As Bitcoin surged and broke the $37,000 mark again, its market capitalization exceeded $700 billion, more than Tesla’s market capitalization.
As of the 9th (local time), Tesla’s market capitalization is $667.5 billion. In comparison, Bitcoin has surpassed $700 billion.
As of 7:00 a.m. on the 10th, Bitcoin was recording $36,511 on CoinMarketCap, a global coin market relay site, up 2.69% from 24 hours ago.Bitcoin is trading between $37,926 and $35,429.
Bitcoin once surpassed $37,000, as well as close to $38,000. It is the first time in 18 months that Bitcoin has surpassed $37,000 since May last year.
CoinDesk, a media outlet specializing in cryptocurrency (virtual currency), analyzed that Bitcoin soared on the same day because of expectations for a spot exchange-traded fund (ETF).
Short Squeeze refers to buying back shares to repay short-selling shares.
Bitcoin surged as short selling forces bought a large number of short selling supplies to reduce losses as bitcoin prices rose.
CoinDesk estimated that short squeeze volume amounted to $50 million (about 65.5 billion won).
Bitcoin surged on the same day as a large number of short sellers were liquidated. As a result, Bitcoin’s market capitalization was tallied at 7164 billion dollars.
In contrast, Tesla plunged nearly 6% when HSBC, a global investment bank, gave Tesla a selling rating, citing “CEO risk,” and its target price also fell to $146.
Tesla recorded $209.98 on the New York Stock Exchange, down 5.46% from the previous trading day. As a result, the market capitalization decreased to $667.5 billion.
JULIE KIM
US ASIA JOURNAL
