APP
Home > Crypto in a Minute > Tesla Sold BTC >

Tesla Sold BTC

Author: Jeffrey Craig Date: July 21, 2022

july-21-daily-update

Main Takeaway: Market Rally Put On Hold Because Tesla Sold

The markets have been on a tear lately, rising over 10% and reaching the $1 trillion mark in the last week, but the party stopped after Tesla announced it sold 75% of its Bitcoin (worth $936 million) to cover much-needed cash. As a result, the crypto markets reversed course – and are now down 2%.

Key Stories: Tesla Sells BTC, Minecraft Bans NFTs

Following Tesla’s quarterly report showing it sold Bitcoin, the asset fell off a cliff immediately (see below). So apparently Elon Musk and Tesla do not have the diamond hands they claimed they had last year. The takeaway is this bad news comes on top of other reports of capitulation, so despite a bounce from June lows, traders have to stay vigilant for more potential downside.


Secondly, Minecraft shared a news post regarding upcoming changes to its game guidelines that include a ban on blockchain and NFT tech on game servers that are run independently and that block access to certain game features. That’s really the main reason they’re doing this so that NFTs and blockchain aren’t used to limit the game’s development and openness.

Today’s Top Gainers

The top five performing coins on Phemex d-o-d are Cratos Traction (CRTS/USDT), BarnBridge (BOND/USDT), Lumerin (LMR/USDT), Gari Network (GARI/USDT), and Biswap (BSW/USDT).


For any inquiries contact us at support@phemex.zendesk.com
Follow our official Twitter | Join our community on Telegram
Trade crypto on the go: Download for iOS | Download for Android
Phemex | Break Through, Break Free
start trading start trading start trading

Register On Phemex Now To Begin Trading

Register On Phemex

More Articles

Tech Stocks Get Routed

Tech Stocks Get Routed

Jeffrey Craig | October 28, 2022

Musk Enters Twitter While Meta Craters

Musk Enters Twitter While Meta Craters

Jeffrey Craig | October 27, 2022

Cryptos Surge On Mixed Earnings

Cryptos Surge On Mixed Earnings

Jeffrey Craig | October 26, 2022

UK Gets A New Prime Minister

UK Gets A New Prime Minister

Jeffrey Craig | October 25, 2022

Subscribe Phemex

Get The Latest News And Updates From Phemex!

Get The Latest News & Updates!