Even though Tesla (NASDAQ:TSLA) has made its way into the crypto market recently, it generated an immense amount of publicity surrounding the announcement. On Feb. 8, the car manufacturer caught the crypto world off-guard by committing a cool $1.5 billion into Bitcoin (BTC), as well as announcing that the company will soon be looking to accept payments in crypto. As a result of the news, BTC shot up to as high as $48,000 only to subsequently cool down and settle around the $44,500 region.
In the wake of this development, it has also come to light that the above-stated surge was, in large part, driven by whales who took Tesla’s announcement to be a buy signal. In this regard, as per data available on Binance, whales have been dabbling in “unusually large BTC buy volumes.”
What does Tesla’s move mean for the industry?
Is more crypto diversification inevitable?
Not everyone is buying the “hype”
Crypto proponents point to quantitative easing
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