Elon Musk was an outspoken supporter of cryptocurrencies. His comments about the future and revelations about his ownership of digital assets often drive the price of Dogecoin and Bitcoin.
At Tesla’s earnings call, Musk said the main reason for the sale was uncertainty over shutdowns due to COVID-19 in China, which have created production challenges for the company. “It was important to us to maximize our cash position,” Musk said. “We are certainly open to increasing our holdings in bitcoin in the future, so this should not be taken as a verdict on bitcoin. It’s just that we were concerned about the overall liquidity of the company.” Musk added that Tesla did not sell any of its dogecoina meme-based cryptocurrency that he has promoted.
Tesla accepted bitcoin as payment for less than two months before stopping in May 2021. Musk has teased that the company could accept bitcoin again once it conducts due diligence on how much renewable energy is needed to mine the planet. currency.
Bitcoin has been in recovery mode so far this week, in line with the stock market as investors seem more optimistic about the US Federal Reserve’s ability to curb inflation at multi-decade highs. The digital asset broke through resistance at $23,000 on Wednesday, opening the door for it to head towards $25,000, but price action has weakened in recent hours.
ethereum, specifically, also returns below $1,500. The behavior of bitcoin in the following hours will be crucial to determine if the rises have been nothing more than a correction after the sharp falls and, in fact, technical analysis suggests a consolidation pattern, which is nothing more than a break before for the falls to resume. The total capitalization remains over a billion dollars.
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Source: Ambito
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