Tesla Overtakes Bitcoin to Secure 11th Spot on Global Asset Leaderboard

TLDR

• Tesla’s market value now stands at $1.6 trillion, surpassing Bitcoin at $1.5 trillion.
• Bitcoin drops out of the top 10 global assets, falling behind Meta and Taiwan Semiconductor.
• Widespread crypto market correction results in $2.5 billion in leveraged position liquidations.
• Bitcoin’s value declines sharply, reaching as low as $77,300 in recent trading.

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Tesla has moved ahead of Bitcoin on the global asset leaderboard, securing the 11th position. This shift in rankings follows a significant drop in Bitcoin’s price, pushing its market capitalization down to around $1.5 trillion. Tesla, now valued at approximately $1.6 trillion, has successfully taken over the 11th spot, as Bitcoin slipped into 12th place. The recent market volatility and price corrections have affected Bitcoin’s position in the asset rankings, especially in the face of a wider market downturn.

The digital asset Bitcoin had previously been one of the top 10 largest assets globally. However, the recent market correction has caused it to fall behind other companies such as Meta Platforms and Taiwan Semiconductor Manufacturing Company.

Bitcoin’s price tumbled as low as $81,000 earlier this week and continued to decline as trading progressed, with the latest figures showing it hovering around $77,300, down 8% over the past 24 hours. As a result, the cryptocurrency’s market capitalization has experienced a significant decline.

Bitcoin’s Market Decline Leads to Its Fall in Rankings

The sharp market correction in recent days has caused Bitcoin to lose its spot among the top 10 global assets. As the digital currency’s value dropped, it fell behind major companies like Meta Platforms and Taiwan Semiconductor, both of which are now ahead of Bitcoin in market value. The decline in Bitcoin’s price is tied to widespread deleveraging within the market, which has led to significant liquidations of leveraged positions.

Bitcoin’s market capitalization was approximately $1.5 trillion during this period, a drop from its previous valuation. Tesla, on the other hand, experienced growth, now valued at $1.6 trillion, enabling it to surpass Bitcoin in global asset rankings. The ongoing volatility in the crypto market, combined with Bitcoin’s recent price downturn, has created a shift in rankings, with Tesla moving ahead of the digital asset.

Deleveraging Event Triggers Major Losses for Crypto Traders

The decline in Bitcoin’s price has led to widespread deleveraging in the crypto market. Over the last 24 hours, approximately $2.5 billion in leveraged positions were liquidated, with the majority of these losses coming from long traders. According to CoinGlass, long traders absorbed roughly $2.4 billion of the total losses, while more than 408,000 traders were liquidated.

This deleveraging event highlights the high-risk nature of leveraged trading in volatile markets like cryptocurrency. As traders were caught off guard by the sudden price drop, many experienced significant financial setbacks. This has further contributed to the market’s downturn and Bitcoin’s slip in rankings, as more investors exit the leveraged positions, leading to additional price corrections.

Tesla’s Growth Amidst Market Challenges

Despite the recent turmoil in the crypto market, Tesla has shown resilience, maintaining its position as one of the largest global assets. Tesla’s valuation of $1.6 trillion has placed it ahead of Bitcoin, marking a notable shift in the rankings. This growth comes as the company continues to innovate and expand its presence in the electric vehicle industry and beyond.

Tesla’s market value has been less volatile compared to Bitcoin’s price fluctuations. The company’s ability to maintain strong investor confidence has helped it rise to the 11th position, despite the broader market’s ups and downs. As the world of digital assets faces increasing uncertainties, traditional companies like Tesla continue to hold strong positions in the global asset rankings.

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