Bitcoin About to Hit New ATH: But Are Its Biggest Backers Jeeting?

Bitcoin price is shooting higher, possibly on the verge of a new BTC all-time high. Yet doubts are emerging in El Salvador and Tesla Bitcoin wallets.

There is a refreshing crypto lift-off.  After weeks of discouraging lower lows, the world’s most valuable coin is springing higher at press time.

According to Coingecko data , the world’s most valuable coin is up an impressive +10% in the last week alone, adding 2% in 24 hours. Amid this uptick, trading volume has spiked, rising to over $55 billion.

Bitcoin Price Is Seemingly Rallying to New ATH

Rising Bitcoin prices Price Trading volume in 24h Last 7d price movement , expanding trading volume, and bullish traders have seen speculators and investors pour billions into the coin, expecting it to rip higher.

Yesterday, Bitcoin eased past $66,000 or September highs.

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As BTC rallies again today, there is a high probability of the coin not only clearing $70,000–a round number being closely monitored, but rallying to an all-time high.

The race higher is a relief. However, there is a concern. When Bitcoin rallied yesterday, some whales chose to sell.

Bitcoin Adoption In El Salvador Low

At the same time, it is emerging that interest in El Salvador is not that strong.

In 2020, El Salvador and Nayib Bukele announced that they were integrating Bitcoin, making BTC one of their legal tenders.

However, a San Salvador University Francisco Gavidia survey found that only a tiny percentage of its citizens use BTC for transactions.

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Furthermore, researchers found that only 1.3% of El Salvadorans believe Bitcoin and crypto should be part of the country’s economic focus.

These findings seem to counter what President Bukele has been promoting in recent years. Besides making BTC legal tender, the country has been actively accumulating , following in the path of MicroStrategy.

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Although only a small fraction of the population actively leverages the reliable BTC network for remittance, this is still a huge boost for crypto as a whole, showcasing its value proposition.

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Tesla Moves BTC: Is Elon Musk About To Sell Bitcoin?

Amid this, there are concerns that Tesla, the electric car manufacturer, might dump BTC.

Yesterday, Tesla moved BTC for the first time in over two years. In 2022, the electric car manufacturer sold 75% of its stash at a loss.

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According to Arkham, Tesla still holds 11,500 BTC worth over $785 million at spot rates held at Coinbase Prime.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.