Bitcoin surpassed its previous close on Saturday, rising $798.93 or 3.36 percent to $24,584.24. The largest and best-known cryptocurrency in the world, Bitcoin, has grown from its 18-year low of $17,592.7 in early June by 39.7%. The Ethereum blockchain’s cryptocurrency, Ether, surged by $10.46 or 0.61 percent on Saturday to reach $1,734.08.
Electric vehicle manufacturer Tesla disclosed that as of the end of June, it had $222 million in digital assets in its Q2 filing with the U.S. In February 2021, the company purchased Bitcoin worth $1.5 billion. According to published reports, the company sold off 75% of its Bitcoin assets last week, totaling around $936 million. Elon Musk, the CEO, asserted that the sale was prompted by ambiguity around the date of China’s relaxation of its Covid restriction. Tesla presently has one factory in Shanghai.
Just seven months after hitting a record high, the Bitcoin crashed to an 18-month low of about $23,000 in June. This was the result of investors fleeing riskier investments in the face of a major global market selloff.
The most extensively used cryptocurrency asset in the world was significantly impacted negatively by the news that cryptocurrency loan platform Celsius Network has stopped accepting withdrawals owing to unstable market conditions.
Global stock markets plunged when data showed that US inflation had increased to a level not seen in four decades. Investors avoided risky cryptocurrencies like bitcoin and ether in favour of more dependable, solid assets like the dollar as a result of growing concerns about a global recession.
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