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bitcoin
Bitcoin (BTC) $ 69,154.53
ethereum
Ethereum (ETH) $ 3,805.24
tether
Tether (USDT) $ 0.999361
bnb
BNB (BNB) $ 602.59
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USDC (USDC) $ 0.999872
xrp
XRP (XRP) $ 0.537307
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BUSD (BUSD) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.170888
cardano
Cardano (ADA) $ 0.459684
solana
Solana (SOL) $ 164.00
matic-network
Polygon (MATIC) $ 0.723429
polkadot
Polkadot (DOT) $ 7.43
tron
TRON (TRX) $ 0.113646
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    Tesla data $204M loss from bitcoin in 2022

    Latest News

    Tesla recorded a $204 million impairment loss in 2022 on its bitcoin holdings, in response to regulatory filings. The loss was offset by $64 million in earnings from bitcoin buying and selling, leaving the automaker with a internet lack of $140 million.

    Tesla had invested $1.5 billion in bitcoin through the first quarter of 2021, stating that it believed within the longevity of the cryptocurrency. On the time, the corporate mentioned bitcoin was an incredible place to retailer money and nonetheless entry it instantly, all of the whereas offering a greater return on funding than extra conventional central banks. The truth is, after its preliminary buy, Tesla promptly trimmed its place by 10%, making the automaker a fast $101 million.

    In March 2021, CEO Elon Musk mentioned Tesla would begin accepting bitcoin as funds for Tesla autos, inflicting the value of the crypto to growth. Just a few weeks later, Musk and Tesla backpedaled on that call, expressing concern for the quantity of power wanted to mine bitcoin. The worth of bitcoin then subsequently sank.

    Final 12 months, as the worth of bitcoin started to plunge, Tesla offered 75% of its bitcoin holdings and used the proceeds to purchase conventional forex. The automaker right now owns about $184 million price of bitcoin, and could also be holding out for a rebound.

    See also  Crypto financial institution Silvergate’s ‘collywobbles’ may add to business’s woes

    The crypto market has skilled a dramatic drawdown over the previous 12 months. Immediately, bitcoin is buying and selling at $23,045.50, which is about 66% beneath the all-time excessive of $68,789.63. Regardless of dropping over half its worth, some consultants say bitcoin has remained resilient and will expertise a comeback, particularly as consumers spooked by the crypto market normally gravitate towards family names and extra mature ecosystems, like bitcoin or ether.

    Tesla disbanded its press division and couldn’t be reached for remark.

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