Changpeng Zhao responded to the reduction of Tesla's bitcoin reserves

by in Cryptocurrency News

Changpeng Zhao responded to the reduction of Tesla's bitcoin reserves

At the beginning of this week, it became known that the American company Tesla sold the lion's share of bitcoins. The electric car manufacturer announced its investment in BTC last winter.

From the financial statements for the second quarter of 2022, it follows that the company sold 75% of bitcoins. It earned approximately $936 million from this transaction, these funds were directed to Tesla's operating foreign exchange reserves.

Social networks have been actively discussing this information over the past two days, and the CEO of the Binance exchange, Changpeng Zhao, decided to comment on it. On Twitter, he wrote that the sale of cryptocurrency by Tesla will not significantly affect the position of BTC.

Trending: BlackRock Presents Private Bitcoin Trust

Changpeng Zhao emphasized: "Up to $100 billion worth of bitcoins is traded every day. Anyone who sells $1 billion worth is a drop in the ocean."

The CEO of Binance was right. Market volatility has escalated, but not for long. Bitcoin fell below $23,000 in the middle of the week, but already on Friday night won back losses.

At the time of publication of this material, the BTC rate exceeded $23,150. The capitalization of the leading digital currency increased by more than 12% over the week to $442.759 billion.