HomeNewsTesla Lost Quite Some Amount After Selling its Bitcoins

Tesla Lost Quite Some Amount After Selling its Bitcoins

-

  • Tesla ultimately proved to be a poor investment, given the damage it suffered as a result of the unfavorable Bitcoin price movements.

Tesla sold Bitcoins worth $28,888

According to a number of sources, including Tesla’s financial conference, the revelation that Tesla had sold a sizable amount of its assets for a standard value of $28,888—a considerable 9 percent reduction from its initial entrance price of $31,620—had already caused a stir in the virtual currency market. According to Tesla’s preliminary profits report, the business liquidated $936 million worth of bitcoin at a price of $28,888. This report is in line with the dramatic decline in Bitcoin prices we witnessed in June when a series of insolvency drove BTC all the way down to the $17,800 mark.

Tesla chose to liquidate digital asset reserves was taken due to the absence of free cash flow, Musk informed himself. Musk’s firm held Bitcoin through all the ATH and ultimately sold it at a deficit. The reality that Tesla still has 25% of its Bitcoin and, according to Musk, plans to increase its assets in the coming years highlighted the non-Bitcoin-centric motivations for selling its ownership.

Tesla sold off its Bitcoins at a loss, Credit: Analytics Insight
Tesla sold off its Bitcoins at a loss, Credit: Analytics Insight

Is this a concern for the crypto market?

One of the primary drivers of the gains in Dogecoin and Bitcoin was Musk and his businesses, especially Tesla. The CEO of SpaceX is still optimistic about decentralized innovations and thinks that they will somehow play a role in shaping the future. Not to be overlooked is the fact that the absence of trading volumes and direct investment, which resulted in a lack of turbulence, contributes to the market’s comparatively tranquil response. The huge transaction itself was unable to significantly affect the market today since it was performed back in June when Bitcoin and other cryptocurrencies were trading at record lows.

Ujan Chakraborty
Ujan Chakraborty
Nothing but Blue Skies.

LATEST POSTS

Shiba Eternity is finally launching on October 1st, 2022

The SHIB team stated that the game will be available for downloading in the application stores within a year in October 2021. The development team...

Will October be as good as August for Bitgert?

180% growth in August Over the past few months, the price performance of Bitgert (BRISE) has been astounding. Although the price of BRISE has remained constant...

Is the Big Eyes Coin a SHIB and DOGE Killer?

Positive anticipation  BIG is a new innovative cryptocurrency that has generated a significant amount of anticipation and interest in the cryptocurrency world. Big Eyes Coin may...

Does Floki Inu have a better future than DOGE and SHIB?

Despite the enormous public success of both Dogecoin and Shiba Inu, Floki (FLOKI) is a quickly expanding meme coin with more potential because of its...

Most Popular

spot_img