Giddy Defi

Tesla has reportedly moved $760M worth of Bitcoin to new wallets.

According to CryptoQuant, there are a few possible reasons why the company would be shuffling around these assets: Tesla might be managing its wallets for operational or audit purposes, meeting legal or compliance requirements, or even restructuring its Bitcoin holdings in preparation for potential sales or loans.

Thankfully for the Bitcoin maxis, there’s no evidence of an immediate sale, as no transfers to exchanges like Coinbase have been spotted yet.

Bitcoin jumped nearly 6%, briefly surpassing $61,000, before finally slowing down as anticipation grows for the Federal Reserve’s interest rate decision on September 18.

This rebound comes after a brief three-day dip, following a long several weeks of stumbled around the $58,000 range.

At the time of writing, BTC is trading at $60,935, reflecting a 5.5% gain over the past 24 hours, a welcome update for those HODLing through the last few weeks of less-than-stellar price action.

It’s still looking like an economic slowdown is on the way, but according to new LEI data, a major recession is looking less and less likely every day.

The U.S.’s Leading Economic Indicators (LEI) have continued to fall month over month, but the decrease has slowed to such a rate that it no longer indicates an impending recession.

Many major stocks, and crypto especially have struggled to find their footing amid fears of a slowing economy, but thankfully the worst of this cycle may finally be behind us.

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