{"id":336885,"date":"2023-08-19T18:00:01","date_gmt":"2023-08-19T12:30:01","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=336885"},"modified":"2023-08-19T13:02:26","modified_gmt":"2023-08-19T07:32:26","slug":"elon-musk-bitcoin-and-the-possibility-of-volatility","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/elon-musk-bitcoin-and-the-possibility-of-volatility\/","title":{"rendered":"Elon Musk, Bitcoin, and the possibility of volatility"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">The percentage of BTC supply in profit fell from 71% to 61%.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">BTC was still under $26,000, but a few metrics were bullish.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Over the last few days, the crypto market witnessed a sudden downtrend, causing top coins like<\/span> <span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> and<\/span> <span style=\"font-weight: 400;\">Ethereum\u2019s [ETH]<\/span><span style=\"font-weight: 400;\"> price to plummet. Not only was the effect limited to the market leaders, but altcoins with lower market caps also felt the heat.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC] Price Prediction<\/a> 2023-24<\/p>\n<hr \/>\n<h4><strong>Why did Bitcoin\u2019s price sink?<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Over the past few weeks,<\/span> <a href=\"http:\/\/ambcrypto.com\/bitcoin-and-ethereums-price-drop-sparks-options-expiry-and-negative-rates\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> remained comfortable under the $30,000 mark. However, investors were shocked on 17 August as the king coin witnessed a major drop, pushing its price below $26,000. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BTC was down by more than 11% in the last seven days. At press time, it was trading at $25,897.22 with a market capitalization of over $503 billion. Additionally, its trading volume also sank by over 38% in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Though there might have been multiple factors at play that caused the entire market to turn red, Lookonchain pointed out what could have been the most potent trigger. Unsurprisingly, it was Elon Musk who ignited this episode. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Musk\u2019s spacecraft engineering company, SpaceX, had sold $373 million worth of Bitcoin. <\/span><span style=\"font-weight: 400;\">This dump from SpaceX might have sparked fear among investors, resulting in a price drop.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">What happened to the market in the past 24 hours?<\/p>\n<p>11 hrs ago, the Wall Street Journal reported that SpaceX had sold $373M worth of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>.<\/p>\n<p>After that, <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> dropped to $25,166.<\/p>\n<p>9 hrs ago, <a href=\"https:\/\/twitter.com\/hashtag\/Bloomberg?src=hash&amp;ref_src=twsrc%5Etfw\">#Bloomberg<\/a> reported that <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&amp;ref_src=twsrc%5Etfw\">#SEC<\/a> will approve the Ether-futures ETFs, and the decline stopped. <a href=\"https:\/\/t.co\/QO2Bvy2HHb\">pic.twitter.com\/QO2Bvy2HHb<\/a><\/p>\n<p>&mdash; Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1692430587339108726?ref_src=twsrc%5Etfw\">August 18, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">The price decline had a larger impact on BTC\u2019s on-chain metrics. Glassnode\u2019s recent <a href=\"https:\/\/twitter.com\/glassnode\/status\/1692303134918598865?s=20\" target=\"_blank\" rel=\"noopener\">analysis<\/a> revealed that the percentage of<\/span><a href=\"http:\/\/ambcrypto.com\/decoding-bitcoins-state-after-a-13-price-plunge\/\" target=\"_blank\" rel=\"noopener\"> <span style=\"font-weight: 400;\">BTC<\/span><\/a><span style=\"font-weight: 400;\"> supply in profit has just fallen from 71% to 61%. This reflects the &#8216;top-heavy&#8217; market, which has become increasingly price sensitive. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, Bitcoin\u2019s number of UTXOs in loss just reached a one-month high of 41,944,655.958. Not only that, but whale activity around the coin dropped as its number of whales just reached a 1-month low of 1,599.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Number of Whales just reached a 1-month low of 1,599<\/p>\n<p>Previous 1-month low of 1,602 was observed on 16 August 2023<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/k1K8OK2tl3\">https:\/\/t.co\/k1K8OK2tl3<\/a> <a href=\"https:\/\/t.co\/HHRKRCczqg\">pic.twitter.com\/HHRKRCczqg<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1692721853981204816?ref_src=twsrc%5Etfw\">August 19, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h4><strong>Bitcoin showing signs of recovery<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">However, the market decline came to a halt, thanks to the Securities and Exchange Commission (SEC). This happened after the regulatory body revealed its plans to approve<\/span> <a href=\"http:\/\/ambcrypto.com\/ethereum-optimism-around-futures-etf-approval-fuels-recovery\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum futures ETFs<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a 17 August Bloomberg<\/span> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-17\/sec-said-to-be-poised-to-allow-us-debut-of-ether-futures-etfs-eth\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">, the SEC is unlikely to block the product, which has seen a lot of applications from numerous firms. Since then, BTC\u2019s on-chain metrics have shown signs of recovery, giving hope that the king of crytpos\u2019 value might witness an uptick. <\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Notably, as per<\/span> <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CryptoQuant<\/span><\/a><span style=\"font-weight: 400;\">, Bitcoin\u2019s exchange reserve was decreasing, suggesting that the coin was not under selling pressure. The coin\u2019s aSORP was green, which meant that more investors were selling at a loss, signaling a possible market bottom. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Moreover, BTC\u2019s Relative Strength Index (RSI) was in an oversold position. This could increase buying pressure on the coin and, in turn, increase its price.\u00a0<\/span><\/p>\n<figure id=\"attachment_336888\" aria-describedby=\"caption-attachment-336888\" style=\"width: 612px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CryptoQuant-1.jpg\"><img decoding=\"async\" class=\"wp-image-336888 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CryptoQuant-1.jpg\" alt=\"\" width=\"612\" height=\"381\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CryptoQuant-1.jpg 612w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/08\/CryptoQuant-1-300x187.jpg 300w\" sizes=\"(max-width: 612px) 100vw, 612px\" \/><\/a><figcaption id=\"caption-attachment-336888\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market turned red after SpaceX sold BTC worth millions of dollars. However, BTC was showing signs of recovery.<\/p>\n","protected":false},"author":75,"featured_media":336893,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-336885","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Elon Musk, Bitcoin, and the possibility of volatility - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The crypto market witnessed a sudden downtrend, causing top coins like Bitcoin [BTC] and Ethereum\u2019s [ETH] price to plummet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/elon-musk-bitcoin-and-the-possibility-of-volatility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elon Musk, Bitcoin, and the possibility of volatility - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"The crypto market turned red after SpaceX sold BTC worth millions of dollars. 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