Share:
  • 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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP