Bitcoin’s (BTC) 10% Price Collapse and Tesla’s Role In It

Bitcoin (BTC) has taken a nosedive in the last 24 hours, dropping by 7%

The selloff may have been caused by speculation that Tesla and Space X sold hundreds of millions worth of Bitcoin they had in 2022 and 2021.

Short-term holders caused the selloffs, according to UTXO Bands.

Bitcoin’s fear and greed index shows a relatively strong degree of fear in the market.

Bitcoin’s market cap is also back to struggling a few inches above the $1 trillion mark.

It is a red day for the market.

Bitcoin, the flagship cryptocurrency has set a bearish tone for the market with a +10% dip in the weekly timeframe, and a 7% dip over the last 24 hours