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Tesla Ruins Bitcoin Rally? Musk’s Company Sold 75% Of Its BTC

The Elon Musk-led company revealed that it sold 75% of its BTC holding at a 9% loss over Q2, 2022.
Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum UptrendAccording to the reports, the company has converted its Bitcoin holdings into fiat currency.
The company purchased BTC as a corporate strategy to hedge against inflation and as a tool to potentially increased its cash flow.
Why Did Tesla Sold Its Bitcoin?
Founder at NorthmanTrader Sven Henrich believes Tesla followed a corporate strategy when the price of Bitcoin dropped below $20,000.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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