Bitcoin has lost some of its gains as news about Tesla’s earnings report is published. The Elon Musk-led company revealed that it sold 75% of its BTC holding at a 9% loss over Q2, 2022. Related Reading | Short Positions Over $165 Million Get Liquidated Following The Bitcoin And Ethereum Uptrend According to the reports, the company has converted its Bitcoin holdings into fiat currency. In consequence, Bitcoin was rejected close to the $24,000 price point and now trades at $23,100 with a 2% loss over the past hour. The cryptocurrency still records a 20% gain over the past week and market sentiment still leans optimistic about the potential for future profits. Jeff Dorman CIO for investment firm Arca commented the following on recent developments and their potential to impact Bitcoin: If you’ve ever wondered whether or not trading bots control digital asset trading…keep in mind the entire digital asset market just fell on news that one company (Tesla) sold one asset (BTC) 1-3 months ago. Expect full retrace of this move quickly. Tesla stock recorded a 4% profit immediately after it published its earnings report and it approaches its highest level since June. Ludwig Wittgenstein claims the car manufacturer’s decision to liquidate a large portion of its BTC holding could have long-lasting consequences for the crypto market. Tesla +4% on earnings ¯\_(ツ)_/¯ pic.twitter.com/coOFjpsOqy — TradingView (@tradingview) Jul...
