Tesla Scares The Markets With Bitcoin Transfer

Krutika Adani

$770 Million Transferred

Tesla has transferred its entire $770 million Bitcoin reserves to a new address and this has sparked speculations that the car marker might offload them on the market.

Elon Musk Hints Preference for Dogecoin

In the past Elon Musk, owner of Tesla, said that though Bitcoin has its own merits, he has a soft spot for Dogecoin.

Will Tesla Dump Its BTC Reserves

Though no hint has emerged if Tesla is going to offload its Bitcoin, yet the markets expect an incoming price volatility.

The 2022 Drop Was Similar

In 2022, Tesla dumped $2.5 billion worth of Bitcoins despite a loss.

Impact on Bitcoin’s Price

Due to ample liquidity and a high-demand scenario, Bitcoin might not see a major correction. However, some price volatility is expected to occur.

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