Large Crypto Traders Facing Huge Loss Due to Bitcoin

• Bitcoin went below $24,000 and lost 12% of its value in the last 24 hours. 
• BTC attained a new low from December 2020.

The king of cryptocurrency Bitcoin almost lost 65% of its value from its all-time high of $68,789 which is recorded in November 2021. 40% of the holders are now swimming underwater with their BTC investment.

Top institutional buyers like MicroStrategy, Tesla, El Salvador, and Block are lost nearly a huge amount of profits. 

Top institutional buyers’ losses on Bitcoin 

MicroStrategy is an American-based business intelligence company holding $129,218 BTC worth more than 3 billion. Now lost $713 million or 17.98% of its overall value. MicroStrategy’s entire value of bitcoin holdings average price was $30,700.

Last year, El Salvador is the first nation to adopt bitcoin as its legal tender, and the country’s investors held $2031 BTC worth $103 million and an average price of $45,171.86. Currently, the holding BTC is worth $57 million which almost lost 44% of the profit. 

Tesla is an American-based automotive company holding approximately $42,000 bitcoin worth $1 billion. Now it lost more than 20.37% of its value worth $270 million and the average price was  $31,620.00. Always Tesla CEO Elon Musk’s favorite cryptocurrency is the Dogecoin which is under the meme coin.

Block formally known as Square is an American financial services and digital payments company based in San Francisco. Block holding $8027 bitcoin which is worth $219 million on a cost base and the current value is $202 million. It lost 8.13% of the profit value which is worth $17 million. 

According to the CoinMarketCap today, Bitcoin started trading at below $25k, still, it has not to get recovered and going down on its bottom. BTC traded at  $23,633 and lost over 12% from its last 24 hours value with a trading volume of $61 billion and a market cap of $460 billion.