Bitcoin (CRYPTO: BTC) slid more than 5% lower between 4 p.m. on Wednesday and 8 a.m. on Thursday before beginning to recover.
The drop was caused when Tesla Inc (NASDAQ: TSLA) printed its second-quarter financial results, showing it had liquidated about 75% of its Bitcoin holdings to add $936 million to the EV giant’s balance sheet.
The news was met with scorn from retail traders who took to social media to voice their anger and disappointment in Tesla’s decision. In May of last year, Tesla CEO Elon Musk took to Twitter to indicate he had diamond hands when it came to his crypto holdings, which many took to mean he would not be selling any of his positions.
Read This Next: Michael Saylor Comments On Tesla’s Bitcoin Sale: How Much Did Tesla Really Sell?
From a technical standpoint, Bitcoin was …
Full story available on Benzinga.com