Tesla Holds Bitcoin, No Buying or Selling in Q1 2023

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Today’s Cryptocurrency Headline

Tesla’s financial report released on Wednesday afternoon showed that the company did not buy or sell any Bitcoin in the first quarter of 2023. As of the end of the first quarter, Tesla held digital assets worth $184 million, which was the same as in the fourth quarter of 2022. Although the price of Bitcoin rose from $16,500 three months ago to about $28,500 at the end of the first quarter, its valuation remained unchanged due to current accounting standards that do not allow such gains to be included. Tesla has not changed its Bitcoin holdings for the third consecutive quarter. According to FactSet data, Tesla’s adjusted earnings per share (EPS) for the first quarter were 85 cents, with revenue of $23.33 billion.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin has experienced a 5.23% decline within the last 24 hours, with an intraday low of $28,520.00. This marks its lowest point since April 10, when the price was last below $29,000. Despite surpassing multiple resistance levels, Bitcoin’s price surge in recent months seems to be losing momentum. The cryptocurrency is struggling to claim the crucial resistance zone of $30K. If the bull manages to overcome the resistance zone between $30,000 and $31,000, the price may rise to $32,500. However, if the price falls below $28,000, the pair could drop to $26,500.

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