After Elon Musk sold off and saw that BTC surpassed Tesla’s market value, Bitcoin retained $65,000


Bitcoin (Bitcoin) Holding $65,000 during November 8th, because Tesla (TSLA) stock fell 5% at the opening of Wall Street, which does not seem to affect the main earnings.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin market value surpasses Tesla

Data from Cointelegraph Markets Pro with Transaction view After Bitstamp hit a high of US$66,433, BTC/USD fell by about US$900 to US$65,500.

The news that Tesla CEO Elon Musk will sell 10% of his Tesla shares has gradually diminished the overnight success Valued at approximately 23 billion U.S. dollars -Simply because Twitter users voted for him to do so.

TSLA 1-hour candlestick chart. Source: TradingView

The market reacted cautiously. TSLA initially opened at US$1,150 and closed at US$1,221 on Friday, before a mild recovery.

In addition to the day when Tesla purchased $1.5 billion in Bitcoin for its balance sheet, there are nine months left, and Musk’s move has an unexpected consequence-Bitcoin pass through Tesla by market value.

The company’s market capitalization ranking as of November 8. Source: Companiesmarketcap.com

“If the goal is to diversify, then an alternative strategy that can be considered is to convert the TSLA balance sheet to Bitcoin standards and purchase $25 billion in BTC,” MicroStrategy CEO Michael Saylor also stated Responded Musk’s decision.

“This will provide diversification, inflation protection and more benefits to all investors in a tax-efficient way.”

It is not clear how Musk will deal with the proceeds of the stock sale. He said this will be his only taxable event because he did not receive a salary from Tesla.

Encrypted market value replicates Ethereum’s all-time high

At the same time, the major altcoins are dominated by the historical high of Ether (Ethereum) The daily progress of other tokens is flat.

related: “Resistance is futile”-5 things to watch for Bitcoin this week

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

this The largest altcoin by market value reaches 4,768 USD The daily progress of other tokens is flat, helping to push the overall cryptocurrency market value to exceed $3 trillion for the first time.

In contrast, the upper limit in November last year was only US$400 billion.

“Compared to other markets, $3 trillion is still not much,” Cointelegraph writer Michaël van de Poppe also debate.

“The real acceleration of this cycle has not yet arrived.”