Elon Musk sold almost 32 thousand bitcoins worth $ 936 million, which provoked the fall of cryptocur
For several months now, the so-called principle of non-interference has been going around among investors in cryptocurrencies: as experts advise, if one or another cryptocurrency is rapidly falling, but it has good credibility and real prospects to recover, it should not be sold at the bottom in any case. Especially if it was purchased at a higher price. In particular, this principle can be applied to bitcoin and the rest of the TOP 100 coins.
Life experience, however, suggests otherwise. An example of how not to do it is the recent deal of Elon Musk, which he decided to tell the community about just now. According to him, at some point after Bitcoin fell below the psychological mark of $ 30 thousand. Tesla, which has about 42,000 BTC in stock, began to need an additional financial cushion. There was only one way to get it: to sell most of the bitcoins.
The exchange rate at that time was $29 thousand, and the transaction was made between May 12th and June 10th. The transaction amount amounted to 75% of all Tesla's savings in cryptocurrency - 31,500 coins. Revenue - $936 million.
Analyzing the reasons for the fall of Bitcoin from $ 29 thousand to $ 22 thousand, it is easy to guess what caused the sharp collapse of the entire cryptocurrency market. It is worth noting that Musk's company was the second most important public holder of BTC, and therefore its influence on the exchange rate was huge. Which, in fact, is what the graphs show.
The billionaire himself notes that his decision cannot be considered as a "sentence to Bitcoin." In the future, he will continue to invest in the "crypt".
Source.
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