Bitcoin exploded on Tesla’s news with the price soaring higher as the company acquired $1.5 billion worth of coins to their balance sheets as we read more in today’s Bitcoin news.
The news was revealed in a recent SEC filing which caused the entire crypto market to make a move higher. The news drove a huge demand towards BTC with the on-chain data showing a huge premium on Coinbase which is usually a bullish sign because it signifies that the uptrend is driven by sustainable spot-token buying than the leverage positions. Tesla announced plans to start accepting crypto as a payment option for their vehicles which is a long way to driving mainstream adoption and Bitcoin exploded on Tesla’s news.
Bitcoin is shooting higher right after Tesla added $1.5 billion worth of BTC to their balance sheet as the best bullish development in the crypto’s history. BTC is trading a little over 10% on the news but there’s a chance that it will shoot higher in the next few days and weeks because of strong inflows of demand that pouring in. One analyst pointed to the premium on Coinbase which could be a sign of an imminent upside.
At the time of writing, BTC is trading at 11% up with a price of $46,303 which marks a huge surge from the recent lows of $38,000 which was set 12 hours ago. The price surged higher overnight on the tesla news which helped spark the early stages of the next bull run. The auto manufacturer aims to allow customers to use the number one cryptocurrency as a payment method for vehicles that will drive bigger mainstream demand. This is a good sign because it shows that the market is propelled by organic buying pressure rather than higher leverage.
“Meanwhile in Coinbase… +$452 premium”
As reported earlier today, Tesla noted that its investment policy was updated back in January 2021 to provide “flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity.” Tesla also noted that it could invest a slight portion of cash in certain specified alternative reserve assets. Furthermore, the company expects to start accepting Bitcoin as payments for products in the future
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post