Tag: Elon

  • Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Elon Musk’s Tesla transfers Bitcoin worth $770M to new addresses

    Tesla transfers Bitcoin worth $770M to new addresses
    • Tesla relocated 11,509 bitcoins, valued at $770 million, to new addresses.
    • This marks Tesla’s first Bitcoin transaction since selling most holdings in 2022.
    • Tesla remains the third-largest Bitcoin holder among public companies after MicroStrategy.

    Tesla, the electric vehicle giant led by Elon Musk, has recently relocated its entire Bitcoin (BTC) treasury, consisting of 11,509 bitcoins valued at approximately $770 million, to multiple new addresses.

    This significant move was reported by analytics firm Arkham Research, which tracked the on-chain data associated with the transactions.

    First time Tesla is touching its Bitcoin stockpile

    The transfer of bitcoins marks Tesla’s first interaction with its crypto wallets since 2022 when the company sold off the majority of its holdings.

    The series of transactions occurred within a single hour and was preceded by six test transactions, indicating a strategic approach to the relocation.

    At its peak, Tesla held around 43,000 bitcoins, but according to the latest quarterly report, the company reportedly had about 9,720 BTC, worth roughly $650 million as of October 15.

    Arkham estimates that Tesla still holds 11,509 bitcoins across 68 addresses, reflecting a significant adjustment in its cryptocurrency strategy.

    Tesla’s past dealings with Bitcoin have been noteworthy. In early 2021, the company made headlines with a monumental $1.5 billion investment in the cryptocurrency, followed by the sale of $272 million worth of bitcoin in the first quarter of 2021, resulting in a profit of $128 million.

    By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, garnering $64 million in gains as the market experienced volatility.

    Despite these transactions, the recent move to new addresses raises questions about Tesla’s future plans for its Bitcoin holdings. Industry speculation suggests that the company might be preparing for further sales, although no official statements have clarified the intent behind the recent transfer.

    As of now, Tesla remains the third-largest holder of Bitcoin among publicly traded companies, trailing behind MicroStrategy and Marathon Digital Holdings (MARA).

    Additionally, Musk’s other company, SpaceX, is estimated to hold around 8,285 bitcoins, further emphasizing the significant role cryptocurrency plays in the operations of Musk’s enterprises.

    Notably, Tesla continues to accept BTC payments for vehicle purchases, signalling its ongoing engagement with the cryptocurrency landscape.

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  • SHIB 8% Gain Bigger Than TWTR’s As Elon Musk Set For Twitter Takeover

    SHIB 8% Gain Bigger Than TWTR’s As Elon Musk Set For Twitter Takeover

    Shiba Inu managed to finally be on the green across its short-term price charts as SHIB gets exposed to a number of positive stimuli over the last few days.

    The cryptocurrency reacted positively to the news of Elon Musk’s upcoming takeover of social media giant Twitter, increasing the price of SHIB by over 8% just moments after the development was announced.

    The meme crypto, however, experienced a slight price correction according to latest tracking from Coingecko. At press time, SHIB is changing hands at $0.00001087.

    It is still up by 10.1% over the last seven days and by 6.8% for the past two weeks. SHIB also managed to slash its 30-day losses to just 2.2%.

    The altcoin performed decently over the last couple of days that it actually managed to surpass Twitter’s stock (TWTR) in terms 24-hour gains.

    TWTR settled at $53.35 on Thursday. It was slightly higher than its $52.78 closing value a day before.

    Elon Musk has until Friday to finalize his $44 billion acquisition of Twitter.

    Image: ABC News

    SHIB Continues To Ride Dogecoin Momentum?

    In the past, it has become evident that Shiba Inu benefited whenever the original dog-themed cryptocurrency Dogecoin is having a good run.

    This was once again proven on October 26 when the crypto market witnessed a relatively strong surge that pushed Bitcoin and Ethereum above crucial price levels.

    DOGE managed to increase by 28.2% over the last week as it is currently trading at $0.075. With this, the digital asset pumped its market capitalization by over $2 billion. SHIB replicated this action as it also pushed its overall valuation to $6.407 billion.

    Among crypto assets belonging to the top 20 list of Coingecko, Dogecoin and Shiba Inu were two altcoins that tallied the highest gains over a seven-day time period.

    Whale Activity Observed Following Musk’s Twitter Move

    Meanwhile, Dogecoin whales became active following the development involving the tech billionaire Musk and Twitter. In fact, there were 85 transactions with value of at least $100,000 that was recorded after the news broke out.

    This might be an indication that investors are hopeful that DOGE will be able to duplicate its impressive run last year.

    On the other hand, SHIB is just trying to capitalize on every positive development that could trigger price rallies, no matter how small they are.

    The meme coin continues to deal with problems like high supply inflation and lack of utility – two factors that negatively impact its price direction.

    Its recent surge might help fend off an impending doom as some analysts believe the crypto might “die” by the end of next year.

    SHIB total market cap at $6 billion on the daily chart | Featured image from EyeEm, Chart: TradingView.com

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  • Dogecoin (DOGE) and Shiba Inu (SHIB) Go Parabolic on News of Elon Musk’s Twitter Purchase. Floki (FLOKI) Is Another Crypto to Pay Attention To

    Dogecoin (DOGE) and Shiba Inu (SHIB) Go Parabolic on News of Elon Musk’s Twitter Purchase. Floki (FLOKI) Is Another Crypto to Pay Attention To

    Twitter stock (TWTR) rallied a little after Bloomberg report of Elon Musk closing his Twitter deal. The biggest beneficiaries of that news, however, have been Dogecoin (DOGE) and Shiba Inu (SHIB).

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