Crypto Prices on January 28, 2023: Cardano Leads the Gains

photo: Unsplash/Kanchanara

As the weekend approaches, the prices of Bitcoin and other top cryptocurrencies are observed to have various movements in Saturday's (January 28, 2023) trading. Most of the top cryptocurrencies are observed to be back in the green zone.

According to data from Coinmarketcap, on Saturday, January 28, 2023 morning, the largest market capitalized crypto, Bitcoin (BTC) has slightly strengthened by 0.09 percent in the last 24 hours and 2.34 percent in the last week.

Currently, the price of bitcoin is at the level of USD 23,077 per coin or equivalent to IDR 345.5 million (assuming an exchange rate of IDR 14,972 per US dollar).

Ethereum (ETH) has also weakened. ETH dropped 0.61 percent in the last day and 3.15 percent in the last week. As a result, ETH is currently at the level of IDR 23.89 million per coin.

The next crypto, Binance Coin (BNB) is once again strong this morning. In the last 24 hours, BNB has risen by 0.86 percent and 1.34 percent in the last week. This makes BNB priced at IDR 4.6 million per coin.

Cardano, is still in the green zone. In the last day, ADA has grown by 1.49 percent and 7.76 percent in the last week. As a result, ADA is at the level of IDR 5,791 per coin.

XRP has also turned green. XRP has risen slightly by 0.10 percent in 24 hours and 0.05 percent in a week. As a result, XRP is now priced at Rp 6,156 per coin. The meme coin Dogecoin (DOGE) has also experienced an increase this morning. 

In the past 24 hours, DOGE has grown by 0.92 percent and 0.64 percent in a week. This has caused DOGE to be traded at the level of Rp 1,303 per token. Meanwhile, the crypto prices of stablecoin Tether (USDT) and USD coin (USDC) have both strengthened by 0.01 percent today. This has caused the prices of both to remain at the level of USD 1.00. 

As for Binance USD (BUSD), it has strengthened by 0.01 percent in the last 24 hours, keeping its price at the level of USD 1.00. The overall market capitalization of crypto today is at the level of USD 1.053 trillion or equivalent to Rp 15.766 trillion.

Tesla's Bitcoin Holdings Incur a Loss of IDR 508.5 Billion

photo: Traxer/Unsplash

Previously, in its latest earnings report, Tesla revealed that it did not purchase or sell any Bitcoin in the last quarter of 2022. According to Decrypt, on Friday (27/1/2023), Tesla incurred a value reduction cost of around USD 34 million or equivalent to IDR 508.5 billion (assuming an exchange rate of IDR 14,947 per US dollar) due to the decrease in the value of its Bitcoin holdings to USD 184 million or equivalent to IDR 2.7 trillion from USD 218 million or equivalent to IDR 3.8 trillion in the third quarter of 2022. 

In accounting, value reduction cost is the reduction of the value of an asset below its recorded value or the cost of acquiring the asset. In the context of Tesla's Bitcoin holdings, this means that although the company still has the same amount of BTC on its balance sheet, the market value of the savings has decreased compared to the previous quarter.

Bitcoin traded below $20,000 or equivalent to IDR 299.1 million at the end of September 2022, before falling below $16,000 or equivalent to IDR 239.4 million at the end of the year, according to CoinGecko data.

Tesla and Bitcoin

Tesla joined the ranks of leading companies holding cryptocurrency when it announced in February 2021 that it had invested $1.5 billion or equivalent to IDR 22.4 trillion in Bitcoin, the news promptly pushing BTC's price to a new record high at the time.

The company sold 10 percent of its Bitcoin holdings in Q1 2021 to prove the liquidity of Bitcoin as an alternative for holding cash on its balance sheet, with significant further sales coming in Q2 2022 when Tesla announced they had sold 75 percent of its Bitcoin holdings.

Read More: Why Real Regulatory Change In Crypto Has Not Happened