In the past, quarterly earnings reports of Elon Musk’s Tesla Bitcoin (BTC) had a significant impact on the price. The American auto company is expected to report its third-quarter earnings in a few hours. This development may cause the BTC price to move.
Every time Tesla reported Bitcoin transactions, it managed to influence the price of the leading crypto. When he announced that he was buying, the price went up, or when he made a sale, we saw the price go down. It is a known fact that Bitcoin is affected by such developments.
For example, in its latest report, it announced that it has sold $936 million in digital assets. This meant that 75 percent of the Bitcoins Tesla held were sold. The announcement in question created a selling pressure on the Bitcoin price. As another example; When Tesla announced that he bought $ 1.5 billion in Bitcoin for the first time on February 8, 2021, BTC broke the level of $ 44,000, breaking a historical record at that time.
Koinfinans.com As we reported, not only earnings reports, but even Elon Musk’s Twitter posts have a significant impact on the cryptocurrency market. For this reason, we can see a positive or negative effect of earnings reports on Bitcoin price.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.