One thing’s for sure, Tesla’s CEO understands how to create headings. The notorious Elon Musk was the talk of the town today, as news of his business selling 75% of their bitcoin struck the wires. The responses go from clowning Musk to overanalyzing the circumstance and whatever in between. What an enjoyable day in crypto land.
What did individuals compose and how did they tweet it? Let’s learn.
Laughing At Tesla Or Laughing With Tesla?
Considering that at finest Tesla recovered cost on this trade, the Internet didn’t clown the business as tough as it need to have. People appeared to regard Tesla’s right to do whatever they desire with their coins. Let’s await bitcoin’s cost to pump prior to making a guaranteed declaration on this, however. In the meantime…
- MicroStrategy’s CEO Michael Saylor stated the obvious in a funny method – “If you sell 75% of your bitcoin, you will only have 25% of your bitcoin left.”
- Nat Brunell, host of Bitcoin Magazine’s “Hard Money” program, made a silly but effective pun – “You Musk not sell your Bitcoin”
- Crypto expert Inmortal invoked millennial powers – “You are the richest man in the world and you panic sold $BTC at loss? Ok boomer.”
- Bitcoin Magazine revealed us what takes place “When you buy high and sell low”
When you purchase high and offer low pic.twitter.com/y5gSqyWqmc
— Bitcoin Magazine (@BitcoinMagazine) July 20, 2022
- The publication’s editor, Pete Rizzo returned in time, “Elon Musk on Bitcoin exactly 1 year ago”
✨ Elon Musk on #Bitcoin precisely 1 year ago
— RIZZO (@pete_rizzo_) July 21, 2022
— Handre van Heerden (@Handrev) July 21, 2022
- National state adoption evangelist, Samson Mow clowned Tesla hard in the beginning, “Buy high, sell low. Tesla showing us how it’s done!” Then, he altered his tune to something more political correctness, “Almost everyone that sold this dip had no choice but to sell, and none of the reasons had anything to do with Bitcoin fundamentals. I’d say we’re on the way back up and decoupling soon.”
BTC cost chart for 07/21/2022 on Bitfinex | Source: BTC/USD on TradingView.com
Fundamental Analysis Of The Situation
Taking itself too seriously, the crypto market went complete Sherlock Holmes on the Tesla circumstance. And thank God they did, since the experts in fact made some remarkable and really fascinating points. For example:
- Riding for Elon Musk, Binance’s CZ talked numbers – “Up to $100 billion of btc get traded every day. Someone selling $1 billion is a drop in the ocean.” Interesting and greater than anticipated numbers. And CZ must learn about this subject in specific.
- The Coin Bureau man minimized the circumstance and its impact – ”It was just a matter of time that we would see this. The market has actually brushed it off however.”
It was just a matter of time that we would see this. The market has actually brushed it off however. pic.twitter.com/c2JQc4G8bc
— Coin Bureau (guy.eth) (@coinbureau) July 21, 2022
— LN Markets (@LNMarkets) July 21, 2022
- Professional trader MisterSpread stated the obvious in a funny way – “Seriously now, thank you Elon for the big stress test you made Bitcoin go through and showed the whole world that Bitcoin is money after Tesla bought and sold billions worth of it.”
- For his part, Bitcoin Lebowsky stated the facts– “The fact that Bitcoin is still at 23k after months of miners selling, Tesla selling, the Macro disaster and of course all of the ongoing FUD, is nothing short of remarkable.”
- Trader and Arca’s CIO, Jeff Dorman simplified – “If you’ve ever wondered whether or not trading bots control digital asset trading…keep in mind the entire digital asset market just fell on news that one company (Tesla) sold one asset (BTC) 1-3 months ago. ”
If you’ve ever questioned whether trading bots manage digital property trading…remember the whole digital property market simply fell on news that a person business (Tesla) offered one property (BTC) 1-3 months earlier.
Expect complete retrace of this relocation rapidly. https://t.co/cAX3rbGlwR
— Jeff Dorman, CFA (@jdorman81) July 20, 2022
- Swans’ Steven Lubka sees the bright side – “The Tesla news is bullish, now Elon can’t sell his Bitcoin again and it’s been purchased in the 20s by more reliable and less erratic actors.”
That’s among the crucial takeaways, Tesla is no longer in a position of power and Elon cannot quickly control bitcoin’s cost any longer. Also, the network is liquid and can deal with tension extremely. And it’s not managed by trading bots. We discovered all of that and more from a basic trade.
Featured Image by Priscilla Du Preez on Unsplash | Charts by TradingView