Binance CEO Changpeng Zhao does not believe that Musk or Tesla selling Bitcoin does much for the current market.
Silvergate Bank CEO said that their Bitcoin lending continues to grow strongly while referring to the recent market volatility as a good stress test.
Morgan Stanley referred to El Salvadoran bonds at their current prices as a buying opportunity. El Salvadoran 2027 bonds have dropped from 32 cents to 28 cents this year.
In the company’s letter to investors, Tesla executives stated that the company sold 75% of its Bitcoin holdings, adding $936 million in cash to its balance sheet.
Tesla’s recent Q2 report reveals that the EV company sold $936 million in Bitcoin to help with COVID-triggered liquidity concerns.
Despite seeing its highest vehicle production month in history, Tesla also saw its automotive gross margin fall for the first time in a long while.
Amid the crypto market downturn, Swiss crypto ETP issuer 21Shares is now offering investors low-risk exposure via its BTC & ETH ETPs.
Despite a bleak outlook, Novogratz believes that the Bitcoin “store-of-value” appeal will see it rise to $500K in five years.
Bitcoin has moved past its crucial resistance of 200-week EMA. But BTC needs to form a daily and weekly candle above it to confirm the uptrend.
The sell-off of Bitcoin is a way for companies to maintain their balance sheet.
Altcoins led by Ethereum have been the major contributors to the price rally. On the other hand, Bitcoin faces a strong resistance at its 200-week moving average.
With the impressive positive movements across crypto, shares of Coinbase increased by 9.07% to almost $59.
Despite the glimmer of hope in BTC and ETH rally, analysts and investors alike, remain unconvinced about its sustainability.
Bitcoin and Ethereum have shown a strong upside over the last weekend. A strong weekly closing can result in a further price rally ahead this week.
All thanks to increasingly progressive regulations and more institutional involvement in both countries, Germany and the U.S. claim top spot in new ranking of most crypto-friendly countries.