Bitcoin drops, Ethereum (ETH) rises as traders digest Tesla BTC sale


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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.

Price dynamics of major coins
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

Growth leaders in 24 hours (CoinMarketCap data)
Cryptocurrency % change in 24 hours (+/-) Price
Curve DAO Token (CRV) +21.2% $1.40
Synthetics (SNX) +15% $3.29
Space (ATOM) +14.1% $11.06

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.

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.

Social volume is not rising, indicating that investors do not have “FOMO fever” yet, according to Santiment, a market analytics platform on Twitter.

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?

Photo by Studio13lights on Shutterstock

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