Bitcoin Nears $70,000 as 93,000 Traders Liquidated! Tesla Dumps Bitcoin?

Bitcoin Nears $70,000 as 93,000 Traders Liquidated! Tesla Dumps Bitcoin?The virtual currency market witnessed a dramatic roller coaster ride on the evening of October 16th. The price of Bitcoin fluctuated sharply, reaching a high of $68,390, its highest level since July

Bitcoin Nears $70,000 as 93,000 Traders Liquidated! Tesla Dumps Bitcoin?

The virtual currency market witnessed a dramatic roller coaster ride on the evening of October 16th. The price of Bitcoin fluctuated sharply, reaching a high of $68,390, its highest level since July. However, this surge also resulted in significant losses for many investors. Data shows that over 93,000 traders were liquidated within a 24-hour period, with losses exceeding $300 million.

Bitcoin Nears All-Time High, Rekindling Bullish Hopes

Bitcoin had previously touched $70,000 in July and reached an all-time high of nearly $74,000 in March. The cryptocurrency has surged over 60% year-to-date. With growing optimism surrounding high-risk assets and the upcoming US presidential election, Bitcoin bulls are once again eyeing the record high set in March.

Tesla Dumps Bitcoin? Questions Remain

Meanwhile, rumors have circulated that Tesla has moved its entire Bitcoin holdings, worth over $765 million, to several unknown wallets. This news has sent shockwaves through the cryptocurrency community. It remains unclear whether Tesla has sold all its Bitcoin. More information may be revealed when the company releases its third-quarter financial results after the market closes on October 23rd.

Tesla first purchased Bitcoin in February 2021, acquiring $1.5 billion worth of the cryptocurrency. The following month, it sold 4,320 Bitcoins. Then, in 2022, they sold another 29,160 Bitcoins. Elon Musk briefly allowed Bitcoin payments for Tesla vehicles in March 2021 but reversed the decision just weeks later. SpaceX, another of Musk's companies, still holds 8,285 Bitcoins, valued at over $553 million, making it the seventh-largest private holder of Bitcoin.

Italy Plans to Raise Capital Gains Tax on Bitcoin

As the Bitcoin market experiences volatility, Italy has announced it will increase the capital gains tax on Bitcoin from 26% to 42%. This announcement comes as the European Union prepares to fully implement cryptocurrency regulations by the end of the year.

Chinese ADRs Surge

On the evening of October 16th, after the US stock market opened, the three major indexes traded in a narrow range. Chinese ADRs performed strongly, with the Nasdaq Golden Dragon China Index rising over 2% at one point. The 3x Long FTSE China ETF-Direxion surged over 6%. The FTSE China A50 Index Futures saw a short-term rally in the overnight session, gaining over 1.2%. By the closing bell, all three major US indices closed higher, with the Dow Jones gaining 0.79%, the S&P 500 rising 0.47%, and the Nasdaq gaining 0.28%. The Nasdaq Golden Dragon China Index rose 0.93%, the FTSE China A50 Index gained 0.71%, and the 3x Long FTSE China ETF-Direxion jumped over 5%. Most Chinese ADRs rose, with CenturyLink rising over 9% and Dingdong Maicai gaining over 6%.

Can Bitcoin Rise Further?

The wild swings in Bitcoin prices have left investors both excited and anxious. Can Bitcoin soar further? The market is filled with speculation and analysis. With the US presidential election looming and global economic uncertainty, Bitcoin's future trajectory remains challenging. Investors should exercise caution, manage their risk, and adopt a rational perspective on market fluctuations.

Source: Securities Times, Brokers China, Zhitong Finance, Public Information

SFC Editor: Jiang Peipei

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