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.
Ripple co-founder and Executive Chairman Chris Larsen has moved $26 million in XRP—the cryptocurrency he helped create—over to Coinbase, blockchain data shows.
XRP, the third-biggest cryptocurrency by market cap, was recently trading for $3.35, just 2% below its 2018 all-time high mark of $3.40, according to data from crypto data provider CoinGecko.
Over the past seven days, the asset has shot up in value by 34%, hitting its highest price since January.
Ripple's press office didn't respond to...
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That puts the elusive figure’s net worth above that of Microsoft co-founder Bill Gates, who is worth $117 billion, and Dell Technologies founder Mi...
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