Cryptocurrencies painted the stock market red on a day marked by Elon Musk. in just a few minutes HE bitcoins Losing 7% to 26,311 points, unrecorded levels since July. Other digital currencies such as Ether or BNB accompany the reference currency with drops close to 6%, but the hardest hit is XRP, which fell 14.02% after learning of US regulators’ approval to challenge the lawsuit against Ripple Labs. on the value of the coin. The collapses coincide with the information published and revealed by ‘The Wall Street Journal’. SpaceXa business owned company, Bitcoin sold its reserves between 2022 and 2021 It amounted to 373 million dollars. It is not known when Musk carried out this operation.
This is not the only action of the owner of Twitter and Tesla regarding bitcoin. According to the auto brand’s latest 2023 earnings report, which coincided with the second quarter of the year, the company reduced the amount of bitcoin it owned to $ 184 million. One year ago, Tesla reportedly liquidated more than 30,000 Bitcoins worth $936 million, three-quarters of its original assets. The news took the market by surprise after two years when Elon Musk made firm bets on the cryptocurrency market, especially Tesla. At the beginning of 2021, the company announced that it would invest $1,500 million in bitcoin and approved the adoption of the digital currency as a payment method for its cars, but regretted and delayed it four months later, in May of the same year. Decision until the market is more sustainable.
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The richest man in the world has caused several major ups and downs in the price of cryptocurrencies. Before proceeding further, a group of investors Dogecoin sued him in June 2022 for changing the price of the digital currency. And we lost billions. The $258,000 million complaint points to Musk replacing the Twitter logo with that of the cryptocurrency, promoting a 30% increase in value, selling more than 124 million copies, and repurposing the network’s original logo. this caused Dogecoin to crash. The day he announced the possibility of paying for his cars with bitcoin, the growth of the reference currency increased by more than 13% to $43,700.
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However, the games they played with digital currencies also damaged their accounts. The deterioration in the value of digital assets due to scandals originating from FTX and the bankruptcy of well-known companies of the crypto money world caused a great decline. Gross loss of $204 million at Tesla For his investment in Bitcoin in 2022, hence the subsequent sale of most of his digital assets.
The red numbers came after six months of erratic recovery in value, which managed to even touch 30,000 points in a few days in July. Cryptocurrency market in 2022 It lost $2 trillion and the reference currency lost more than 60% on the stock market.. At the same time, investors do not stop trusting digital currencies. According to the latest report from crypto giant Binance, the total capitalization of this market increased by 30% in the first half of the year, reaching a value of 1,170 million euros. Regarding Bitcoin, transaction volume increased by 185% year-on-year, while transactions on the network increased by 58%. U.S. officials continue to approach major firms in the industry, with lawsuits filed against Binance and Coinbase for embezzlement and operating as an unregistered exchange.