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Tesla has sold 75% of its bitcoins


July, 21 2022
watermark Economic news

Yesterday, bitcoin reached a local maximum near $24 276, significantly moving away from last week's lows around $19 740. However, today the cryptocurrency has started to decline: the current BTC quote is $22 826.


Pressure on bitcoin was exerted not only by profit-taking and a decrease in appetite for risky assets, but also by Tesla's statement made during the quarterly report. The electric car manufacturer announced the sale of 75% of its assets in bitcoins for $936 million. Analysts believe that Tesla has suffered losses of about $ 1 billion.


According to the founder of the company, Elon Musk, the company sold bitcoins because the management does not know when the anti-covid restrictions in China will end in order to be able to maximize its monetary position. 


At the same time, Musk also stated: «We are certainly ready to increase our bitcoin assets in the future, so this should not be taken as a BTC verdict.»


Today, the meeting of the European Central Bank may also have an impact on the dynamics of the cryptocurrency market. The ECB's «hawkish» position will have a bearish effect on cryptocurrencies, while a softer position than the market expects may support bitcoin.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.