Tesla Move $770M BTC has left the crypto market buzzing, sparking debates about its potential impact on Bitcoin and Dogecoin prices amid ongoing volatility.
In a surprising move, Tesla, the electric car company, recently moved a large amount of its Bitcoin—worth $770 million—into new wallets without selling any of it. A blockchain intelligence company called Arkham was the first to report this transaction. Tesla moved 11,509 Bitcoin across seven different wallets. This action has raised questions and started discussions about how it could affect the wider crypto market, especially the prices of Bitcoin and Dogecoin.
Tesla Move $770M BTC Without Selling
On October 15, 2024, Tesla made headlines by moving all its Bitcoin to some unknown wallets. According to Arkham, these transactions were not sales they were called “wallet rotations.” This means Tesla was simply rearranging its Bitcoin and didn’t sell any of it.
Tesla spread its 11,509 Bitcoin, which is worth about $770 million, across seven wallets. Each wallet holds between 1,100 and 2,200 BTC. The biggest wallet received 2,109.3 BTC, which is worth around $142.2 million. This transfer made many investors worry about a market sell-off because they thought Tesla might be planning to sell its Bitcoin.
How Did This Affect Bitcoin Prices?
Bitcoin usually reacts to news about big investors changing their holdings. When Tesla moved its BTC, many investors in the crypto community thought the price would drop. However, Bitcoin’s price stayed steady at first and even went up by about 5%, reaching a high of $69,220 on October 21.
Even though Bitcoin price went up at first, it later dropped by more than 2%, falling to $66,700. This decline might not be directly because of Tesla’s actions, but it shows how quickly Bitcoin’s price can change after news about big investors moving their assets.
Tesla’s involvement in Bitcoin has been closely watched since the company first invested $1.5 billion in the cryptocurrency in early 2021, and any significant activity involving Tesla’s Bitcoin holdings tends to stir up the market.
The Ripple Effect on Dogecoin
While Bitcoin’s price stayed stable at first Tesla’s Bitcoin transfer affected other cryptocurrencies, especially Dogecoin. After the news about Tesla transfer Dogecoin’s price dropped from $0.148 to $0.130, which is about a 12% decrease.
Elon Musk has shown a lot of support for Dogecoin, and he talks about it a lot. He has tweeted that Dogecoin is the “people’s crypto,” which has caused its price to go up and down based on what he says. While Tesla hasn’t officially done anything with Dogecoin, Musk’s influence still affects its market value. Recently, Musk’s move with Bitcoin around the 2024 U.S. elections disappointed investors. Because of this, Dogecoin’s price may go down in the coming weeks.
Conclusion: Tesla Move $770M BTC
Tesla’s $770 million Bitcoin transfer has shown that big companies are still very interested in the cryptocurrency world. Even though this move didn’t cause a big sell-off right away it did lead to small changes in the prices of both Bitcoin and Dogecoin.
Investors and people watching the market are now eagerly waiting for Tesla’s third-quarter earnings call. During this call, the company might share its future plans for Bitcoin and explain why it made the recent wallet transfers. Until then, both Bitcoin and Dogecoin are still very unstable, and their prices could change more as new information comes out.
As always in the crypto world, it’s essential for investors to stay informed and cautious when navigating the market’s unpredictable swings.
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Also Read: Bitcoin Rises Amid Inflation Warnings: Elon Musk’s Perspective
