{"id":456270,"date":"2021-02-08T18:31:21","date_gmt":"2021-02-08T18:31:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=456270"},"modified":"2024-06-11T10:45:22","modified_gmt":"2024-06-11T10:45:22","slug":"bitcoin-price-rockets-as-sec-reveals-1-5b-tesla-btc-purchase-miami-may-follow","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-price-rockets-as-sec-reveals-1-5b-tesla-btc-purchase-miami-may-follow\/","title":{"rendered":"Bitcoin Price Rockets as SEC Reveals $1.5b Tesla BTC Purchase; Miami May Follow"},"content":{"rendered":"
Bitcoin<\/a> has seen some wild price action due to the news surrounding Tesla\u2019s massive $1.5b Bitcoin purchase.<\/p>\n Unlike the last \u201cElon Musk\u201d candle that bears quickly reversed, this move seems to be a bit more sustainable because it speaks to the growing trend of corporate adoption for Bitcoin as a store of value.<\/p>\n The trend is unlikely to end here as well, as the City of Miami may be the next notable entity to add BTC to their books.<\/p>\n Overnight, Bitcoin<\/a> surged from lows of $38,000 to highs of $45,000 that were set earlier today, at which point it met some resistance that caused its price to slide down to $42,000.<\/p>\n It has found some support here and may begin pushing higher in the short-term.<\/p>\n Over the past few weeks, Tesla’s accumulation may not have boosted BTC\u2019s price action too much, but it does signal that the trend of corporate adoption is ongoing.<\/p>\n The next notable buyer to add Bitcoin<\/a> to its balance sheet might be the City of Miami. Its mayor noted in a recent tweet<\/a> that he is working on a resolution for the city\u2019s commission regarding the topic.<\/p>\n \u201cWorking on a resolution for our commission for this Thursday\u2019s meeting to get the ball rolling…\u00a0@elonmusk\u2019s announcement was very helpful,\u201d he said in part.<\/p><\/blockquote>\n So long as this trend persists, the narrative surrounding it will likely do wonders for Bitcoin\u2019s price action and potentially lead to higher highs.<\/p>\n Bitcoin\u2019s price saw a massive upswing overnight following news regarding Tesla\u2019s purchase of $1.5 billion worth of BTC to add to their balance sheet This represents 10% of the company\u2019s total cash balance, which is significant considering its size Naturally, this news riled investors and caused hundreds of millions of dollars worth of short-sided liquidations The company also has intentions of allowing customers to pay for their vehicles using the benchmark cryptocurrency This is no doubt a bull-favoring \u201cwhite swan\u201d event for the cryptocurrency, and it could lead to the next leg higher The City of Miami is also showing interest in buying some BTC, which could propel it even higher in the near-term Bitcoin has seen some wild price action due to the news surrounding Tesla\u2019s massive $1.5b Bitcoin purchase. Unlike the last \u201cElon Musk\u201d candle that bears quickly reversed, this move seems to be a bit more sustainable because it speaks to the growing trend of corporate adoption for Bitcoin as a store of value. The trend is unlikely to end here as well, as the City of Miami may be the next notable entity to add BTC to their books. Bitcoin Rallies Following Massive Purchase from Tesla Overnight, Bitcoin surged from lows of $38,000 to highs of $45,000 that were set earlier today, at which point it met some resistance that caused its price to slide down to $42,000. It has found some support here and may begin pushing higher in the short-term. Over the past few weeks, Tesla’s accumulation may not have boosted BTC\u2019s price action too much, but it does signal that the trend of corporate adoption is ongoing. This City May be the Next Notable BTC Buyer The next notable buyer to add Bitcoin to its balance sheet might be the City of Miami. Its mayor noted in a recent tweet that he is working on a resolution for the city\u2019s commission regarding the topic. \u201cWorking on a resolution for our commission for this Thursday\u2019s meeting to get the ball rolling…\u00a0@elonmusk\u2019s announcement was very helpful,\u201d he said in part. So long as this trend persists, the narrative surrounding it will likely do wonders for Bitcoin\u2019s price action and potentially lead to higher highs. Featured image from Unsplash. Price data from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":455774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[1144,78790,76835],"class_list":["post-456270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Rallies Following Massive Purchase from Tesla<\/strong><\/h2>\n
This City May be the Next Notable BTC Buyer<\/strong><\/h2>\n
Featured image from Unsplash.\r\nPrice data from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"