Cryptocurrencies Return to Bearish Territory After Tesla’s Decision to Sell 75% of Its Bitcoins

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Elon Musk was a strong advocate of cryptocurrencies. His comments on the future and his revelations about his ownership of digital assets often determine the price of Dogecoin and Bitcoin.

During Tesla’s earnings call, Musk said the main reason for the sale was uncertainty about China’s closure over COVID-19, which posed manufacturing challenges for the company. “It was important for us to maximize our cash position,” Musk said. “We are certainly open to increasing our bitcoin holdings in the future, so this shouldn’t be seen as a judgment on bitcoin. We were just concerned about the overall liquidity of the business. Musk added that Tesla hasn’t sold any of its dogecoinsa cryptocurrency based on the memes it promoted.

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Tesla accepted bitcoin as payment for less than two months before closing in May 2021.

Bitcoin is in recovery mode so far this week, in line with the stock market, with investors looking more optimistic about the Federal Reserve’s ability to do so. contain inflation at the highest level in decades. The digital asset broke through the $ 23,000 resistance on Wednesday and opened the door for $ 25,000, but the price action has moderated in the past few hours.

ether, including returns under $ 1,500. Bitcoin’s behavior in the hours to come will be crucial to definitively determine whether the rises were anything more than a correction after the steep declines, and indeed technical analysis points to a consolidation pattern that is nothing more than a hedge before. some cover stunts. Total capitalization remains above $ 1 trillion.

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