The price of bitcoin recovered after falling on news that Tesla sold 75% of its holdings

After falling as much as 0.5 percent to $23,268.92 on the news, the world’s largest cryptocurrency was last up 1.04 percent at $23,494.57.

Bitcoin recovered after a brief sell-off late Wednesday, triggered by news that electric carmaker Tesla Inc had sold roughly 75% of its holdings of the virtual token.

Tesla CEO Elon Musk stated that the sale was motivated by concerns about his company’s “overall liquidity.”

After falling as much as 0.5 percent to $23,268.92 on the news, the world’s largest cryptocurrency was last up 1.04 percent at $23,494.57.

Tesla sold $936 million in bitcoin in the second quarter, more than a year after purchasing $1.5 billion of the cryptocurrency at the height of its meteoric rise.