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Electric car makers are fateful as bitcoin holdings are further devalued in the market turmoil that whales are ready to sell by rapidly pouring bitcoin into crypto exchange platforms. FacingTesla is already facing a write-down of $ 440 million Bitcoin You may face holdings after the bloody of the recent crypto market, and even more.
Bitcoin price Was below $ 20,000, the lowest in 18 months. This is bad news for Tesla, who bought $ 1.5 billion in Bitcoin in 2021. The move is rebounding from investors as the company is heading for write-downs. Some of Tesla’s cash reserves have been transferred to cryptocurrencies, but the decision has backfired as Bitcoin’s prices plummeted in recent cryptocurrency baths.
Tesla recorded Bitcoin holdings of $ 1.26 billion three months ago. The actual market value of Tesla’s holdings at the time was close to $ 2 billion, but it was unrealized (not yet sold) according to accounting practices and could not register these returns on the investment.
Due to the recent slump Bitcoin Tesla’s last day price in the second fiscal quarter (up to the $ 19,000 level), but the company’s holdings are currently worth an estimated $ 820.8 million. Therefore, Elon Musk’s Tesla could record an impairment loss of approximately $ 440 million on Bitcoin holdings. That’s 9% of the 2021 car company’s annual profit.
When Tesla reported its quarterly financial results in July 2022, it could make this announcement and write down $ 440 million on Bitcoin’s big bets.
Based on data from crypto on-chain company Glassnode, the weekly moving average of lost unique Bitcoin addresses peaked at 18.8 million on July 3, 2022. Bitcoin Holders have suffered the worst monthly losses since 2011 in their current bloodbath.
Bitcoin: Number of Lost Addresses
Analysts at CryptoQuant show that the whale ratio metric, an indicator of the selling behavior of large wallet investors, is quickly pointing to the bottom of Bitcoin prices. The whale ratio metric is calculated by dividing the top 10 inflows to the Bitcoin exchange by all the inflows of the day. High metric values indicate price fluctuations.
Analysts pointed out that whales are rapidly depositing Bitcoin holdings on crypto exchanges, resulting in huge losses. Therefore, Bitcoin prices may soon bottom out and the next bullish cycle may begin.
Analyst FX Street We evaluated Bitcoin’s price chart and revealed that we hope our assets will plummet below the seven-day low of $ 18,817. Check out the following video for details to note and key pricing.
