Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of...
BTC’s march toward $24,000 took a brief pause after media headlines announced that Tesla had sold 75% of its Bitcoin position. Easy come, easy go was the story on July 20 as the day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earning news showed Tesla sold 75% of its Bitcoin and Minecraft reversed course by deciding to ban NFTs on its platform.Daily cryptocurrency market performance. Source: Coin360A potential source of the afternoon downturn can be traced to Tesla’s Q2 earnings data, which....
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Yesterday Tesla released its earnings report for Q1, 2021. In February, the company bought $1.5 billion in Bitcoin. Per the report, Tesla has sold at least 10% of its position for a $101 million profit. Both the company and its CEO Elon Musk received severe criticism from the crypto community and others. DDTG Global owner […]
Tesla adding Bitcoin to its corporate treasury back in February was considered an inflection point for the cryptocurrency. A major corporation adopting BTC into its balance sheet seemed like a sign that the BTC has gone mainstream. CEO and “Technoking of Tesla” Elon Musk was apparently convinced by MicroStrategy’s CEO Michael Saylor to follow a […]
Bitcoin has lost some of its gains as news about Tesla’s earnings report is published. The Elon Musk-led company revealed that it sold 75% of its BTC holding at a 9% loss over Q2, 2022. Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend According to the reports, the company has converted its Bitcoin holdings into fiat currency. In consequence, Bitcoin was rejected close to the $24,000 price point and now trades at $23,100 with a 2% loss over the past hour. The cryptocurrency still records a 20% gain over the past week and....
The 20-day correlation between Tesla stocks and the Nasdaq 100 index has sharply dropped from 0.83 in mid-June to 0.14 as of this week. Market analysts are arguing that Tesla's exposure to Bitcoin (BTC) may be the reason for its sharp decorrelation from Big Tech in recent weeks. As of Wednesday, July 14, the 20-day correlation between the company's price and the Nasdaq 100 index has dropped from 0.83 on June 17 down to 0.14. Whereas Tesla has shed almost 4% this month, the Nasdaq 100 is up by over 2%. Weakened correlation between Tesla shares and the NYSE FANG+ index is also observable, as....
The vehicle manufacturer's latest earnings report for the third quarter shows it's made no changes to its Bitcoin holdings since its huge sell-off in the second quarter. Electric vehicle manufacturer Tesla has made no further changes to its remaining stash of Bitcoin (BTC) in the third quarter of 2022, despite nearly a $1 billion sell-off in the previous quarter. The company’s Q3 report released Oct. 19 shows $218 million worth of “digital assets” remains on its balance sheet, with no reported losses in the value of its holdings. Based on current prices, it’s estimated that Tesla still....