According to recent reports by a financial analyst, Tesla, MicroStrategy, and Block have all lost $5 billion from the recent drop in Bitcoin.
Read CRYPTONEWSLAND onThe toll reflects the risk that companies encounter when they put a portion of their cash into Bitcoin. MicroStrategy has been the most aggressive company in buying Bitcoin(BTC). Although bitcoin has dropped slightly from its lows of just over $18,000 last month, there is no guarantee it will reach the November highs of around $68,000.
Meanwhile, the stock prices of Tesla, MicroStrategy, and Block were all down on Monday following the weekend sell-off in Bitcoin.
According to CoinMarketCap, the price of Bitcoin is currently down about 3% at $23,661.13 with a trading volume of $35,129,422,417 USD. The digital currency is up by 3.68% in the last 24 hours.
Tesla CEO Elon Musk and MicroStrategy CEO Michael Saylor are two of the most vocal backers of Bitcoin. Both executives have said they believe digital currency has a bright future and that it is a good way to store value.
The three companies are led by big proponents of cryptocurrency. The most remarkable action taken by a Bitcoin company is that of MicroStrategy Chief Executive Officer Michael Saylor, who spent almost $4 billion to acquire 129,699 Bitcoins. In the second quarter, owing to the price decline, the tokens decreased in value by $3.4 billion.
In the year 2020, the software company was the first company to invest Lion’s share of its treasury in Bitcoin.
Blockchain, a provider of cryptocurrency mining services, has been one of the big winners in 2020 as the Bitcoin rally sent the prices of many digital assets to record highs. The company reported a $5 billion loss for the second quarter of this year.
In other news, in True Boomer Fashion, Elon Musk Caves, Tesla Sells Its Bitcoin(BTC). This comes as a surprise for many as the crypto market has started showing bullish as the crypto market recovers from the bear condition it was in for a while.
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