Tesla Lost $101 Million Buying Bitcoin
Bitcoin up 5.5% on Monday, ending the day near $44,100
Feb 9, 2022
1 min read
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Ethereum added 5%, other leading altcoins from the top ten also showed growth dynamics: from 4% (Solana) to 18.5% (XRP).

The total capitalization of the crypto market, according to CoinGecko, increased by 5.5% in a day, to $2.10 trillion. The Bitcoin Dominance Index did not change overnight, remaining at 39.2%.

Cryptocurrencies briefly stopped responding to movements in US stock indices, which started the week with a decline.

The purchases were probably joined by retail investors, driven by the desire not to miss the beginning of the market growth (FOMO).

However, their buying potential is unlikely to be enough if stock indicators intensify their decline and large institutional investors enter the game, wishing to resume profit-taking from purchases.

In terms of technical analysis, Bitcoin yesterday surpassed the 50-day moving average (MA) around $42,700 for the first time since mid-November, which is an important indicator for medium-term investors. The uptrend will be supported if buyers can keep quotes above this line.

KPMG, one of the largest auditors in the world, has added bitcoin and Ethereum to its Canadian arm's corporate reserves. This is the firm's first direct investment in cryptocurrencies.

Meanwhile, at the end of 2021, Tesla received a loss of $ 101 million from a decrease in the value of previously purchased bitcoins, for the purchase of which it spent $ 1.5 billion. Earlier, Elon Musk called the decision to buy BTC as a reserve asset rather risky.

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