Bitcoin recovers after falling on news Tesla sold 75% of its holdings

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Reuters UK

By Hannah Lang NEW YORK (Reuters) – Bitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla Inc had sold about 75% of its holdings of the virtual token. Tesla Chief Executive Elon Musk cited concerns about his company’s “overall liquidity” as the reason for the sale. The world’s largest cryptocurrency was last up 1.04% at $23,494.57, after sliding as much as 0.5% to $23,268.92 on the news. Tesla sold $936 million worth of bitcoin in the second quarter, more than a year after the company bought $1.5 billion of the cryptocurrency at the peak of its…

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