The news of the sale of Elon Musk’s bitcoins

If you are interested in analyzing Bitcoin and other digital currencies, you know that there is always an effect of famous and famous people on the cryptocurrency world. In the fundamental analysis, part of the changes in the price of digital currencies and the level of acceptance by the community is due to the reaction of famous people and their words. For example, Elon Musk is always considered one of the most influential people in the world of cryptocurrencies, whose reactions to different currencies can affect the fluctuations of the cryptocurrency market.

One of the most familiar examples in this regard is the story of Elon Musk’s attention to Dogecoin and some other memecoins, which played a significant role in increasing their prices. On the other hand, accepting Bitcoin as a payment currency to buy Tesla products was an important step taken by Elon Musk for the development of digital currencies, especially Bitcoin. Now it seems that this millionaire has influenced the crypto industry this time. If you are thinking of buying Bitcoin, it is not bad to follow this news and its sidelines. The fall in the price of Bitcoin is definitely an important news that overshadows the market.

Bitcoin price drop on August 17, 2023

After the price of Bitcoin took a downward trend in 2022, the situation is dire for the king of the cryptocurrency world. So much so that the index of fear and greed is constantly closer to zero and the majority of people stopped buying bitcoins. On the other hand, many Bitcoin holders sold it due to FOMO and this fueled the worsening of the situation. After passing through these events and reaching the price of Bitcoin digital currency to $15,000, it seemed that 2023 would be a new start for Bitcoin to experience a significant price increase and possibly reach $50,000. However, the price drop of this digital currency on August 17, pushed the trend contrary to public opinion.

According to the Bitcoin chart, since August 17, 2023, the price of BTC has taken a downward trend and caused the liquidation of investors’ assets. During this incident, nearly 3000 dollars of the price of Bitcoin fell in a short period of time and it seems that this downward trend will continue. If the bulls do well in the market, we can expect the price of BTC to stop at $24,800 and reject $28,000 within 20 days. On the other hand, if it falls below this value, the power of the bears will dominate the market and the price will probably decrease to $20,000. This issue can affect the purchase of digital currency in any digital currency exchange. As you know, Bitcoin price changes can move the market.

The story of spaceX and the sale of bitcoins

Another news about Bitcoin has attracted a lot of attention in recent times, and that is the story of the influence of SpaceX and Elon Musk on its price. SpaceX is a large company active in the field of space transportation and aerospace, which started its activity in 2002. Along with the collection of Tesla, Twitter and other assets of Elon Musk, spaceX is also one of the institutions that belong to this famous millionaire. Elon Musk, as the CEO of SpaceX, has once again been linked to the volatility of Bitcoin and still no detailed information is available.

The Wall Street Journal recently reported that SpaceX wrote down its total bitcoin holdings in 2021 and 2022, shedding $373 million of that capital. Since this happened at the same time as the fall in the price of Bitcoin, some consider the two to be related. The connection of this issue with Elon Musk is that he is the manager of SpaceX and the decision to sell bitcoins was definitely made by this man.

Are these two issues related?

The truth of the matter is that there is still no clear and accurate information about the relationship between these two issues, because there are still no accurate documents about the total sale of 373 million dollars. Although the news published in the Wall Street Journal was published after seeing the SpaceX documents, we still don’t know if the entire asset has been sold or not. In any case, it seems that the drop in the value of Bitcoin has had enough effect on the market and the desire to buy Bitcoin and even buy and sell other digital currencies has decreased. However, it remains to be seen where Bitcoin analysis will lead us in the next steps.

Elon Musk and paper hands

As said, the facts about the reality of this incident have not yet been published in a clear and credible manner. Therefore, we do not know exactly how much of the Bitcoin reserves Elon Musk has sold and how much of them are still in the hands of this collection. In any case, due to the tensions that have been created in the market, Bitcoin supporters are trying to explain the issue of Elon Musk’s paper hands to traders. Paper handshub is a term that refers to people who want to sell cryptocurrencies in critical situations. People with paper hands sell their property when the price of the currency decreases and thus suffer a loss. With this explanation, Bitcoin supporters intend to continue to popularize the purchase of Bitcoin. Currently, the price of Bitcoin is close to $26,000 and the fear and greed index is 34%. Bitcoin supporters request that you stay away from FUD or fear, uncertainty and doubt in connection with buying and selling digital currency.

last word

Finally, you should know that your decision to buy Bitcoin or to buy digital currency of other types is completely up to you. The information published on the websites is only a source for increasing your awareness and none of them will be responsible for your profit or loss. In any case, note that to buy bitcoins and other digital currencies, visit reputable exchanges.