BITCOIN AND ETHEREUM HIT NEW ALL-TIME HIGHS AS TESLA BUYS $1.5B IN BTC!! WILL APPLE BE NEXT?!!

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The crypto markets are a sea of green to start the week as electric car giant Tesla announces it has bought $1.5 billion worth of Bitcoin.

In a new filing with the U.S. Securities and Exchange Commission, Tesla revealed it also plans to accept BTC as a form of payment for its fleet of vehicles.

“In January 2021, we updated our investment policy to provide us with more flexibility to further diversify and maximize returns on our cash that is not required to maintain adequate operating liquidity. As part of the policy, which was duly approved by the Audit Committee of our Board of Directors, we may invest a portion of such cash in certain alternative reserve assets including digital assets, gold bullion, gold exchange-traded funds and other assets as specified in the future.

Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term. Moreover, we expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt.”

Musk recently declared that after years of consideration, he is now a supporter of the world’s top cryptocurrency.

He has also boosted the meme cryptocurrency Dogecoin (DOGE) during its volatile move from $0.01 to a high of about $0.08.

Musk has said little about the second-largest cryptocurrency Ethereum, aside from confirming in July of last year that his company is not building on the smart-contracts blockchain.

Bitcoin (BTC) has extended its rally over $46,000 on Feb. 9, a day after a U.S. Securities and Exchange Commission (SEC) filing revealed that Tesla bought $1.5 billion worth of BTC. The price of Bitcoin immediately soared from around $39,000 to $45,000 across major exchanges on Feb. 8 after the news began to spread.

As the Bitcoin price initially rallied to $45,000, it caused $500 million worth of short positions to get liquidated.

The term liquidation in the Bitcoin futures market refers to when the price of BTC moves quickly in a short period beyond the liquidation prices of futures contracts.

For instance, if a trader borrows 10 times the base capital and trades a $100,000 Bitcoin position with $10,000, the position would get liquidated after a 10% price movement.

According to the data from Bybt.com, $1.34 billion worth of futures positions in the futures market were liquidated in the past 24 hours.

This indicates two trends; first, the derivatives market was extremely overcrowded with short-sellers. When the Tesla news broke, it caused a massive short squeeze, liquidating hundreds of millions of dollars worth of positions in several hours.

Second, it shows that many investors did not anticipate Tesla to actually invest in Bitcoin even after Musk changed his bio to “Bitcoin” on Jan. 29, 2021.

In other trending Bitcoin News today:

"Will Apple Be The Next Company to Adopt Bitcoin After Tesla?"

Earlier today, Tesla Motors announced it had made a major Bitcoin purchase and planned to introduce crypto payments in the future. Some in the industry are now speculating that Apple will be the next institutional player to adopt the crypto asset.

In a market report from Royal Bank of Canada Dominion Securities analyst Paul Steves, the introduction of the tech company into crypto could create more than $40 billion in annual revenue and make waves across the industry.

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Show Notes / News Resources:
- Tesla $1.5B Bitcoin Buy: https://bit.ly/3qhNsVT
- Bitcoin Technical Analysis: https://bit.ly/3q6MBaa
- Will Apple Adopt BTC Next?: https://bit.ly/39ZRgFo

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

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