The world’s largest cryptocurrency, Bitcoin (BTC), has been moving sideways lately. But in a new turn of events, the asset managed to score big. Over the past 24 hours, BTC surged to a high of $67,692 from a low of $64,900. At press time, the asset was trading at $67,221.43, following a daily rise of 2.99%.
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Tesla’s Major Bitcoin Move And Its Market Impact
Amidst this, the total volume of the Bitcoin network rose by over 20%. Currently, the trading volume stands at $49.10 billion. In addition, the latest price surge has brought BTC closer to its all-time high of $73,750.07, that is attained seven months ago. The king coin currently stands 8.9% below its peak.
Elon Musk’s Tesla Makes Headlines in the Bitcoin Market
Bitcoin’s latest spike coincided with Tesla making noise in the BTC market. For the first time in two years, Elon Musk’s Tesla has transferred all of its $760 million worth of Bitcoin assets from its public wallet. According to Arkham Intelligence data, the firm carried out multiple transactions to move its holdings out of its existing wallet.
Tesla transferred $75.18 million, $76.08 million, and $77.16 million in the first three significant transactions. This reportedly happened in quick succession. While the firm sent $76.08 million and $77.16 million to the same anonymous wallet, Tesla transferred $75.18 million to another unidentified wallet.
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The first of these transactions involved the transfer of $39.82 million in Bitcoin to an unidentified wallet. This was followed by transactions including $31.92 million and $56.76 million. Lastly, the firm sent out $86.18 million and $60.55 million in two transactions.
The transactions did not stop. The firm sent about $56.30 million to a brand-new address. In nine transactions, some of Tesla’s Bitcoin stash was also transferred to another wallet. The most important were the $55.25 million and $46.95 million it received from Tesla. The firm concluded the streak with $102.36 million sent to a wallet in a single transaction.
According to data from Arkham, Tesla currently has $8.08 worth of Bitcoin left in its account. Musk has remained silent about the latest transfers and has yet to reveal their intention.
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