Tesla, owned by Elon Musk, has announced that it is divesting 75% of its bitcoin holdings, lowering the price of the cryptocurrency by 4%.
The price of the Bitcoin currency has fallen by almost $2,000 to trade below $23,000 after breaking above $24,000 yesterday Wednesday.
On Wednesday, the company said in its quarterly report that it sold 75% of its bitcoin assets for $963 million in the second quarter of 2022 due to the digital currency’s weak performance in the past period, but it still owns $218. million digital assets.
In February 2021, Tesla announced a $1.5 billion Bitcoin purchase with a plan to accept cryptocurrency payments for its vehicles. Subsequently, the company announced that it was abandoning plans to accept payments in bitcoins, arguing that the extraction of this currency is harmful to the environment.
The price of bitcoin decreased during trading today, Thursday, by 4%, as it trades near the levels of 22.8 thousand dollars compared to the levels of 24.2 thousand dollars in the last 24 hours, while the decrease is estimated at 1.6 thousand dollars . while the bitcoin currency’s weekly gains dwindled to 14% after it approached 20% during yesterday’s trading on Wednesday, and its profit fell within a month to 8% after the market value fell to 437 billion dollars.
Since the beginning of the year, bitcoin has fallen by 52%, while from its historical peak it has fallen by about 70%, and in sixty days the currency has fallen by 22%, and by 44% in ninety days.