Bitcoin slide leads to unrealized losses for prominent holders

El Salvador, MicroStrategy, Tesla and Block Inc. saw their bitcoin holdings fall deeper into the red following crypto market turmoil on Monday. 

Bitcoin’s price plunged to lows not seen since December 2020 as the cryptocurrency fell over 10% in the past 24 hours, changing hands for $23,750 as of 7:15 a.m. ET, according to Coinbase data via TradingView. 

The latest dip follows negative sentiment in broader financial markets as recession fears persist on the back of ever-increasing inflation in the US and Europe, forcing central banks to hike rates for the first time in decades. 

At last count El Salvador owned 2,301 BTC with an average purchase price of $45,171.86. As of Monday the Central American country’s investment is fast approaching an unrealized loss of up to 50%. 

Michael Saylor’s MicroStrategy saw its massive bet on bitcoin fall into the red in May when the price fell below its average purchase price of $30,700. Developments today have seen this bet plunge even lower.

MicroStrategy currently owns 129,218 BTC, held at an unrealized loss of 18% — although Saylor maintains his company has no need to consider selling.

Meanwhile Elon Musk’s Tesla owns approximately 42,000 BTC with a slightly higher average purchase price of $31,620. This leaves the auto company’s investment down a little over 20% at the time of writing. 

Finally, Jack Dorsey’s Block (formerly Square), which has the lowest average purchase price at $27,407, holds 8,027 BTC for an unrealized loss of just over 8%.

According to data via The Block Research dashboard, 72% of BTC supply is now in profit, down from 92% a month ago.