{"id":10226,"date":"2022-07-22T23:14:00","date_gmt":"2022-07-22T20:14:00","guid":{"rendered":"https:\/\/alfacash.blog\/?p=10226"},"modified":"2024-02-19T21:50:36","modified_gmt":"2024-02-19T18:50:36","slug":"tesla-sold-whales-on-move-bitcoin-resists","status":"publish","type":"post","link":"https:\/\/alfacash.blog\/cs\/2022\/07\/22\/tesla-sold-whales-on-move-bitcoin-resists\/","title":{"rendered":"Tesla sold and whales are on the move, but Bitcoin resists"},"content":{"rendered":"

Elon Musk and his electric car company, Tesla Inc., gave a bad surprise to Bitcoin this week. According to the company’s Q2 earnings report, it already sold 75% of its coins (BTC) holdings between April and June 2022<\/strong>. That\u2019s around $936 million from their previous purchase of $1.5 billion in 2021. Likewise, several whales are moving their holdings.<\/p>\n\n\n\n

The document<\/a> alludes to a \u201cBitcoin impairment\u201d, and how the brand needed the sale to increase the cash on its balance sheet. During the earnings conference call, Musk talked<\/a> a bit more about the reasons behind the dump.<\/p>\n\n\n\n

\u201cWe are certainly open to increasing our bitcoin holdings in the future, so this should not be taken as some verdict on bitcoin. It\u2019s just that we were concerned about overall liquidity for the company, given Covid shutdowns in China (…) we\u2019re neither here nor there on cryptocurrency.”<\/p><\/blockquote>\n\n\n\n

\"Elon-Musk-cryptos-podvod\"<\/figure><\/div>\n\n\n\n

Tesla bought<\/a> 43,200 bitcoins at a price of around $34,000 per coin. They sold it at an average price of $28,888 per coin. If we consider that 75% of the original coins is 32,400 BTC previously bought at $34,000 ($1.1 billion), but sold at $28,888 ($935.9), then the losses for the company ascend to over $165 million.<\/strong><\/p>\n\n\n\n

This is a sell-off big enough to hit the crypto market. Some people are even blaming Musk and Tesla for the collapse of Terra<\/a> (LUNA), and the subsequent downfall of T\u0159i \u0161\u00edpy Capital<\/a> (3AC) as well. \u00a0Of course, this is barely an assumption.<\/p>\n\n\n\n

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It turns out, @elonmusk<\/a> killed #terraluna<\/a> with their #Bitcoin<\/a> sale at 30k, which killed #ThreeArrowsCapital<\/a>, which killed #BlockFi<\/a>, #Celsius<\/a>, #voyager<\/a>, etc. What a legend \ud83e\udd23 pic.twitter.com\/SVQ8Bn0oha<\/a><\/p>— Dr. Julian Hosp (@julianhosp) July 21, 2022<\/a><\/blockquote>