Bitcoin is suddenly bracing for a huge earthquake from Elon Musk and Tesla ahead of a critical price “tipping point.”

Bitcoin swung wildly last week after Tesla CEO Elon Musk issued a surprise endorsement of the cryptocurrency.

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The price of Bitcoin, more than 200% since its last lows in 2022, has risen this year thanks to Wall Street giant BlackRock, which has led the Bitcoin and cryptocurrency “revolution.”

Now, as Elon Musk warns that the United States is hurtling toward the brink of “bankruptcy,” traders are bracing for his electric car company Tesla to report third-quarter earnings, which could reveal the reason for its sudden transfer of nearly $800 million worth of bitcoin last week. the past. .

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Fed's 'Nightmare' Expected to Trigger a 'Turning Point' in Bitcoin Price By Billy Bambrough

Elon Musk's Tesla sent shockwaves through the Bitcoin and cryptocurrency market when it suddenly moved its shares… [+] Bitcoin last week, raising fears that Musk could collapse or boost the price of Bitcoin.

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“We believe the Tesla wallet movements we reported last week were wallet rotations with bitcoin still owned by Tesla,” blockchain investigators with Arkham Arkham Intelligence posted to X, adding: “Tesla transferred its entire balance of 11,509 bitcoin ( $776.9 million) to new wallets.”

Tesla suddenly moved its bitcoin last week, the first time it had been moved in about two years, sparking speculation that it had been moved for an over-the-counter sale.

In early 2022, Musk sold the majority of the $1.5 billion worth of bitcoin he had added to Tesla's balance sheet a year earlier to secure a quarterly profit for the company.

Tesla will publish its third-quarter 2024 results after the US market closes on Wednesday, October 23, and may reveal the reason for its Bitcoin move.

Tesla is the fourth-largest bitcoin holder behind bitcoin mining companies Riot and Marathon and Michael Saylor's software company MicroStrategy — which owns $17 billion worth of bitcoin.

This week, Musk surprised the Bitcoin and cryptocurrency market with his endorsement after recently turning his attention toward criticizing US spending, repeatedly warning that the US is hurtling toward the brink of “bankruptcy.”

“I think cryptocurrency is an interesting and potentially valuable bulwark against central control,” Musk said, speaking at a campaign rally for former US President Donald Trump in Pittsburgh when an attendee asked him if the XRP cryptocurrency could be integrated.

“Cryptocurrencies by their very nature help achieve individual freedom,” Musk said, adding that he does not endorse XRP or any other specific cryptocurrency.

Musk later said he was “not actively involved in cryptocurrencies,” dodging a question about whether blockchain, the technology that underpins bitcoin and other cryptocurrencies, could be used in future elections to reduce or eliminate voter fraud.

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ForbesMichael Saylor Reveals $100 Trillion 'Endgame' Shock As Bitcoin Price Suddenly SurgesBy Billy Bambrough

The price of Bitcoin has risen again towards all-time highs this year, with Tesla and Elon Musk… [+] Ready to spark a big movement in Bitcoin price.

Forbes digital assets

Meanwhile, bitcoin and cryptocurrency traders are closely monitoring opinion polls ahead of the US presidential election scheduled for next month, which could be a “turning point” for the bitcoin price.

“If you take a comprehensive look at Bitcoin, you'll find that the world's most valuable cryptocurrency has been stuck in a holding pattern since March. The question on everyone's lips is, 'What will it take to move it?'” Richard Pettardieu, Cryptocurrencies and Markets The financial analyst said in emailed comments.

“Bitcoin bulls view the US elections scheduled for next month as the turning point. If Donald Trump returns to the White House, the promise of a low-regulation administration and the potential removal of Gary Gensler as SEC Chairman could be seen as a possibility,” Pettardue said. The price breaks the resistance required to reach all-time highs.”

Trump has enthusiastically embraced bitcoin and cryptocurrencies this year, backing his family's World Liberty Financial cryptocurrency venture and selling four sets of non-fungible tokens (NFT APENFT).

Speaking earlier this year at a Bitcoin conference, Trump promised to create a strategic reserve of Bitcoin in the United States if he was re-elected, and predicted that the price of Bitcoin could eventually outperform gold.

“However, even with Trump in office, the bears may be right to issue a note of caution,” Pettardue said. “There are signs that Bitcoin is no longer the safe haven of the kind of geopolitical uncertainty that tends to haunt it.”

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