Apr 28, 2021

The cost of bitcoin approached $55 thousand

The main cryptocurrency has gained 17% over the past two days.  It began to rise in price after the drop in quotations to the lowest level since the beginning of March.

The price of bitcoin on April 27 reached $54.9 thousand. At 11:45 Moscow time, the value of a digital coin was $54.6 thousand. The main cryptocurrency has grown by 17% over the past two days after quotes fell to $46.9 thousand – the lowest mark since the beginning  Martha.

Bitcoin price is rising amid the publication of Tesla’s financial statements.  It follows from the report that the automaker at the end of March sold 10% of the cryptocurrency for $272 million, fixing $101 million in profit.  This was confirmed on Twitter by Tesla CEO Elon Musk, and noted that he did not sell his digital assets.

Thanks to the sale of bitcoins, Tesla managed to reach a record profit for the quarter – $438 million. The previous record was set in the third quarter of 2020 and amounted to $331 million.

The fact that Tesla invested $1.5 billion in Bitcoin became known back in early February.  Since the end of March, the company has provided an opportunity to pay for the purchase of its electric vehicles with bitcoin. So far, only US residents can do this, but the company is going to start accepting payments in bitcoins outside the country by the end of the year.

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Risk Awareness

Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Trading or holding funds in cryptocurrencies comes with significant risks, including volatile market price swings or flash crashes, market manipulation. Use EUPi stable coin to secure your funds from market volatility.