Musk and the crypto flash crash

August 20, 2023

Dear Reader,

Did Elon Musk's company SpaceX just cause a crypto flash crash?

Kinda seems like it.

This past Thursday bitcoin crashed hard.

Down more than 9% in a matter of minutes.

Ethereum fell more than 11%.

In total, investors liquidated more than $1 billion of their crypto holdings.

Right on the heels of an announcement from SpaceX.

That it sold ALL of its $373 million worth of bitcoin.

According to industry experts at eToro, this was the immediate catalyst for the bitcoin sell-off.

Which leads to an interesting question.

Why is Elon Musk selling off basically his entire bitcoin holdings?

Remember, last year, Tesla sold off 75% of its bitcoin.

Now, SpaceX gets rid of its entire stash.

Musk must not have much confidence in bitcoin or crypto at large.

Hard to tell what the tech mogul has in mind.

One thing's for sure, when Musk makes a move the market follows.

Which leads to major volatility.

That's where Cointelegraph Markets Pro comes in.

This AI-powered dashboard uses market events to point to potential price pops and drops.

By following the indicators, investors can often catch great trades.

Right before they break out.

Regards,

Markets Pro Team