{"id":31431,"date":"2022-07-04T01:59:59","date_gmt":"2022-07-04T05:59:59","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=31431"},"modified":"2022-07-04T02:00:02","modified_gmt":"2022-07-04T06:00:02","slug":"as-bitcoin-falls-to-19000-elon-musks-tesla-records-440-million-impairment-losses","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/as-bitcoin-falls-to-19000-elon-musks-tesla-records-440-million-impairment-losses\/","title":{"rendered":"As Bitcoin Falls To $19,000, Elon Musk’s Tesla Records $440 Million Impairment Losses"},"content":{"rendered":"\n
On the heels of a steady fall in the price of Bitcoin<\/a> over the last few months, Tesla's Bitcoin holding has reportedly had a value drop of 33%.<\/h5>\n\n\n\n
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Bitcoin (BTC<\/a>), the world's largest cryptocurrency, has failed to keep up with its recovery and is currently selling info of $19,000. Elon Musk's Tesla Inc (NASDAQ: TSLA) is facing a $440 million write-down on its Bitcoin assets following this year's dramatic price drop.<\/p>\n\n\n\n

Tesla placed $1.5 billion outsider reserve funds in BTC last year, in February 2021. This caused a market euphoria, with the coin topping at $69,000 in November 2021. Although Tesla sold some of its BTC last year, it still holds the majority.<\/p>\n\n\n\n

Tesla is facing $440 million in impairment losses since the price of BTC has dropped more than 70% since the beginning of the year. The company's Bitcoin investments are currently valued at $820 million. Three months ago, the business valued its Bitcoin investments at $1.2 billion. This indicates that the company's BTC holdings have declined by 33% in just three months.<\/p>\n\n\n\n

Aside from its investment, Tesla has also begun taking BTC payments for a limited time. It eventually reversed its judgment, citing environmental issues with Bitcoin mining.<\/p>\n\n\n\n

Tesla is not the only company that has invested a portion of its cash reserves in BTC. This strategy has been used by other companies such as MicroStrategy, Coinbase, and Block Inc. MicroStrategy, a business analytics firm, added to its holdings last week with a Bitcoin acquisition.<\/p>\n\n\n\n

As previously said, BTC remains under pressure near $19,100. According\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> to market analyst Ali Martinez:<\/p>\n\n\n\n

“Bitcoin\u00a0Transaction history shows that\u00a0$BTC\u00a0needs to reclaim $19,500 as support as soon as possible to avoid a downswing to $16,350.”<\/p><\/blockquote><\/figure>\n\n\n\n

If BTC manages to maintain a sustained closing above $19,600, we should expect further bullish market activity up to $22,000. It'll be intriguing to see what the market has in store for the coming week.<\/p>\n","protected":false},"excerpt":{"rendered":"

On the heels of a steady fall in the price of Bitcoin over the last few months, Tesla’s Bitcoin holding has reportedly had a value drop of 33%. Bitcoin (BTC), the world’s largest cryptocurrency, has failed to keep up with its recovery and is currently selling info of $19,000. Elon Musk’s Tesla Inc (NASDAQ: TSLA) […]<\/p>\n","protected":false},"author":33,"featured_media":31434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[],"class_list":["post-31431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/07\/Tesla-BTC-1140x570-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=31431"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/31431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/31434"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=31431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=31431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=31431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}