Bitcoin price fell below $40,000, causing Tesla to lose nearly 100% of BTC profits

Bitcoin (Bitcoin) Fell below $40,000 on May 19, as bearish sentiment continued to determine the price direction, leading to the cryptocurrency market Lost $350 billion in value.

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView

Analysts calm down when BTC/USD hits 15-week low

Data from Cointelegraph Markets Professional Edition with Transaction view Track BTC/USD as it bounced back to a low of $38,500 before falling.

After a week of consecutive declines, Wednesday’s decline put Bitcoin at its lowest level since early February, 40% below its historical high.

Popular trader Scott Melker “Bitcoin fell to new lows and may soon buy more” tell Twitter followers described the opposite calmness of market veterans in a post.

As a repetition diagram ReportedThroughout the week, those close to the data were bearish, and even the BTC price below $40,000 failed to suppress their sentiment.

Analyst Lex Moskovski pointed out at the time of writing: “16,835 bitcoins have been withdrawn from the exchange in the past 10 minutes.”

“Someone is shopping.”

Bitcoin exchange withdrawal volume graph. Source: Lex Moskovski / Twitter

Tesla blows the fate of Bitcoin

Elsewhere, Tesla and its CEO Elon Musk are still the focus of attention. After accusing him of the recent turmoil, Musk is widely believed to have paid more for himself and his company than most other companies.

Since the return is less than $40,000, Bitcoin’s trading price on Wednesday is almost the same as Tesla’s purchase of $1.5 billion.

its announcement The transaction took place on February 8, about a few weeks later. Nevertheless, its profits from BTC have evaporated, and BTC’s profits once surpassed its entire history of manufacturing electric cars.

“When Tesla announced Bitcoin, we returned to the public price of $39,000 on February 8,” PlanB, creator of the stock-to-cash flow model to sum up.

According to monitoring resources Bitcoin Treasury BondAt the time of writing, Tesla’s collection is worth slightly more than $1.72 billion.

PlanB was once one of Musk’s most prestigious critics, and figures like Saifedean Ammous have also joined Musk. Bitcoin standard.

As far as Musk is concerned, comfirmed Tesla has not yet sold any of its configurations.