- Tesla sold 75% of its Bitcoin holdings earlier this week.
- The move from Tesla and its CEO Elon Musk was reportedly rumored as a market manipulation strategy.
- Bitcoin investor Lark Davis said Bitcoin would keep moving forward amid the sell-off.
Earlier this week, Tesla sold 75% of its Bitcoin (BTC) holding even though the market is gaining a slight recovery. Twitter even called its CEO, Elon Musk, a boomer after it sold a big chunk of its holdings.
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Nowadays, big investors of Bitcoin who sold their BTC holdings are being criticized by people through social media. These groups of people mainly accuse these big investors of market manipulation, especially in times when the price of Bitcoin is in an upward movement, and a sudden trade happens.
Another tweet from a Bitcoin investor and advocate Lark Davis stated that in the midst of a sell-off, Bitcoin made another block. This means that the largest cryptocurrency will keep on moving ahead even though big investors would sell their BTC holdings, implying that Bitcoin will stay and always be there.
Blocks are data structures within the blockchain database in which transaction data in a crypto blockchain are permanently recorded. Once the data is verified, the block is closed. Then, a new block will rise for new transactions to be entered and ready for validation.
Even though 3 out of 4 of the Bitcoin holdings of Tesla were sold, the price of the largest cryptocurrency wasn’t greatly affected until today. Bitcoin is currently trading at $22,285.26, down 5.17% in the past 24 hours, according to CoinMarketCap.
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