SpaceX sold $373M worth Bitcoin, reason of current dump - page 4.

Ever-young

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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 has always been against bitcoin from the beginning, I never even have the idea that the company is in possession of such amount of bitcoin, which could cause this kind of dump in bitcoin price, in as much as he is selling to dump the market we can also look at it in another way; He might also have a hidden agender to publicly dump their holdings and cause a panic in the market and when the price drop fair enough He can easily/secretly acquire them back might even be more than what was previously sold in preparation of the next bitcoin halving coming forth. All this Individual and institutional investor's can go to some certain length just to achieve what ever they want in the market.

Rruchi man

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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.

SpaceX is a private company, so it is difficult to get a real confirmation.

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

Elon is very harmful for Bitcoin as always. He always supports shitcoins that doesn't have any real value.

It is why many bitcoiners have little love for him because of the big influence he has on the market and how he can occasionally and easily affect market price.

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

He always supports shitcoins that doesn't have any real value.

You cannot blame him for what he chooses to support and believe in. It is a personal choice always, the choice of cryptocurrency to HODL. For Elon, he has chosen shitcoins over bitcoin.

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

Have you see how dumping Bitcoin?

There were many complaints, many investors lost money and considered pulling out their investment. If any newbie investor in bitcoin in this forum is also considering taking same action, that is the wrong move to make. These kind of situations always happen in bitcoin, and dumps in price of bitcoin is what you need to be mentally prepared for always as an investor.

michellee

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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.

Lucius

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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.
~snip~

You are not a beginner, so it would be good not to add more fuel to the fire, especially with information that definitely has no impact on the price of BTC. If you read the post from @stompix, it is clear what caused the drop in the price of BTC, but also almost everything else.

Mr. Mars has long since become completely irrelevant to anyone who understands how much damage he has done to Bitcoin with his statements about Bitcoin having a bad impact on the environment. For someone who is supposed to be an intelligent man, such a statement placed him among the stupidest people in the world who are not able to do even the simplest research.

yudi09

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Quote from: examplens on August 17, 2023, 06:21:32 PM

Elon is a cunt, he only supports his interests and his wallet. Obviously, Bitcoin can't bring 1000x profit like shitcoin, so maybe he's losing interest. I would honestly like this to be his final exit from the crypto sphere.

Things seem to be calming down. btw. According to Coinglass, over $866.73M million in liquidations have occurred in the last 4h. after all, this seems to have been some kind of stress test

Current price

He is indeed very cunning.
While many analysts were describing the chances that bitcoin's price would increase with the bull run, I thought something was going to happen to mess things up. The course of my thoughts goes to this obscure shitcoin enthusiast. In the end, what I was worried about about Elon Musk's figure was finally done even though the cointelgraph in his article could not confirm whether everything had been sold.

He doesn't care what happens other than personal gain comes first. Maybe that's what Elon is doing to cover the decline in profits experienced on Twitter.
Based on glassnode, apart from liquidation, at the same time, the situation has resulted in a decrease in profit on the supply of bitcoin reaching 10%.

fuguebtc

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Quote from: someone703 on August 18, 2023, 04:43:34 AM

The cryptocurrency market is always changing and volatility is inevitable. Bitcoin has experienced great volatility in the past and has continued to survive and recover. A bear market isn't necessarily a bad thing, but it can create buying opportunities at lower prices for those who believe in its long-term potential.

The future of Bitcoin or the crypto market cannot be predicted, but it can be a wise strategy to remain loyal and patient in an ever-changing environment. Most importantly, always follow the principles of risk management and only invest money that you can lose without putting your personal financial situation in jeopardy.

What you said is what I am thinking, bitcoin price drop is not a bad thing, why should we fear and criticize Elon or whoever caused this? Those who are still in the market by now know very well that bitcoin is volatile and that dumping or spikes are a characteristic feature of it. It has happened a million times already, why are we constantly surprised and disappointed when it happens? People who feel frustrated or blame others make me feel like they don't have any plans for their investments.

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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/

My guess is that this s affecting to whole stock market, and bitcoin investors will dump their bitcoin to prevent getting liquidated in the stock market, in which investors are more seriously exposured to. And naturally alts are very sensitive when it comes to BTC movement. SpaceX has nothing to do with anything as in mentioned in this thread already they dumped while ago.

Funny how people were praising elon when his market manipulation was positive. It never was. And people should remember that he is not in your side, he is not anyone's side but his own.

someone703

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The cryptocurrency market is always changing and volatility is inevitable. Bitcoin has experienced great volatility in the past and has continued to survive and recover. A bear market isn't necessarily a bad thing, but it can create buying opportunities at lower prices for those who believe in its long-term potential.

The future of Bitcoin or the crypto market cannot be predicted, but it can be a wise strategy to remain loyal and patient in an ever-changing environment. Most importantly, always follow the principles of risk management and only invest money that you can lose without putting your personal financial situation in jeopardy.

Ayers

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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.

So what about this news? Which is the correct news for us to believe? I find it too easy for us to believe what the media writes and wants us to believe. Moreover, have you tried asking the question with only that 373M, is it powerful enough to make bitcoin dump more than 10% in a day?

It sounds like you don't like Elon because he's in favor of shitcoins, not bitcoin. But his selling bitcoin is not bad for bitcoin on the contrary, it is good for bitcoin. You should thank him instead of criticizing him because he gave you the opportunity to buy bitcoin at 10% cheaper than yesterday's price, and he is no longer a bitcoin investor.

Source pic: x.com

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Quote from: SamReomo on August 18, 2023, 03:08:47 AM

Elon has done the stupidest thing of his whole life by selling $373M worth of Bitcoin at such price mark. I'm quite sure that he will cry when the market starts its bullish run during the halving event. Such a huge mistake by someone who has been in business for a long time, but it's always okay for the ones who are accumulating Bitcoin because we don't really care who ever sells their Bitcoin for low price because our main goal is to buy at dips only.

I know that due to bulk selling from SpaceX the price of Bitcoin went down, but I don't think that the price will remain at $26k mark because the future of Bitcoin is bright and within few days Bitcoin's price will recover back to $29k, and at that time Elon will regret his decision of selling his bitcoins too early.

Even if supports shit-coins every time he won't be able to change the fact that Bitcoin was always the king of the market and it will always remain in its position as the king. Elon, you've done a huge mistake by selling your bitcoins for such cheap rates. The ones who are buying in those bitcoins for such low rates might be laughing at Elon.

You are right about one thing though, for someone who have been in business for a long time, you think he just do this because his brain is now old? C'mon, I believe manipulation is at play here, funny thing is I am not one of those who will make stupid decision because of what Elon Musk did, how many Bitcoin addresses do you think he has? This is pure manipulation, to make people lose money or make bad decisions.

Many traders got liquidated yesterday, millions was wiped out.

I am not sure Elon will cry selling this many Bitcoin, there must be a bigger goal for him to do this, believe me, he would make more if he invest this money into Dogecoin, he will just pump the coin and make himself even more richer, I am certain that this man has a plan, Elin is more smarter than just taking profits.

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Bitcoin can rise and fall anytime for reasons we might not be able to immediately fathom...and surely anyone holding BTCs can sell and then even buy anytime. I don't understand why there is that feeling of "hate" or resentment with people or organization who decided to sell their holdings for whatever reason...we must always remember that if Bitcoin will go down in price then we should be rejoicing because it is an opportunity to buy more...as we know that soon it will be rising again like legendary Phoenix.

Ucy

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He is not strong enough to move the price otherwise Bitcoin price would have seriously been harmed many months ago.
It's the bull charging backward like it used to do, before rushing forward to break a resistance. We are about to cross 32,000. So get ready.

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I will lean more to this chart of S&P 500 on the daily chart than SpaceX selling their Bitcoins (if they really did sell because some say they didn't).

We know that the price movement of Stock Market, and crypto are somewhat the same, and I believe that these is the reason why Bitcoin is going down during the last couple of days. Bitcoin is forming a falling wedge as well which is a bearish sign, and it did happen. I will not be surprised if Bitcoin will go lower than $25,000 this month knowing that Bitcoin really doesn't perform well in the month of August for the last 9 years or more. We'll see.

As for SpaceX selling, if they really did sell then I don't care. Cheesy

SamReomo

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Elon has done the stupidest thing of his whole life by selling $373M worth of Bitcoin at such price mark. I'm quite sure that he will cry when the market starts its bullish run during the halving event. Such a huge mistake by someone who has been in business for a long time, but it's always okay for the ones who are accumulating Bitcoin because we don't really care who ever sells their Bitcoin for low price because our main goal is to buy at dips only.

I know that due to bulk selling from SpaceX the price of Bitcoin went down, but I don't think that the price will remain at $26k mark because the future of Bitcoin is bright and within few days Bitcoin's price will recover back to $29k, and at that time Elon will regret his decision of selling his bitcoins too early.

Even if supports shit-coins every time he won't be able to change the fact that Bitcoin was always the king of the market and it will always remain in its position as the king. Elon, you've done a huge mistake by selling your bitcoins for such cheap rates. The ones who are buying in those bitcoins for such low rates might be laughing at Elon.

Tony116

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Quote from: thecodebear on August 18, 2023, 12:03:20 AM

Quote from: Darker45 on August 17, 2023, 11:55:45 PM

I don't know if it's fair to say that "Elon is very harmful for Bitcoin as always." After all, he is the same Elon who also contributed to Bitcoin's rise when his company purchased more than a billion dollar in Bitcoin in 2021. He also significantly contributed to it when he announced that his company would be accepting Bitcoin payments.

The statement sounds bitter, especially because we all knew this would eventually happen. This is the reality. That's why it is actually bad for Bitcoin's price when considerable amounts are focused in the hands of a few individuals or institutions only.

Today, we're all praises to MicroStrategy, for example. What will happen when the day comes when the company finally liquidates its Bitcoin holdings? Should we also be bitter to it, to Michael Saylor? Should we blame them for taking profit? Everybody does this.

I guess we should start realizing that whatever is bought could be sold at some point. We shouldn't be fooled that these investors won't sell. What's the point of investing, after all?

Well let's not go overboard and compare Musk to Saylor. Saylor is a huge bitcoin bull, Musk is a market manipulator. He started turning his back on Bitcoin within months of getting involved in it, and he has always been a meme coin shill. Musk has always promoted dogecoin 100x more than bitcoin. I mean will Microstrategy sell a little bit of bitcoin here and there when they need to...sure, they already have done that once. But Saylor is nothing like Musk. Musk does things for attention. Saylor actually believe in Bitcoin.

What proof that Saylor believes in bitcoin? In my opinion, Elon or Saylor or even president el salvador invest in bitcoin not because they support bitcoin but for profit. They are just like us, they need money, all the same. Just because Saylor hasn't sold his bitcoins doesn't mean he won't sell them in the future for a profit.

Moreover, we don't have the right to condemn or criticize anyone just because they sell their bitcoins, we have the right to invest in bitcoin and sell when it is profitable, why can't they? It's fair game, just because bitcoin goes down, our portfolio goes down, and we blame someone selling bitcoin, it just says we're scared.

Why not see this as the cheap bitcoin buying opportunity we've been waiting for?

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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 uses the shitcoins to profit himself only. He first buys the shitcoins when it’s price is worth nothing, then do some sort of fake campaigns to promote the coin. Once the coin gets enough recognition, he then sells it for almost 25x the price. This was done previously for the Doge also.
The reason for sudden dumping is still mysterious, maybe he planning to implement any other shitcoin with SpaceX and Tesla.

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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.

There is similar DIP in May 2021 after Tesla announced that they are no more accepting payments in Bitcoin. This is not a big dump nor it happened for the first time in history of Bitcoin. Such DIPs are a sort of nerve test and those who can withstand this pressure are the real winners in the long run. Whenever Bitcoin price goes down we hear such news which states that price will go further down. I urge everyone to just HOLD and don't pay much attention to FUD spread in the market.

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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.

Yes, in the short term, it hurts us but in the long term it is good for the bitcoin community. Elon and everything else related to him and bitcoin has to be purged out of the system. That man shouldn't be allowed to own 0.00000001 satoshi ever again if it could be done. They sold at a loss, it is their loss not ours. Doge coin or whatever shitcoin he promotes cannot topple bitcoin.

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?

But we saw this coming. One year ago, they were already turning to the government for debt-for-equity rescue program. They also offered property and parking spaces instead of cash payments to investors and creditors. It comes as no surprise at all.

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The whale that regularly manipulates the market is out of the game, although this is bad news for the time being, we may soon see Elon Musk back in the market with all the hype that comes with it. I am not a fan or anti Elon Musk, because everything he has affected the market has been both positive and negative.
When prices started dropping a few hours ago I was also online on several social media platforms, and there was a lot of bad news with the economy and not just Tesla's financials, so no it is necessary to strongly blame Elon Musk, it seems that panic is happening when the amount of long/short liquidation has reached about $ 1B, anyway we will still aim for a cleaner environment in the future, everything at present should be viewed lightly and towards the positive market.

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This could be a big reason behind Bitcoin price dumping so much. Where the price of Bitcoin was hovering around $30K suddenly the price of Bitcoin dropped to $25K. It is natural that the market condition will deteriorate if you sell so many bitcoins at once. Why did SpaceX suddenly sell 373M BTC when everyone is suggesting to hold Bitcoin right now?

I think the market depends a lot on Elon Musk because when he tweets on his twitter page that he bought 300 million btc the price of btc goes up a lot, when the price of btc goes up a lot he sells his btc the market is back again Returning to the situation he buys BTC again at that time and waits for the price of Bitcoin to increase ie all this looks like he follows this method of selling BTC only for his own profit.

Topic: SpaceX sold $373M worth Bitcoin, reason of current dump - page 4. (Read 784 times)