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Nexo

The Bull Market is Back: Bitcoin Explodes as Tesla Loads up on 10-Figures Worth of BTC

Cole Petersen by Cole Petersen
1 year ago
in Bitcoin
0
  • Bitcoin’s price soared higher today on news of Tesla acquiring $1.5 billion worth of BTC to add to their balance sheets
  • This news was revealed in a recent SEC filing and naturally caused the entire crypto market to make a massive move higher
  • This news is already driving massive demand towards Bitcoin, with on-chain data revealing a massive premium on Coinbase
  • This is typically a bullish sign because it signifies that an uptrend is being driven by sustainable spot-token buying rather than leveraged positions
  • Tesla also announced plans to accept cryptocurrency as a payment option for their vehicles, which goes a long way towards driving mainstream adoption

Bitcoin is currently roaring higher, with nears of Tesla adding $1.5 billion worth of Bitcoin to their balance sheet being one of the most bullish developments in the cryptocurrency’s history.

So far, BTC is only trading up a bit over 10% on the news, but there’s a strong possibility that it continues navigating higher in the days and weeks ahead due to the immense inflows of demand that are now pouring in.

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One analyst recently pointed to the premium on Coinbase, which could be a sign of imminent upside.

Tesla Shocks the World, Adds $1.5b in Bitcoin to Its Balance Sheet

At the time of writing, Bitcoin is trading up 11% at its current price of $43,400, which marks a massive surge from its recent lows of $38,000 that were set just 12 hours ago.

The crypto’s price rocketed higher overnight on news of Tesla adding $1.5b in BTC to their balance sheet, which helped ignite what could be the early stages of the next bull run.

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The auto and solar manufacturer also plans to allow customers to use Bitcoin as a payment method for vehicles, which could drive greater mainstream demand.

Tesla News Drives Massive Coinbase Premium

One on-chain analyst observed that there is currently a significant premium for BTC on Coinbase over other exchanges.

This is a positive sign because it shows that the market is being propelled by actual organic buying pressure rather than high leverage.

“Meanwhile in Coinbase… +$452 premium”

Bitcoin

Image Courtesy of Ki Young Ju. Source: CryptoQuant.

Because this news fundamentally shifts Bitcoin’s outlook, there’s a strong possibility that further upside is imminent in the near-term.

Featured image from Unsplash.
Price data from TradingView.
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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