Bitcoin

El Salvador, MicroStrategy and Tesla Lose Of over $1.3 Billion In BTC Holdings

According to an Analytics site, buybitcoinworldwide, business intelligence company MicroStrategy, American electric car company Tesla, and the first country to adopt BTC as legal tender, El Salvador have seen a large percentage of the value of their BTC holdings go down the drain following the most recent market crash.

MicroStrategy with a $1 billion loss in value, CEO says it’s not a bother

Many investors in the top asset class have lost huge chunks of money following the recent drop in value of most cryptocurrencies. The losses of Tesla, MicroStrategy, and El Salvador have just run into over a billion dollars together with MSTR taking the biggest hit.

Coindesk reports that MicroStrategy alone has lost over $1 billion since BTC touched $22,900 on Monday. MSTR has purchased a total of 129,218 BTC since it started accumulation in August of 2020. The company is reported to have spent $3.96 billion in accumulating.

Tesla also holds approximately 42,902 BTC, and was purchased at an aggregate sum of $1.32 billion. The electric car company is reported to have lost a total of $320 million so far leaving it with just $1 billion.

El Salvador’s position is really shaky because the whole nation would bear the impact of any losses since it’s a legal tender in the country. The country holds a total of 2,301 BTC which was valued at $101 million. The country’s holding is now just worth $54 million.

Market remains erratic, hits 2020 lows

The entire crypto market saw more than $400 billion in losses over the last week to take it below $1 trillion, Bitcoin is down over 60 percent from the price it reached in November 2022 and millions have been wiped due to this development.

No one is certain of where the market is headed, some have predicted BTC to $20k as it touched below $23k today. No single cryptocurrency in CoinMarketCap’s top 100 rankings saw any gains over the last 24 hours, signifying the seriousness of this crash.

Other Cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGE) all recorded heavy losses falling by between 15% to 25% in just 24 hours.

Adrian is an avid observer and researcher of the Cryptocurrency market. He believes in the future of digital currency and enjoys updating the public with breaking news on new developments in the Cryptocurrency space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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