Bitcoin retains $65K after Elon Musk sell-off sees BTC cross Tesla market cap
Bitcoin (BTC) held $65,000 throughout Nov. 8 as main features appeared unfazed by Tesla (TSLA) inventory dropping 5% on the Wall Street open.
Bitcoin beats Tesla by market cap
Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD down round $900 at $65,500 after hitting highs of $66,433 on Bitstamp.
Overnight success was tapered by the information that Tesla CEO Elon Musk would promote 10% of his Tesla holdings — price round $23 billion — just because Twitter customers voted for him to take action.
Markets reacted cautiously, with TSLA initially opening at $1,150 after closing Nov. 5 at $1,221 earlier than a modest restoration ensued.
Aside from being 9 months to the day that Tesla bought $1.5 billion of Bitcoin for its steadiness sheet, the transfer from Musk produced an unintended consequence — Bitcoin passed Tesla by market cap.
“If the goal is diversification, an alternate strategy to consider is converting the TSLA balance sheet to a Bitcoin Standard and purchasing $25 billion in BTC,” Michael Saylor, CEO of MicroStrategy, in the meantime responded to Musk’s choice.
“That would deliver diversification, inflation protection, & more upside for all investors in a tax efficient manner.”
It stays unclear what Musk will do with the proceeds of the inventory sale, which he says will likely be his solely taxable occasion as he receives no wage from Tesla.
Crypto market cap copies Ethereum all-time highs
Major altcoins, in the meantime, have been dominated by new all-time highs for Ether (ETH) whereas different tokens noticed flat every day progress.
Related: ‘Resistance is futile’ — 5 issues to look at in Bitcoin this week
The largest altcoin by market cap hit $4,768 whereas different tokens noticed flat every day progress, serving to propel the general crypto market cap past $3 trillion for the primary time.
By comparability, the cap in November final 12 months was simply $400 billion.
“$3 trillion is still not much compared to other markets,” Cointelegraph contributor Michaël van de Poppe in the meantime argued.
“The real acceleration of this cycle is still ready to come.”