Bitcoin Recovers After Sell-Off On News Tesla Sold 75% Of Its holdings

Bitcoin rebounded after a brief sell-off late by news that Tesla had sold about 75 per cent of its holdings of the virtual token.

Bitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla Inc had sold about 75 per cent of its holdings of the virtual token.

Tesla Chief Executive Elon Musk cited concerns about his company's "overall liquidity" as the reason for the sale.

The world's largest cryptocurrency was last up 1.04 per cent at $23,494.57, after sliding as much as 0.5 per cent to $23,268.92 on the news.

Tesla sold $936 million worth of bitcoin in the second quarter, more than a year after the company bought $1.5 billion of the cryptocurrency at the peak of its massive growth and popularity.