Bitcoin retraced by $1,500 as Musk's Tesla sold $936M worth of BTC. The altcoins are also in the red.
Bitcoin retraced by $1,500 as Musk’s Tesla sold $936M worth of BTC. The altcoins are also in the red.
After several days of heading north, bitcoin slipped by more than $1,000 after news broke that Tesla had sold the majority of its BTC holdings in Q2. The altcoins also retraced hard, with some massive declines from the likes of Cardano, Solana, Dogecoin, and others.The past week or so went quite well for the primary cryptocurrency, which had dipped below $19,000 on July 13 following the latest US CPI numbers. The bulls came to play at that point and didn’t allow any further declines.
Just the opposite, BTC started to gain value fast and reclaimed $20,000 before the weekend. Saturday and Sunday saw more impressive performances from the asset, which jumped beyond $22,000.to over $24,000, which became the new highest price point in over a month.that Elon Musk’s Tesla had sold almost $1 billion of its BTC holdings during Q2. This had an immediate effect on bitcoin’s price, which dropped by approximately $1,500 and currently struggles below $23,000.
Ethereum was among the most impressive performers. It skyrocketed from $1,000 to over $1,600 in about a week, charting a new 40-day high. Now, though, ETH has lost around 4% and trades just under $1,500. BNB and XRP are down by similar percentages to $255 and $0.35, respectively. More losses, though, come from Cardano, Solana, Polkadot, MATIC, and Avalanche. All of them have declined by up to 8%.With most lower- and mid-cap altcoins also sitting in the red, the cumulative market cap of all crypto assets has declined by $60 billion in a day. Nevertheless, the metric still stands well above $1 trillion.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin rises above $24,000 as crypto market cap retakes $1 trillionBitcoin rallies following its worst quarter in 11 years as the broader cryptocurrency market rebounds from recent lows.
Read more »
Mega Million ticket worth $1 million sold in Phoenix, remains unclaimedNo one won the Mega Millions jackpot Tuesday night, but one $1 million winner has still yet to claim their prize money from the drawing.
Read more »
Genesis Files $1.2B Claim Against Three Arrows CapitalAnother crypto company has come forward seeking funds from the now insolvent Three Arrows Capital. Crypto broker GenesisTrading has filed a claim against the insolvent crypto hedge fund to the tune of $1.2 billion.
Read more »
China Fines Didi More Than $1 Billion for Breaking Data Security LawsChina’s cybersecurity authority fined ride-hailing giant Didi in apparent closure of a yearlong probe that prevented the company from adding new users.
Read more »
China's holdings of U.S. Treasurys fall below $1 trillion, report showsThe amount of U.S. Treasury securities held by China fell by $1 trillion, according to data released late on Monday.
Read more »
WSJ News Exclusive | Chinese Regulator to Fine Didi More Than $1 Billion Over Data-Security BreachesOnce the penalty is announced, the Chinese government plans to ease an earlier restriction banning Didi from adding new users to its platform, and allow the company’s mobile apps to be restored to domestic app stores.
Read more »