Tesla's Q2 2023 earnings report has been released, meeting investors' high expectations. However, the report does not reflect any movement in Bitcoin for the electric car giant during the previous quarter. Despite the current macroeconomic environment, the company achieved a record-breaking quarter with the best-ever production and deliveries, and revenue approaching $25 billion in a single quarter.
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Tesla holds onto Bitcoin as it bounces back to $30,000. Tesla Stands Firm On BTC Investment
One important aspect of the report is the section on Tesla’s balance sheet, which shows the company’s holdings in digital assets, specifically Bitcoin (BTC). As of June 30, 2023, Tesla’s digital assets holdings stood at $184 million, which is the same amount as the previous quarter.
Despite recent volatility in the cryptocurrency market, Tesla has not sold any of its Bitcoin holdings, indicating the company's confidence in the long-term potential of digital assets. This decision aligns with Elon Musk's previous statements expressing support for the underlying technology of Bitcoin and other cryptocurrencies and their potential to transform the financial industry. Tesla holds onto Bitcoin as it bounces back to $30,000.
Bitcoin Rebounds To $30,000
At present, the largest cryptocurrency in terms of market capitalization and trading volume has surpassed the $30,000 threshold, recovering from its sharp decline to $29,400 on Tuesday.
Bitcoin reached a new yearly high of $31,800 on July 13th, but it has since experienced a retracement of over 1.6% in the last 14 days. Nevertheless, the cryptocurrency has managed to maintain a 12% gain over the past 30 days. Bitcoin's 50-day Moving Average could serve as a strong support level at $29,100 in the event of further price drops and a failure to consolidate above the $30,000 mark. Sudden price movements have become increasingly common in recent months, following the thaw of the crypto winter. Typically, when Bitcoin experiences a price drop, it is followed by a period of consolidation. As long as BTC does not drop below its 50-day and 200-day Moving Averages, it can be seen as a short-term victory for Bitcoin bulls who have weathered another round of selling pressure. It remains to be seen whether BTC's nearest support level will be able to hold and prevent another decline attempt.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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