After a clear move above USD 23,500, bitcoin price extended gains. BTC was able to spike above the USD 24,000 level. However, the bears were active near the USD 24,200 level and pushed the price below USD 23,000.
Moreover bitcoin increased its volatility as Tesla said it sold 75% of its BTC holdings, or USD 936m worth of bitcoin, in the second quarter, in an attempt to raise cash.
However, Tesla’s chief Elon Musk stressed that “this should not be taken as some verdict on Bitcoin” as the company sold BTC as they “were uncertain as to when the COVID lockdowns in China would alleviate” and it was important for the company to maximize their cash position.
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