Bitcoin Casualty Toll Increases as Tesla Prepares to Report a $440 Million Drawdown
Estimated Reading Time: 3 minutes
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
Free Crypto Signals Channel
Free Telegram Channel
Financial analyst at StockApps Edith Reads noted: “Tesla isn’t the only one feeling the pain from the Bitcoin crash. Several companies that have converted part of their treasury into Bitcoin are taking big hits to their bottom line.”
She continued:
“The list includes MicroStrategy, whose BTC investment lost over a billion dollars. The company had 129,218 bitcoins on its balance sheet, purchased at a value of $3.97 billion. However, that value has melted down to $2.895 billion.”
StockApps further detailed that other whale investors suffering massive backlash in their Bitcoin investments include Block, Square, and Marathon Digital Holdings.
Depending on who you ask, Bitcoin’s crash has been blamed on numerous factors, including interest rates, inflation worries, and an unfortunate series of events involving cryptocurrency companies.
Tesla’s whopping $440 million BTC drawdown is nothing compared to the tens of billions of dollars in investment lost since the Bitcoin crash began. Companies that invested in BTC have come under immense pressure. According to the StockApps report, many investors are questioning their investment choices.
Key Bitcoin Levels to Watch — July 14
Bitcoin ended a four-day losing streak yesterday after tapping the $19K base. Currently, the flagship cryptocurrency has bounced off the mentioned base and fights to regain a footing above the $20K mark.
With the US dollar scaling new record highs, a sustained push above the $20K mark seems unlikely for the cryptocurrency as traders prepare for a possible fall to $17K. In any case, the overall bias remains bearish, warranting extreme caution against aggressive bullish bets.
Meanwhile, my resistance levels are at $20,700, $21,000, and $22,000, and my key support levels are at $19,000, $18,000, and $17,000.
Total Market Capitalization: $897.4 billion
Bitcoin Market Capitalization: $384.5 billion
Bitcoin Dominance: 42.7%
Market Rank: #1
You can purchase Lucky Block here. Buy LBlock
