Since the Luna crash happened, we have witnessed solid project after solid project fall, all who made fun of the LUNA crash. Celcius and now FTX which is falling and getting absorbed by Binance, and even the case of Solana losing over 90% value. All of these have had their fair share of effects on the market.
This new turn for the worse in the market took a lot of people by surprise because people were starting to light up with joy and excitement in hopes that the bear market was finally over and that the 21k rally recently was the start of some sort of bull run, or at the least, an escape from the bear. But things spiraled right back to where we were hoping it wouldn’t after the FTX incident surfaced.
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It would seem though that things might get worse because DogeDaddy, currently the richest man in the world, might offload some crypto onto the markets soon. We all know how devastating that'll be on the market.
It can be recalled that in August 9, Musk used Twitter – which he now owns courtesy of a $44 billion purchase – to tell his followers and fans that he will stop selling his company shares to fund his plan of acquiring the social media platform. Meanwhile, according to his filing with the U.S. Securities and Exchange Commission, which was published on Tuesday, Elon Musk reportedly sold another 19.5 million of his Tesla shares that were worth $3.95 billion.source
Based on this and Elon’s past activity, some people are afraid that Elon might dump his crypto holdings on the market, considering that musk sold 75% of Tesla’s bitcoin holding a few months ago in July this year, something that came as a shock to many because a lot of people believed he would be holding BTC for the long term. This fear is also fueled by the fact that Elon hasn’t said anything about his plans with his crypto holdings recently, not even about Dogecoin which he fancies very much.
According to bitcoinist.com, there have also been rumors that Twitter is pausing all its crypto-related projects. But for now, these are just rumors as Twitter hasn’t officially responded to questions on the topic.
The last thing the market needs right now is someone like Musk dumping huge amounts of BTC in the market. BTC is already down 10% and this can get worse anytime. A dump from Musk will be a final blow taking us to what might actually be the bottom of this bear market. We should be bracing ourselves, just in case.
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