Bitcoin Whales Tesla, MicroStrategy And Marathon Rack Up Paper Losses In Millions As King Crypto Crashed: What You Should Know – Marathon Digital Holdings (NASDAQ:MARA) #CashNews.co

Bitcoin BTC/USD plummeted sharply Tuesday, causing a big dent in investors’ portfolios, including those of big corporate whales.

What happened: MicroStrategy Inc. MSTRthe company that has pioneered Bitcoin’s corporate adoption, sits on a reserve of 226,500 BTC, according to data from bitcointreasuries.net.

Following a 5.4% decline in the last 24 hours, King Crypto fell to $59,651, reducing the market value of MicroStrategy’s stash to $13.48 billion as of this writing. This meant that the so-called ‘Bitcoin Development’ company had unrealized losses of nearly $770 million in the last 24 hours.

The second-largest Bitcoin corporate holder, Marathon Digital Holdings Inc. MARAheld 25,000 BTCs worth $1.49 billion, down $90 million in the last 24 hours.

Similarly, tech juggernaut Tesla Inc. TSLA is estimated to hold 9,720 Bitcoins on its balance sheet, worth $579 million. Taking the 24-hour losses into account, Tesla was down $33 million on its Bitcoin investment.

It’s worth noting that these losses were for the last 24 hours and not on the original purchase price, or cost basis, of the Bitcoin holdings.

See Also: Coinbase Leads The Blockchain Industry’s Unprecedented Donation Spree In 2024 Election

Why It Matters: The losses followed a dramatic decline in the leading cryptocurrency’s price in the last 24 hours. Bitcoin hit an intraday low of $58,116, its lowest in more than a week.

Analytics firm Santiment attributed the sharp retrace to the liquidation of overleveraged bullish bets that were pouring in on derivatives exchanges.

Price Action: Shares of MicroStrategy closed 4.69% lower during Tuesday’s regular trading, according to data from Benzinga Pro. Tesla’s stock slid 1.88%, while Marathon Digital shares plunged 4.36%.

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