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Benzinga
Benzinga
Business
Chris Katje

Did Tesla Crash the Bitcoin Market?

Bitcoin Elon Musk Celsius Nasdaq Tesla Inc. Cryptocurrency 3AC

Electric vehicle company Tesla Inc (NASDAQ:TSLA) purchased $1.5 billion of Bitcoin (CRYPTO: BTC) in January 2021. After two sales, the company now holds less than $250 million of the leading cryptocurrency. Did the timing of a recent sale help lead Bitcoin into a crash?

What Happened: Tesla announced Wednesday in its second quarter earnings report that it converted 75% of its Bitcoin holdings into fiat currency during the quarter.

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