Elon Musk and Tesla continue to set the agenda. The famous billionaire bought the remaining shares of the social sharing platform Twitter last week for $ 44 billion. While this move caused expectations in the crypto market, Tesla, owned by Musk, had a flash Bitcoin detail in the first quarter report submitted to the US Securities and Exchange Commission.

In the report, it was stated that the giant company had $ 1.26 billion in crypto assets as of the end of last month. This isn't the most interesting cryptocurrency section in the Tesla report. Because Tesla explains at every opportunity that he does not sell the Bitcoin he holds. The filing confirms this. The electric car maker has not seen a decrease in Bitcoin holdings since the previous quarter.

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Bitcoin Detail in Tesla's First Quarter Report

Tesla described Bitcoin investment as a “liquid alternative to cash” in the report. The company also pointed out that the leading cryptocurrency has long-term potential.

While there was no emphasis in the report on Dogecoin (DOGE), another crypto currency accepted by the company in sales, it was emphasized that the crypto money in their hands could increase or decrease according to the situation of the company.

It is known that Tesla has 43,200 Bitcoins in his portfolio. The company announced that it suspended sales with Bitcoin last year due to the high carbon footprint of Bitcoin mining.

Bitcoin (BTC) price changed hands at $38,438 at the time of writing, while the leading crypto's 24-hour trading volume was $27,068,558,791 at the time of writing. Bitcoin (BTC) price is down -1.1% in the last 24 hours.

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Will BTC Survive the Downtrend?

In the latest report by Glassnode, it seems that the crypto market is experiencing losses and continues in the bearish phase. However, the realized profit and loss also give us clues about the conditions of the current market. In addition, with these tips, the length of each cycle on the market can be calculated. While the period between 2016 and 2019 includes three full cycles, it is important that it includes the same number of cycles between 2020 and 2022.

Right now, almost every on-chain data provider already states that investors are capturing the market, they are at a loss, and cryptos are on the decline due to low profitability. However, since Bitcoin has already started its third downward move, experts note that this drop was short compared to the bullish and bearish cycles between 2016 and 2019. Therefore, experts state that the market is ready to reverse and the rises are close. So, after completing three full cycles, BTC can now be ready to rise. On the one hand, the results of the FED meeting, which will take place tomorrow, are also expected. These results are important for shaping Bitcoin and the crypto market under its leadership.