Bitcoin and Ethereum are both bad market indicators, support is still unsatisfactory

Are there any companies investing in Bitcoin Loss?

In the first quarter of 2021, crypto assets, led by Bitcoin, began to rise in price as the liquidity party wears off after the spread, and money from Wall Street and international corporations is following this pattern. With presentations from Goldman Sachs, Morgan Stanley, and other investment firms, Coinbase is a managed and trusted trading platform that provides capital-based trading services.

In these contexts, some tech companies and trading companies have taken one 'crab' after another, using Bitcoin as an even distribution of corporate assets.

Tesla, the world's largest automaker, has invested $ 1.5 billion in Bitcoin under the leadership of its CEO. When its first quarter financial results were announced, Tesla reduced its stake in Bitcoin by 10%, bringing revenue to $ 272 million and supplementing Tesla's revenue.

Seeing Tesla having a sweet taste, Square, Meitu and other companies followed as they sought to use cryptocurrencies to leverage their capital.

However, as international regulation of exchanges continues, the cryptocurrency market is volatile. During the second quarter of reported profits, companies also began to experience declines. A publicly traded company run by Tesla has also cut the “threads” of the market.

Tesla announced its second quarter financial results after the U.S. markets closed on July 26. Tesla's revenue for the second quarter of 2021, according to financial statements, is $ 11.96 billion, an increase of 98% from the same period last year.

Tesla's second quarter financials are clear but better than market expectations. However, the assets affected by Bitcoin fell by $ 23 million (around KRW 230 billion). By industry standards, as Bitcoin prices fell below Tesla's price lines at the time of financial accounting in the second quarter, Tesla is expected to report this. . announcement. broken.

With nearly 40,000 bitcoins in its hands, Tesla lost $ 23 million, and the other companies were no exception.

Besides Musk, Twitter founder Jack Dorsey, whose mobile phone company Square has also invested heavily in Bitcoin, is another staunch crypto supporter.

On August 1, Square released a statement announcing its second financial statements. Square said in its report that its total revenue was $ 1.14 billion, up 91% from the previous year. Like Tesla, the financial media is more visual. However, the Bitcoin investment was damaged by $ 45 million.

According to data from Bitcoin Treasuries, Square currently holds 8,027 Bitcoins. After Square first bought 4,709 BTC in October 2020, it raised $ 170 million and 3,318 BTC in February 2021.

Tesla invested a total of $ 1.5 billion in Bitcoin, and after investing $ 272 million in the first quarter, it reported a loss of $ 2,300 in the second quarter. However, following Tesla's Square is not easy.

Square has invested a total of $ 230 million in Bitcoin, but has yet to announce any job cuts.

When other companies' Bitcoin losses directly exceeded hundreds of millions of dollars, they also decided to further increase their status in Bitcoin.

That "crazy" little publicly traded company is MicroStrategy Capital. Their decision is like a red-eyed gamer, not only in business, but also in loans to support their work.

It is the "legacy" tech company most involved in the software industry. Before 2020, the company's operating costs had fallen. However, founder Michael Thaler is a fan of Bitcoin and has continued to increase his Bitcoin investment since 2020, and is now the largest trading company in the world.

On July 30, MicroStrategy announced its second quarter results. As of June 30, 2021, MicroStrategy held approximately 105,085 BTC, with a book value of $ 2.051 billion and subsequently suffered a decline of $ 689.6 million. Of that amount, Bitcoin lost $ 425 million in the second quarter.

In an interview with Bloomberg, Michael Sayler said, “We are always excited about the benefits of our crypto-asset strategy. Our recent investment allowed us to measure our digital investment on 105,000 bitcoins today. continue to grow. More investment in assets. "

The developers at MicroStrategy shouldn't be joking that it lost $ 689.6 million, but should increase their stake even further.

As of June 15, the value of Bitcoin had fallen to $ 30,000, and MicroStrategy announced that $ 488 million of private equity would be used to buy Bitcoin. Hold around $ 1 billion in stocks to buy Bitcoin.

Faced with this crazy business strategy, the Chinese company Meitu is like mediocre. As a publicly traded company, it has held many Ethereum positions in the organization, but its Bitcoin capital also indicates a loss.

On July 6, Hong Kong-based Meitu Technology announced that the fair value of the company's Bitcoin investments had declined by $ 17.3 million as of June 30, 2021. Meitu acknowledged the decline in subsequent periods. : Average profit. As of June 30, 2021, the fair value of the investment in Ethereum has increased by US $ 14.7 million, but since Ethereum has not been sold, the company will not accept the investment as a result. assessment of the value of temporary results.

A total of $ 100 million was invested in cryptocurrencies, and the accounting loss was $ 1,730, and Meitu Technology also suffered little in the cryptocurrency market.

Whether it's $ 10 million or $ 600 million, the plausible reason these big Bitcoin companies are losing is that since May Bitcoin has faced many reform costs due to changes in the market. wind control in the world. . Over 50%, suddenly falling below the line price of many companies.

Meanwhile, the value of Bitcoin soared to $ 64,000 on the night of May 19, fell to $ 30,000, and has fluctuated between $ 30,000 and $ 40,000 since then.

For most businesses, the increase in storage costs is over $ 50,000. Product growth also continued in the first quarter of 2021, a "hunt high" attitude. As the value of Bitcoin plummeted, investors in the company also "let go" of people at a time.

However, because business investors have better risk management and hedge funds, their willingness to return on investment is more reasonable as entrepreneurs. About the long-term future of cryptocurrencies.

Technical analysis:

We all know that Ethereum or Bitcoin has achieved more than half of its decline after going up and down. He stood for a few days, but began to look to the future. , the concern is easy to understand. However, for now, it is still showing a healthy uptrend. The past high of 36600 Bitcoin will be stronger after breaking the high position, and the daily maintenance task target will drop at this point. , support will continue to increase as long as you hold support here. Ethereum support is similar, it is easy to determine by the daily 2400 digit line, do not limit yourself to the hour and minute lines to see directions.

Don't be intimidated by reminders, especially disappointments and setbacks. Both buying and selling have the opportunity. The key is to find support and level. Although the market has continued to fluctuate and decline, Lao Liu's long-term business venture has remained in place and remains profitable. Bitcoin transactions are always treated as a shock. Support for the lows is at 37600, the low of previous lows. It is now very close to strong support near 36600. You may want to decide to place the wave in the mid comparison. The defensive position is at 36600. Now because if your position breaks here the spread is going to explode and you will have to change your mind to make a difference. Our starting point is to look around 39700. If you keep your job, look at line 4100.

For Ethereum, after more than ten consecutive days of an uptrend, yesterday's correction was larger than the previous support, while support below 2400 is still valid. Yesterday the decline was about to be repaired. Ethereum's growth is not as big as Bitcoin's, but the structure is more stable than big cookies. It is now lower and closer to the strong support level. You can decide to place more orders. Another drop a day can bring it back. The word comes together. If the resistance level is below 2400 and the target above sees the 2600 mark ahead and sees that 2700 may break the position, we can set a new high. . The whole trend is still the average uptrend and the stock market is still in a manageable position. Don't be distracted by changing the current steps. We have to manage our promotion, collect more and go out in the market for sure.