The price of Bitcoin has spiked to a new all-time high today on the back of news that EV manufacturer Tesla has invested $1.5 billion into Bitcoin. The cryptocurrency's current price is now $44,790, up 8.5% in the last hour.
Most of the growth came immediately after the news broke. Bitcoin rose from $39,244 to hit a high of $43,233 in just 20 minutes, according to CoinGecko. As a result, Bitcoin is now up 11.4% in the last week, 30% in the last month and 340% in the last year.
The surging Bitcoin price did huge damage to those shorting it. On crypto exchange OKEx $57 million in short positions were liquidated, according to Glassnode CTO Rafael Schultze-Kraft.
The news broke when Tesla's latest SEC filing revealed that it had adopted a new investment policy in January with a new focus on investing in digital assets and gold. The filing stated that Tesla had bought $1.5 billion of Bitcoin. It added that the firm would now seek to start accepting Bitcoin for purchases of its products, namely its cars.
Tesla has invested $1.5 billion into Bitcoin, according to an SEC filing today.
"Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term," the filing said. The filing added that Tesla expects to begin accepting Bitcoin as payment for its products, including its cars, in the near future.
Bitcoin's price has shot up on the news, rising from $39,000 to $43,000 at press time—breaking a new all-time high....
Tesla's large Bitcoin purchase may explain one of the most important on-chain data points that analysts are watching. This is the amount of Bitcoin supply on exchanges, which has been steadily decreasing for months. Schultze-Kraft has said that this could lead to a liquidity crisis as demand outstrips supply, a bullish sign.
As analysts have noted, the supply on exchanges decreased as Bitcoin was sitting in the $30,000-$40,000 range. Ki Young Ju, CEO of on-chain analysis firm CryptoQuant.com, offered a "speculative guess" that outflows of 30,000 BTC from Coinbase could have been Tesla's Bitcoin purchases.
$1.5 Billion ≈ 38k BTC (assuming the price was 39k)
Speculative guess but I think 30k $BTC Coinbase outflows went to @Tesla
According to data from Glassnode, the supply of Bitcoin on exchanges has fallen to 2.3 million Bitcoin. That puts it back to levels last seen in July 2018.
$btc exchanges reserves (orange) *still* continues to decrease 🙂 (this 30-40k range is re-accumulation)
The sudden spike in Bitcoin's price has also reverberated around the markets. Ethereum's price has shot up a little, up 3% in the last hour to hit $1,714. Polkadot also saw a brief spike to $22.83, up 7%, before falling back to $21.72.
Actor and noted crypto critic Ben McKenzie is set to make his directorial debut at SXSW London with the June premiere of his documentary, “Everyone Is Lying to You for Money,” according to a report by Deadline.
The documentary follows McKenzie—best known for roles on "The O.C." and "Gotham"—as he investigates the cryptocurrency world and interviews key figures, including during a trip to El Salvador to examine President Nayib Bukele's regime, which made Bitcoin legal tender in 2021.
“When I star...
Ethereum just lost one of its long-time institutional backers.
In a Thursday statement, algorithmic trading firm Two Prime announced it is dropping all exposure to Ethereum (ETH) and will exclusively manage and lend against Bitcoin (BTC) going forward, citing Ethereum’s unpredictable behavior, declining market momentum, and eroding institutional appeal.
Why Two Prime is Going BTC Only https://t.co/VtrQAUyGL0 pic.twitter.com/4BWVd8R7HM
— Two Prime (@Two_Prime) May 1, 2025
Two Prime didn’t say h...
Crypto asset manager 21Shares applied for an exchange-traded fund tracking the price of Sui, according to a filing with the U.S. Securities and Exchange Commission on Wednesday.
The 21Shares Sui ETF aims to broaden investors’ access to the native token of the layer-1 network designed for high-speed transactions, which has been dubbed by some as a “Solana Killer.”
The filing named Coinbase as a custodian to safeguard investors’ funds, according to the registration statement, but did not specify...
