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Elon Musk: Tesla is sold for bitcoins

Elon Musk: Tesla is sold for bitcoins

Information is not investment advice

What happened?

You might remember, Tesla has recently invested $1.5 billion in Bitcoin and at the same time announced its plans to accept the cryptocurrency as payment for its vehicles. What was said, was done! Bitcoin skyrocketed 5% after Tesla’s founder Elon Musk officially announced it will accept the cryptocurrencies as payment.

Besides, he emphasized that bitcoins for Tesla wouldn’t be converted to fiat currency. For now, this option is available only for US customers, but later this year people from other countries will have this opportunity as well.

Elon Musk has tweeted this news immediately after other Twitter users saw the new bitcoin support for all models of Tesla's autos in online US shops. "Musk," "Tesla," and "Bitcoin," quickly became trending hashtags.

What does it mean?

It should help Tesla to recover from the recent losses as well. It has started slowly moving up. If it jumps above the intersection of the 200-period moving average and the 38.2% Fibonacci retracement level of $675.00, the way up to the 50.0% Fibo level of $720.00 will be open. Support levels are $625.00 and $560.00.


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