After making a significant investment in Bitcoin last year, Tesla Motors sold 75 percent of its holdings in the second quarter, the company confirmed Wednesday. Tesla converted $936 million worth of Bitcoin into fiat currency and added the cash to its balance sheet, according to the electric vehicle maker’s earnings release (pdf). Tesla’s crypto holdings…
Tesla Sold 75 Percent of Bitcoin Holdings to Boost ‘Overall Liquidity’
Tesla Sold 75 Percent of Bitcoin Holdings, Adding $936 Million to Balance Sheet
Tesla reported that it sold much of its Bitcoin investment after saying the cryptocurrency was one of a number of factors that impacted operating income in the second quarter of 2022. The electric car company told shareholders on Wednesday in its Q2 Quarterly Update (pdf) that it converted around 75 percent of its Bitcoin purchases…
What’s Behind the Current Market Crash
July 6, 2022
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News Analysis The first half of 2022 has seen financial market carnage of historic proportions, from stocks to bonds and even cryptocurrencies. Analysts say the rout is part of the process of markets assessing how severe the next recession will be, along with the reckoning that central banks no longer have the markets’ back. “There’s…
Blockchain is Risky, Users Need to ‘Trust’ Programmers Won’t ‘Introduce a Bug,’ Warns Pentagon Report
July 1, 2022
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A report commissioned by the Pentagon’s Defense Advanced Research Projects Agency (DARPA) has found that blockchain—the technology behind cryptocurrencies like bitcoin—is not as decentralized as commonly thought, while also being vulnerable to attacks. “The challenge with using a blockchain is that one has to either (a) accept its immutability and trust that its programmers did…
Bitcoin Falls Below $19,000, Further Shaking Crypto Markets
Bitcoin dropped 6.1 percent to $18,866.77 at 2004 GMT on Thursday, putting the biggest and best-known cryptocurrency down $1,226.41 from its previous close and down 60.9 percent from the year’s high of $48,234 on March 28. Several big players in the cryptocurrency markets have had difficulties, and further declines could force other crypto investors to…
If You Invested $1,000 In Bitcoin When Michael Saylor Said to Mortgage Your House, Here’s How Much You’re Down
One of the biggest Bitcoin bulls is Michael Saylor, the CEO of MicroStrategy Incorporated. While Saylor has actively been buying Bitcoin thanks to his bullish thoughts, he has also encouraged people to invest what they can into the leading cryptocurrency, including a call a year ago to mortgage their houses. What Happened When Bitcoin was trading…
Crypto Industry Fears Contagion as Bitcoin Slips Under $20,000
LONDON/HONG KONG—The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world’s biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours—roughly the peak of…
Jeffrey Gundlach Correctly Predicted Bitcoin Would Retreat to $20,000: Here’s His Next Call on the Crypto
Bitcoin has fallen more than 50 percent since the start of the year and one investor says he wouldn’t be surprised to see it cut in half again. What Happened Billionaire investor Jeffrey Gundlach on Wednesday warned that Bitcoin’s plunge may not be over. “It looks like it’s being liquidated,” Gundlach said Wednesday on CNBC’s “Closing…
Bitcoin Eases From 18-month Low as Crypto Market Stabilizes
LONDON/NEW YORK—Bitcoin recovered on Wednesday after diving to an 18-month low, buoyed by the U.S. Federal Reserve’s tough stance on inflation even in the midst of a market meltdown this week after crypto lender Celsius froze customer withdrawals. The world’s largest cryptocurrency fell as much as 7.8 percent to $20,079.72, its lowest since December 2020….
Cryptocurrency Market Wipes Out $2 Trillion in Value Since November Peak
The cryptocurrency industry has wiped out about $2 trillion in value since hitting a $2.9 trillion peak in November 2021. All of the major digital tokens are deep in the red this year. Bitcoin has slumped more than 53 percent to around $22,000. Ethereum has lost 68 percent to about $1,200. Cardano has plunged 65…
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