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Nexo

Tesla-Driven Bitcoin Buying Frenzy Takes Down Crypto Exchange Binance

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0

This morning, it was revealed that Tesla has purchased a sum of Bitcoin worth $1.5 billion. Immediately after the news began to circulate, the leading cryptocurrency by market cap exploded from under $40,000 to $45,000 at the high.

As the new record was set, the resulting FOMO drove “massive incoming traffic” to crypto platform Binance, causing the typically reliable exchange to crash. What does this mean about what’s to come for Bitcoin?

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Bitcoin Blasts Off To A New All-Time High On Tesla Purchase News

At the height of the last crypto hype bubble back in 2017, cryptocurrency exchanges couldn’t keep up with new user registrations. Investors scrambling to buy Bitcoin and altcoins proved to be too much for the young industry to handle at the time, and was in part responsible for the bubble bursting back then.

But nearly four years has since past, and fundamentally, cryptocurrencies like Bitcoin have never been stronger. And amidst unprecedented fiat money printing, the limited-supply assets are showing their true value.

RELATED READING | GLOBAL MACRO INVESTOR: THE STRONG PART OF BITCOIN UPMOVE HASN’T EVEN STARTED YET

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Bitcoin alone since the start of the pandemic has risen from $3,800 to now over $44,000 and currently climbing. It is no longer individual investors seeking to protect wealth or make some cash, businesses are now buying up the digital currencies hoping to preserve company treasury reserves.

tesla bitcoin binance

Bitcoin rocketed the moment the Tesla news broke | Source: BTCUSD on TradingView.com

The trend was kickstarted by MicroStrategy, and later Square Inc followed suit. But the most recent corporation buying BTC might be the most significant yet.

This morning, news broke that Telsa had acquired $1.5 billion in Bitcoin, according to an SEC filing. Price action went bonkers once the news spread, and another wave of cryptocurrency market FOMO began.

Leading Crypto Exchange Binance Goes Down “All Because of Elon”

The buying frenzy this morning was enough to take down Binance, which is still struggling at the time of this writing. Binance CEO Changpeng Zhao revealed via Twitter that “massive incoming traffic” was the culprit and it was “all because of Elon.”

Massive incoming traffic. Some lags observed in some regions. Auto scaling. Should catch up soon. All because of Elon.

— CZ 🔶 Binance (@cz_binance) February 8, 2021

The eccentric Tesla CEO has been toying with the cryptocurrency community, recently adding the Bitcoin hashtag to his Twitter bio, but later promoting the Dogecoin cryptocurrency. Both coins have been in the limelight recently as investors flock to whatever Musk tweets about next.

RELATED READING | GRAYSCALE FOUNDER EXPECTS “A TIDAL WAVE OF CAPITAL” TO FLOW INTO CRYPTO

But random tweets trolling the internet or adding an update to a Twitter bio doesn’t have nearly the same weight as a confirmed $1.5 billion purchase, which is in essence a vote of confidence in the cryptocurrency from Musk.

Musk recently said that Bitcoin was “on the verge” of being more widely adopted, and if this recent purchase was anything to go by, Musk either believes that day is now here, or intends to help see the statement through.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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