Tesla has sold 75% of its bitcoins

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.