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The operation caused concern in the cryptocurrency market.
Automaker Tesla has unexpectedly moved more than $760 million in bitcoin from its digital vaults, causing concern in the cryptocurrency community. For the past two years, the company has not touched its assets, but this week all digital tokens were moved to unknown wallets, according to Coindesk. This action raised fears that Elon Musk may be preparing to sell cryptocurrency, which could trigger a massive dump of coins and, as a result, a drop in their value.
While the intentions of Tesla and Musk remain unclear, such actions raise many questions. Musk, as one of the most influential players in the cryptocurrency environment, can significantly influence the market with his decisions. In 2021, under his leadership, Tesla purchased $1.5 billion worth of bitcoin, which sparked a new wave of interest in digital assets. However, the company later refused to accept bitcoins as payment for cars, citing environmental concerns related to cryptocurrency mining.
The largest blow to Tesla's cryptocurrency reserves was dealt in the summer of 2022, when, amid a decline in the value of bitcoin, the company sold 75% of its assets, losing about $200 million.
The reasons for the move of bitcoins remain unknown, and at the moment there have been no signs of a sale, such as a transfer to cryptocurrency exchanges. However, the lack of any comments from Musk increases tensions among market participants.
Source
Automaker Tesla has unexpectedly moved more than $760 million in bitcoin from its digital vaults, causing concern in the cryptocurrency community. For the past two years, the company has not touched its assets, but this week all digital tokens were moved to unknown wallets, according to Coindesk. This action raised fears that Elon Musk may be preparing to sell cryptocurrency, which could trigger a massive dump of coins and, as a result, a drop in their value.
While the intentions of Tesla and Musk remain unclear, such actions raise many questions. Musk, as one of the most influential players in the cryptocurrency environment, can significantly influence the market with his decisions. In 2021, under his leadership, Tesla purchased $1.5 billion worth of bitcoin, which sparked a new wave of interest in digital assets. However, the company later refused to accept bitcoins as payment for cars, citing environmental concerns related to cryptocurrency mining.
The largest blow to Tesla's cryptocurrency reserves was dealt in the summer of 2022, when, amid a decline in the value of bitcoin, the company sold 75% of its assets, losing about $200 million.
The reasons for the move of bitcoins remain unknown, and at the moment there have been no signs of a sale, such as a transfer to cryptocurrency exchanges. However, the lack of any comments from Musk increases tensions among market participants.
Source
