The month of May has proven to be brutal for one of the Crypto enthusiasts. Every investor may it be big or small seems to be anxious and looking for a recovery. Amid this crash, few giant Bitcoin (BTC) backers like Microstrategy and Tesla are holding their reserves at a large loss.
Microstrategy is the largest Bitcoin holder among publicly-listed companies. It holds 129,218 BTC with an entry value of $3.9 Billion, according to data from Coingecko. The latest value of its Bitcoin holdings stands at $3.62 Billion which is down by $343 million.
Tesla’s Bitcoin holding is also on the same page. EV giant holds 48,000 BTC at an entry value of $1.5 Billion. While its current value has shrunk down to $1.34 billion. However, Tesla’s share prices closed at $734, down by 8.25%, on the last day. Its pre market bid shows a further 2.16% fall today.
The Bitcoin is down by 12% in the last 24 hours to trade at $27,800. The last 24 hours have seen a BTC liquidation worth $425 million. This has directly affected some major players in the industry.
Earlier, Michael Saylor hinted that If BTC breaks down the $21,000 mark then the MicroStrategy will be obligated to do a margin call. The company will either have to sell its Bitcoin at a lower price or have to pull up more collateral for the loan. The software firm recently logged a big loss in Q1 2022 on the declining value of its Bitcoin holdings.
But Saylor- a Bitcoin maximalist- has staunchly opposed selling MicroStrategy’s reserves.
The BTC prices have shrunk by a massive 30% in the last 7 days leaving the whole crypto market tumbling. The global crypto market has decreased by $500 billion in the last 7 days. Meanwhile, the Bitcoin value of Microstrategy and Tesla has been reduced terribly. On the other hand, the stock prices of these giants have also suffered a lot.
Recently, the Software firm revealed a net loss for the first quarter of 2022 in its report. The MicroStrategy share prices have fallen by 25.42% in the past day to trade at $168. Meanwhile, its pre market shows a prediction of a further dump of 12.24%.
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