Let’s not talk about traditional markets today. It’s not that there isn’t anything to say—sure, equities are up (at new record highs, actually)—but for anybody looking at the crypto markets, there’s something bigger happening.

In previous briefings, we had a mostly bullish tilt. When Elon Musk updated his bio to ‘#bitcoin’, I expected prices to rise more, but they didn’t. Maybe people thought it was just another joke from Tesla’s founder.

Yesterday, it was announced that Tesla bought roughly $1.5 billion worth of Bitcoin. Looking at the quantity and the SEC filing, the entry price must have been around the mid 30K’s (38,000?). The amount represents about 8% of Tesla’s $19 billion cash holdings.

It was also reported that Tesla will soon accept BTC as a form of payment for their cars and products.

As a result of both pieces of news, crypto prices shot up. On the day, BTC gained over 19%, from the open at $38,500 to the current $46,100. To give some context, I’ve been looking at charts for another day with a similar rise and I couldn't find any this year, in the part quarter nor the past six months.

In the past 24 hours, about $1.2 billion of leveraged shorts were liquidated. I doubt there are any left at these levels.

Alts are behaving the way one would expect: gaining in USD terms, but losing—badly—relative to BTC. The BTC dominance shot up, from 61.50 to 64.30 at the time of writing. This was also hinted at in previous briefings and represents a natural correction and cycling through. 

Now, let’s be on the look-out for how ETH and other alts hold up, and (maybe more importantly) how soon other large tech companies pile into BTC.

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