Bitcoin and the crypto market have been losing momentum in the last 24 hours after experiencing a relief rally. Yesterday, the Elon Musk-led car manufacturer Tesla announced that it sold 75% of its BTC holdings to convert them into fiat currency. Related Reading | Cardano (ADA), After 35% Spike, Locks On Next Target: $0.55 This has thrown fuel on speculations about other big BTC holders unloading their assets into the market. MicroStrategy and its CEO Michael Saylor have been the target of a majority of these speculations. Over the past week, Bitcoin’s third wealthiest address identified as 1P5ZEDWTKTFGxQjZphgWPQUpe554WKDfHQ, has transferred 29,200 BTC to exchange platforms. Crypto users believe this is MicroStrategy’s BTC address. Therefore, they speculate the software company sent their BTC to crypto exchange Coinbase. Over the past week, this address transferred 132,800 BTC to this platform which is roughly the amount held by the Saylor-led company. Did Tesla Trigger A Bitcoin Selling Domino Effect? Research firm Jarvis Labs questioned the rumors claiming the address most likely belongs to a “top trader”. The wallet has been accumulating Bitcoin since January 2019. MicroStrategy and Saylor disclosed that their first BTC purchase took place in 2020. The software company is a publicly-traded company in the U.S. and must be transparent about its treasury strategy or risk facing legal consequences. Jarvis Labs highlighted ...
