The crypto market has already been disrupted by the news that Tesla is selling a huge chunk of its assets at an average price of $28,888, a significant 9% discount from the average price of $31,620, according to multiple sources, including Tesla earnings. call.
According to their initial earnings report, the company sold $936 million worth of bitcoin at $28,888, which coincides with the huge drop in bitcoin we saw in June when a cascade of liquidations sent BTC straight to the $17,800 level.
Musk’s company held bitcoins through ATH and eventually sold them at a loss, but, as the entrepreneur himself said, the decision to sell digital assets was made due to the lack of positive cash flow.
The non-Bitcoin reasons for selling its holdings were bolstered by the fact that Tesla still retains 25% of its BTC and is looking to increase its holdings going forward, according to Musk.
The cryptocurrency market doesn’t seem to care too much about it
Musk and his company have been one of the main catalysts for the Dogecoin and Bitcoin rally. In addition, the SpaceX CEO remains optimistic about decentralized technologies and believes that the future will be connected to them in some way.
Also, do not forget that the market reaction is relatively calm due to the lack of trading volume and inflows into it, which leads to the absence of volatility.
The big deal itself today also couldn’t affect the market that much, since the sale itself was made back in June when we saw bitcoin and other cryptocurrencies hit extremely low levels.
Credit : u.today