Crypto Reacts: Tesla Panic Sells Its Bitcoin, The Internet Explodes

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One thing for sure, Teslas CEO knows how to generate headlines. The infamous Elon Musk was the talk of the town today, as news of his company selling 75% of their bitcoin hit the wires. The reactions go from clowning Musk to overanalyzing the situation and everything in between. What a fun day in crypto land.

What did the people write and how did they tweet it? Lets find out.

Laughing At Tesla Or Laughing With Tesla?

Considering that at best Tesla broke even on this trade, the Internet didnt clown the company as hard as it should have. People seemed to respect Teslas right to do whatever they want with their coins. Lets wait for bitcoins price to pump before making a definite statement on this, though. In the meantime

MicroStrategys CEO Michael Saylor stated the obvious in a hilarious way – If you sell 75% of your bitcoin, you will only have 25% of your bitcoin left. Nat Brunell, host of Bitcoin Magazines Hard Money show, made a silly but effective pun – You Musk not sell your Bitcoin Crypto analyst Inmortal invoked millennial powers – You are the richest man in the world and you panic sold $BTC at loss? Okay boomer. Bitcoin Magazine showed us what happens When you buy high and sell low

When you buy high and sell low pic.twitter.com/y5gSqyWqmc

Bitcoin Magazine (@BitcoinMagazine) July 20, 2022

The magazines editor, Pete Rizzo went back in time, Elon Musk on Bitcoin exactly 1 year ago

Elon Musk on #Bitcoin exactly 1 year ago

pic.twitter.com/EZQHKKp1SS

RIZZO (@pete_rizzo_) July 21, 2022

How everyone reacted to @elonmusk’s paper hands. pic.twitter.com/gU7TNQpGy4

Handre van Heerden (@Handrev) July 21, 2022

National state adoption evangelist, Samson Mow clowned Tesla hard at first, Buy high, sell low. Tesla showing us how its done! Then, he changed his tune to something more politically correct, Almost everyone that sold this dip had no choice but to sell, and none of the reasons had anything to do with Bitcoin fundamentals. Id say were on the way back up and decoupling soon.

BTC price chart for 07/21/2022 on Bitfinex | Source: BTC/USD on TradingView.com Fundamental Analysis Of The Situation

Taking itself too seriously, the crypto industry went full Sherlock Holmes on the Tesla situation. And thank God they did, because the analysts actually made some phenomenal and very interesting points. For example:

Riding for Elon Musk, Binances 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 higher than expected numbers. And CZ should know about this topic in particular. The Coin Bureau guy downplayed the situation and its effect – It was only a matter of time that we would see this. The market has brushed it off though.

It was only a matter of time that we would see this. The market has brushed it off though. pic.twitter.com/c2JQc4G8bc

Coin Bureau (guy.eth) (@coinbureau) July 21, 2022

on @elonmusk & #Bitcoin pic.twitter.com/M4g9rwfynT

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 bought Tesla 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 Arcas CIO, Jeff Dorman broke it down – 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 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.

Expect full retrace of this move quickly. 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.

Thats one of the key takeaways, Tesla is no longer in a position of power and Elon cannot easily manipulate bitcoins price anymore. Also, the network is liquid and can handle stress phenomenally. And its not controlled by trading bots. We learned all of that and more from a simple trade.

Featured Image by Priscilla Du Preez on Unsplash | Charts by TradingView

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