bitcoin, Ethereum and other major coins traded mixed on Thursday evening as the global cryptocurrency market surged 1.15% to $1.05 trillion at press time.
|Coin||24 hours||7 days||Price|
|bitcoin Bitcoin/US dollar||-0.7%||12.7%||$23,139.08|
|Ethereum Ether/US dollar||3.1%||32.46%||$1575.26|
|Dogecoin DOGE/US dollar||-0.4%||12.1%||$0.07|
|Cryptocurrency||% change in 24 hours (+/-)||Price|
|Curve DAO Token (CRV)||+21.2%||$1.40|
See also: How to get free cryptocurrency
Why is it important: The divergence between Bitcoin and Ethereum emerged on Thursday. The largest cryptocurrency by market capitalization continues to be under pressure after the news about Tesla Inc. TSLA the sale was disclosed on Wednesday.
“Tesla is dumping much of its bitcoin holding news, taking many by surprise and helping end the rally above $24,000. This does not change the rules of the game for bitcoin, but it has alarmed a significant portion of active social media followers,” he said. OANDA Senior Market Analyst Edward Moyain a note that Benzinga saw.
Moya expects Bitcoin to be “unstable” until after the next US exit. Federal Reserve policy meeting next week.
GlobalBlock analyst Marcus Sotiriou Tesla CEO said Elona Musk The decision to sell the automaker’s bitcoin assets “would not appeal to bitcoin maximalists, as many institutions are under the impression that bitcoin is not a suitable reserve asset or safe haven.”
Sotiriou noted that bitcoin fell by 40% after Tesla sold some of its assets. “I don’t think Tesla should be criticized for managing risk in this uncertain macro environment. They may well buy back bitcoin or other digital assets when conditions improve.”
CryptoQuantum Executive Director Ki Young Joo pointed to a June 16 tweet where market makers Coinbase sent 63,638 BTC to multiple exchanges, mainly Binance and Bitfinex, within 72 hours.
Correction: MM(s) were following Tesla’s orders. https://t.co/R0TnT3mmpm
— Ki Young Joo (@ki_young_ju) July 20, 2022
Key said they were fulfilling orders on behalf of Tesla on Thursday.
The current market conditions give investors “enough volatility to make money,” the crypto trader said. Michael van de Poppe on Twitter. He said that the summer action of assistance continues.
The summer fundraiser continues.
Enough volatility to make money.
And you see how quickly the mood changes.
— Michael van de Poppe (@CryptoMichNL) July 21, 2022
Social volume is not rising, indicating that investors do not have “FOMO fever” yet, according to Santiment, a market analytics platform on Twitter.
#Bitcoin is +12% and this week jumped by more than 23 thousand dollars. The big story was #Ethereum (+33%) and #altcoins how $ETC (+69%), $APE (+39%), $FTM (+33%), & $RUNE (+31%). As long as social volume remains low, the crowd has no #FOMO fever so far. https://t.co/nf1qN1XuQy pic.twitter.com/V91bDZKScG
— Sentiment (@santimentfeed) July 21, 2022
Meanwhile, cryptocurrencies are still highly correlated with stocks. On Thursday, the S&P 500 closed up 1%, while the high-tech Nasdaq ended the day up 1.4%.
Markets went negative in extended trading after Snapchat parent Snap Inc. CLICK showed poor earnings. At press time, S&P 500 and Nasdaq futures were down 0.4% and 0.7%, respectively.
Read more: Did Tesla Make Money Buying $1.5 Billion of Bitcoin?
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