Tesla, the electric vehicle giant and a key player in the cryptocurrency market, will announce its first quarter balance sheet on Wednesday. Investors will pay close attention to whether the company makes any changes to the amount of Bitcoin it holds. It is also thought that these statements may affect Dogecoin (DOGE), as always. Here are the details…
Tesla data will be announced: what about DOGE and BTC?
Although Tesla has sold most of its Bitcoin holdings, it has 9,720 BTC worth close to $300 million at current prices. cryptocoin.com As we have also reported, in the past period, MicroStrategy showed strong signals of institutional buying, with the announcement that it had purchased 6,455 and 1,455 BTC. This has led some to speculate that Tesla is also buying or selling Bitcoin.
Tesla first bought Bitcoin in February 2021 and had about 42,000 BTC at the time of purchase. In July 2022, the company sold 75 percent of its holdings for an average price of $29,000. In addition to his balance sheet, Tesla CEO Elon Musk will make a “Twitter 2.0”-focused speech at the Possible conference in Miami. Whether he will make a statement about the cryptocurrency during the conference is among the curious ones.
Meanwhile, it is wondered whether Musk will make a statement about DOGE in particular. As it is known, Tesla CEO has come to the fore in the crypto money field with tweets that affect the price of Dogecoin for the last 2-3 years.
What’s up with Tesla stocks?
However, investors will also pay close attention to Tesla’s pricing strategy and its impact on margins. Despite “race to the bottom” concerns over pricing, analysts believe Tesla is continuing its aggressive approach and expect brutal price cuts in stocks to continue.
Tesla has lowered the base prices of the Model S and Model X by nearly $5,000 to stimulate demand, and is also selling a more affordable Model Y SUV. This comes at a time when the Biden administration is taking a tougher stance on automobile pollution and the EPA is proposing new emissions restrictions to accelerate the adoption of electric vehicles. But some analysts warn that these measures could raise prices for both regular and electric vehicles.
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