- Tesla sold 75% of Bitcoin holdings to protect operating income and profitability from exposure to BTC’s volatility.
- In the Q2 Earnings Report, Tesla revealed that $936 million was added to the balance sheet from the sale of Bitcoin.
- Elon Musk assured DOGE holders that no Dogecoin was sold, Tesla has not disclosed its holdings of the meme coin yet.
Elon Musk affirmed that Tesla has not shed its Dogecoin holdings after news of $966 million worth of BTC sales by the car manufacturer. Tesla cited concerns regarding operating profits and profitability, which led to it liquidating 75% of its Bitcoin holdings. Elon Musk’s Tesla continues to HODL Dogecoin, alongside DOGE holders.
Musk assures no Dogecoin sold
Elon Musk’s Tesla made headlines after shedding 75% of its Bitcoin holdings, as per the Q2 Earnings Report. The electric car manufacturer cited concerns of operating profit and profitability for the Bitcoin sale. Though Tesla has not revealed its Dogecoin holdings yet, Musk affirmed DOGE holders that the car company has not sold its meme coins.
Tesla started accepting Dogecoin in exchange for a select range of its merchandise, therefore it is a known fact that the electric car company holds DOGE. Musk’s announcement is an important one for Dogecoin holders for two key reasons.
While Bitcoin is still reeling from the $966 million sale by Tesla, the European Central Bank announced a 0.50% rate hike leading to further losses. Bitcoin is now battling bears to recoup its losses and hold its ground at the $23,000 level.
Dogecoin price was also hit by the ECB announcement and suffered a nearly 6% decline over the past 24 hours. However, DOGE holders expect a recovery in the meme coin.
In the earnings conference call, Musk explained why the firm sold Bitcoin and said,
We have not sold any of our Dogecoin.
Dogecoin prepares for a quick run up
Analysts at FXStreet evaluated the Dogecoin price trend and predicted a quick run up in the meme coin. Analysts noted that DOGE is ready for a price rally to $0.082. For price levels and more information, check this video:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Two key dates over the SEC request to freeze Binance assets
Crypto exchange Binance must respond to the US Securities Exchange Commission’s (SEC) order to freeze assets tied to its subsidiary Binance.US by June 12, ahead of a court hearing about the case on June 13, according to the D.C. district court schedule.
Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals
The US Securities and Exchange Commission’s (SEC) crackdown on Coinbase led to mass withdrawals of Coinbase wrapped staked Ether (cbETH) since Tuesday, acting as a bearish catalyst for the asset’s price.
Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE
Dogecoin (DOGE) price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.
Axie Infinity price recovery delayed despite investor deposits hitting a five-month high
Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the SEC, the investors have resorted to offloading their holdings for now.
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.