky and unbalanced and coupled with how influential he is, he'd sure put prices under pressure.
Another possible reason to the sudden price dump could be a potential devaluation of the Chinese yuan which is trading at it's weakest since 2007.

The Cryptovator

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Quote from: BenCodie on August 17, 2023, 05:03:06 PM

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.

The decentralized ecosystem offers a unique benefit: individuals cannot simply remove or ignore others, even if there's a dislike. This is particularly evident with prominent individuals, often referred to as "big whales," who wield substantial influence and act independently. Elon Musk, for instance, possesses significant personal and official cryptocurrency holdings, making it impossible to disregard his impact. He holds the ability to influence coin values by choosing to buy or sell, and his numerous devoted followers consistently heed his lead.

Bushdark

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Quote from: The Cryptovator on August 17, 2023, 04:59:10 PM

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.

I have already seen from the start that Elon has no good plan for Bitcoin and he always like to do the odd things not minding the effect it could have on the market. Him selling his Bitcoin holdings is never a good idea and this had made the market to lose it current value.

Since Elon Musk joined the Crypto space, he had been doing different things and manipulating the market in his own way buy I am very sure that soon the market is going to gain resistance to such kind of market dumping. I see this as an opportunity for me to buy some more holdings even though the market looks very bearish now and it is very certain that soon, Bitcoin is going to be on the regular bull movement again.

mindrust

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Haven’t Elon told us that he wasn’t going to sell the remaining coins? If he did sell then Elon lost so much credibility here. Or maybe he was forced to sell somehow. Either way it is a good thing if paper-hand Elon lost his coins to the people who really deserve then coins. In the end bitcoin don’t need Elon or any other billionaire. The billionaires need bitcoin. As long as the network works flawlessly, the price doesn’t matter much. Bitcoin works now just like it did 10 years ago. Fundamentally nothing has changed for btc. If Elon don’t want to hold anymore, that’s his choice. We should all respect his decision.

OgNasty

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Quote from: darkangel11 on August 18, 2023, 01:33:33 PM

OMG why are you repeating this stupid "news"?

If SpaceX sold, the reports of it happening were made public a whole day before bitcoin crashed 10%, so it wasn't the cause of the dump but the FUD and articles from various sources repeating this FUD without thinking were probably the cause of the crash.

Now think about it for a moment. Someone spreads rumors about Musk dumping, so traders short bitcoin and create panic. Every dumped bitcoin does not disappear - it is bought by someone. It's just that there's not enough standing orders to fill so the price goes down. There are people who want this to happen and buy cheaper. Have you ever thought that people buying bitcoin at 26k are people who had something to do with spreading this rumor?

Hold your coins, they know the ETF is coming and so is the halving and they want to make you give it away cheap.

It does appear that the dump happened a while ago. You bring up some good questions. Wasn’t SpaceX using Coinbase for their BTC purchases and sales? If so, wouldn’t Coinbase then be aware when the filings would happen that made the news public? This may not seem like a big deal, but it was also just reported that Coinbase has taken large short positions given their new futures approval. Maybe the drop was Coinbase profiting from their shorts and then pulling their bids to let the market crash for their own profit. Timing seems reasonable.

darkangel11

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OMG why are you repeating this stupid "news"?

If SpaceX sold, the reports of it happening were made public a whole day before bitcoin crashed 10%, so it wasn't the cause of the dump but the FUD and articles from various sources repeating this FUD without thinking were probably the cause of the crash.

Now think about it for a moment. Someone spreads rumors about Musk dumping, so traders short bitcoin and create panic. Every dumped bitcoin does not disappear - it is bought by someone. It's just that there's not enough standing orders to fill so the price goes down. There are people who want this to happen and buy cheaper. Have you ever thought that people buying bitcoin at 26k are people who had something to do with spreading this rumor?

Hold your coins, they know the ETF is coming and so is the halving and they want to make you give it away cheap.

RewFrew

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Still dumping Bitcoin. Right Now Bitcoin price touched $25620. Today near about 8% dump already. It happen for SpaceX sold $373M worth Bitcoin.They sold this big amount for urgent need. They Bought it fron 2021. Big impact created for it in total crypto currency market. Till now market continuously dumping. I believe SpaceX will buy Bitcoin again in low price. When they or Big investor buy Bitcoin then Bitcoin price will Stable and start to increase. And we have to wait for that.

panganib999

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Quote from: BenCodie on August 17, 2023, 05:03:06 PM

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.

He's never been the linchpin of this industry anyway, I don't understand why people are sensationalizing his sells of bitcoin when he's lost all his internet cred from 2020. We really still that hungover from the past that we would relate to some clown on the internet who's trying so desperately to prove that he's funny? Going back to the topic, I don't think this is going to cause any detriments to bitcoin in the long run, he can sell all his holdings for all I care and the whole industry's going to work just as well as it did in the past before he stepped in and made people think he's the bitcoin jesus or something. I personally wouldn't let someone like Elon affect my buys or my sells, not even my mood. So why should the whole industry do so?

lionheart78

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The current crash of the Bitcoin market has something to do with different factors and not just Spacex selling their Bitcoin. I think it is the accumulation of factors like

1. China's economic crisis,
2. the Evergrande declaring bankruptcy on the US,
3. the selling of SpaceX of $373M worth of BTC, (not fully confirmed because there is no tweet from Musk that confirm they did)
4. and the US dollar Index (DXY) is climbing.

We all know that when USD gets stronger, its purchasing power increases and it affects the conversion of BTC to USD.

This stream may probably answer some of the questions why BTC Dumped: https://www.youtube.com/watch?v=5F_ebxvOZm8

m2017

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I still remember the time when the crypto community was dreaming and waiting for institutional investors to start investing in bitcoin, anticipating that this would allow the bitcoin to rise in price. But as you can see, it also has the opposite effect. When a large number of btc is concentrated in the hands of big companies, they can have a very strong influence on the cryptocurrency market. It would be better if bitcoin was distributed more evenly in the hands of the holders, following the example of decentralization, but this is not possible. Big holders will still remain and will create similar collapses in the cryptocurrency market. Don't forget that the MicroStrategy has a pretty impressive amount of bitcoin on hand, and as a commercial organization whose goal is to make a profit, they will one day start selling it. Let's see what effect this will have.

It's good that the collapses are temporary and the phenomenon is passing, and price fluctuations are beneficial for traders, indifferent to holders, frightening for beginners and a reason for discussion for those who watch bitcoin from the outside.

Agbe

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Quote from: stompix on August 17, 2023, 06:22:10 PM

Quote from: The Cryptovator on August 17, 2023, 04:59:10 PM

Here is the reason why current dump happened.

That's not the reason!
Musk as in Spce x didn't sell coins now, it did somewhere in Q2 so that's at least 3 weeks ago and at most 3 months ago!

Rather than speculation about Musk this is far more realistic and more correlated with the dump:
https://www.coindesk.com/markets/2023/08/17/bitcoin-slides-to-283k-after-leveraged-funds-ramp-up-bearish-bets/

Quote

Among the factors behind the selling is a continued surge in global interest rates, particularly in the U.S., where the 30-year Treasury bond rose to 4.42%, its highest level since 2011, according to Bloomberg. The 10-year yield at 4.32 has risen to just a basis point shy of about a 15-year high.
That's helped put a damper on not just crypto prices, but risk assets in general. Though holding the flatline today, the Nasdaq is lower by about 6% for the month of August.

It's the whole market that's going down including stocks, it has nothing to do with some rumors about Spacex
https://www.barrons.com/livecoverage/stock-market-today-081723

Even the reason of Cryptovator is not the main reason of this downtime, and what you have said they all boiled down to whales selling off bitcoin in a large quantities which caused the decreasing of the bitcoin price at the moment. Yes as you said, the downturn is not only affecting bitcoin but all all other exchange market in the globe.

Faisal2202

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Yeah, i heard about it and also read about it too but the thing is this was not the only factor the whole market was manipulated by those baking systems and centralized authorities. And one thing I am unable to understand here is why the hell SpaceX sold that much amount of BTC when they could make more money if they would have held them for 1 year at least.

But still, there were 5 other factors that are also counted for this dump but tbh I do not know if any of these factors have anything to do with BTC price because I am happy that BTC at least moved its position. It became a stable coin for some time. Yeah yeah, I know many people lost money in long trades but what could be done now? High-interest rates and yield bonds are also a part of this dump.

franky1

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if spaceX actually 'wrote down' $xxxm then where did they WRITE IT
i checked SEC filings.. nothing

seems someone wanted to post FUD without any source

its funny how all the media quote is other media.. where is an original spaceX filing

.. i do laugh when people blame elon for this price dip.. yet its not even elons words
even funnier.. spaceX didnt even acquire $1.5b in 2020-2021.. TESLA did.. totally different company

so whomever started the rumour didnt do any research or even fact check or get names correct or show sources

CryptoHeadlineNews

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Quote from: cheezcarls on August 18, 2023, 07:03:32 AM

I’ll take it as this is just a short term setback for us. Elon Boy should better stay away from Bitcoin and the crypto ecosystem and not sticking his nose in this space again.

We did appreciated him back then last 2021 when BTC skyrocketed insanely but it was a dangerous parabolic curve that the Bitcoin bulls can’t keep up.

Everyone is entitled to their investment, and as such Elon Musk been a businessman is free to buy or sell his BTC without apology to anyone as an individual, but the only problem here is that he is a big crypto influencer, which millions of people are looking up to, whereby when he buys, they buys and when he sells, they follow sort and sell too, which I'm sure should be the main reason for this dump in price.

Quote

However, we can’t stop him from buying the dip though as Bitcoimn is open to everyone.

And that's a more reason for those who can afford to buy now to join in taking advantage of this low price of Bitcoin, as sooner or later, we are yet to see the price of Bitcoin bounce back after this fall.

sunsilk

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Quote from: The Cryptovator on August 17, 2023, 04:59:10 PM

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.

He's always for the clout and uses bitcoin for his words to make look like that he's pro-Bitcoin. But on top of that, he's always for the profit regardless of what coin he's supporting.

It's no question that he's for the meme coins such as Dogecoin and also for his companies benefits before anything else. The market plunged every time there's news like this.

There is also a huge possibility that he'll just buy back and use all of those money to pile up and stock up again.

Dave1

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Quote from: cheezcarls on August 18, 2023, 07:03:32 AM

I’ll take it as this is just a short term setback for us. Elon Boy should better stay away from Bitcoin and the crypto ecosystem and not sticking his nose in this space again.

We did appreciated him back then last 2021 when BTC skyrocketed insanely but it was a dangerous parabolic curve that the Bitcoin bulls can’t keep up.

However, we can’t stop him from buying the dip though as Bitcoimn is open to everyone.

Yes, when we thought that he is out already in the market, suddenly we heard his name again and just like the previous years, it has negative effect on us.

Nevertheless, as you have said, this is just temporary effect on us, we can take this dip and nothing will change. Everyone is still looking to accumulate at this price. And we all know that we will have the halving next year so it's good to see the price going down again and so we can stash for more in preparation for the halving. As for Elon, for sure when we have our bull run, he will suddenly comes back in the market. But smart bitcoin investors and speculatiors knows that he can't influence the price unlike before.

cheezcarls

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I’ll take it as this is just a short term setback for us. Elon Boy should better stay away from Bitcoin and the crypto ecosystem and not sticking his nose in this space again.

We did appreciated him back then last 2021 when BTC skyrocketed insanely but it was a dangerous parabolic curve that the Bitcoin bulls can’t keep up.

However, we can’t stop him from buying the dip though as Bitcoimn is open to everyone.

Porfirii

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Quote from: michellee on August 18, 2023, 05:40:05 AM

The fall in the price of Bitcoin is welcomed by other investors because they are really waiting for low prices like now.

This is an opportunity to collect more Bitcoins and it is. This is a good time to accumulate Bitcoin again after the recent deep downturn. So don't look at what big companies have sold a lot of Bitcoin that has caused the price of Bitcoin to drop drastically as it is now.

We must be more prepared by owning more Bitcoin, especially with a deep decline. Use this opportunity as best you can and be on time in accumulating or you will regret it.

I would agree with you if we were starting with the accumulation phase, but taking into account that the new halving is expected of happen in a few months from now, abrupt dumps in price are more worrying than encouraging at this moment. And news about big companies selling millions worth Bitcoin is not the best news we can hear at the gates of a new cycle we all want to end in a new ATH.

I don't know whether this is the real reason behind the dump: we always need to make a story about everything, with causal links that give coherence to the facts, even if those are not real.

Topic: SpaceX sold $373M worth Bitcoin, reason of current dump - page 3. (Read 777 times)