Quote from: Sim_card on Today at 09:17:15 AM

Quote from: Stellarcast on August 17, 2023, 10:45:26 PM

Quote from: adaseb on August 17, 2023, 09:38:06 PM

I have a feeling that someone knows something and that is why we are dumping. The open interest increased a few days ago when we started to decline. I think there is word of a ETF rejection or a delay that we will receive at the end of the month most likely

Maybe that may explain SpaceX cashing out on $373M worth of BTC, or they could have been part of the reason why. Price dropped to a low of 25,300 and is now at 26,400 but given such a large dump, perhaps the price will continue to fall as others follow suit and panic sell. If you look at the unaudited balance sheet of Tesla, they still have about $184M of BTC left after selling close to a billion worth on BTC in 2022. I wonder if Elon is moving away from crypto as an asset or if there's another reason behind it.

I don't think that Elon is moving away crypto but he is moving away bitcoin to hype some Dodgecoin that he is now using the logo on Twitter that he changed to X. It is better that he sells off all his bitcoin so that bitcoin will be free from people like him that can wake up one morning to hate bitcoin and wake up the next day to love bitcoin. The market will do better without him as nobody can control bitcoin price for long. The government policy has more effect on bitcoin than Elon and still yet bitcoin has overcome so many of them. I hope to see a rise in bitcoin price soon.

Elon Musk is not the only whale in the Bitcoin market, and despite the fact that he can play a vital role in the publicity of Doge or Bitcoin, perhaps he can't still control the market entirely. During times like this, there is usually a lot of panic selling, and if the selling is too high, it causes the price to drop significantly. With the current report about SpaceX selling Bitcoin, it just said they sold all Bitcoin holdings but never specified the amount of Bitcoin that was sold. I don't really think that Elon Musk is going out of Bitcoin to support Doge Coins, and you never can tell if this was a plot to acquire more of Bitcoin since the price drop. On Binance last night, as the price plunged, there was a buy order for 100 bitcoins that executed for around $25,600, just on Binance alone, not talking about other CEX. So, this was also a plot to buy more. Just don't believe that Elon Musk is leaving Bitcoin to support Doge Coin, and you will still be surprised to see news about Tesla buying some X amount of Bitcoin.