Bitcoin Falls, Ethereum (ETH) Rises as Traders Digest Tesla BTC Selloff

Bitcoin Falls, Ethereum (ETH) Rises as Traders Digest Tesla BTC Selloff
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Bitcoin, Ethereal and other major currencies traded mixed on Thursday night as the global cryptocurrency market surged 1.15% to $1.05 trillion at press time.

Price performance of major coins
Currency 24 hours 7 days Price
Bitcoin USD/BTC -0.7% 12.7% $23,139.08
Ethereal EUR/USD 3.1% 32.46% $1,575.26
doecoin DOGO/USD -0.4% 12.1% $0.07

Top 24-hour gainers (data via CoinMarketCap)
cryptocurrency 24 hour % change (+/-) Price
Curve DAO Tab (CRV) +21.2% $1.40
synthetic (SNX) +15% $3.29
Cosmos (atoms) +14.1% $11.06

See also: How to get free cryptocurrencies

Because it is important: The divergence between Bitcoin and Ethereum was in play on Thursday. The leading cryptocurrency by market cap continues to come under pressure after the news of Tesla Inc. TSLA the sale was disclosed on Wednesday.

“Tesla got rid of a good chunk of their Bitcoin news and caught many off guard and helped end the rally above $24,000. This is not a game changer for Bitcoin, but it unsettled a good chunk of the avid social media followers,” he said. OANDA senior market analyst Edward Moyain a note seen by Benzinga.

Moya expects Bitcoin to be “choppy” until the period beyond the next US. Federal Reserve policy meeting next week.

overall block analyst marcus sotirio Said the CEO of Tesla by Elon Musk The decision to sell the automaker’s Bitcoin holdings will not “go down well with Bitcoin maximalists, as it gives many institutions the impression that Bitcoin is not a proper reserve asset or safe haven.”

Sotiriou noted that Bitcoin fell 40% after Tesla sold some of its holdings. “I don’t think Tesla should be criticized for managing its risk in this uncertain macro environment. They may buy back Bitcoin or other digital assets when conditions improve.”

cryptoquantification CEO ki young ju noted a tweet dated June 16 when Coinbase market makers sent 63,638 BTC to multiple exchanges, primarily Binance and Bitfinex over 72 hours.

Current market conditions present investors with “enough volatility to make money,” the crypto trader said. Michael van de Poppe On twitter. He said the summer relief rally continues.

Social volume isn’t skyrocketing, indicating investors aren’t yet in “FOMO fever,” said Santiment, a market intelligence platform on Twitter.

Meanwhile, cryptocurrencies continue to be strongly correlated to stocks. On Thursday, the S&P 500 closed 1% higher, while the tech-heavy Nasdaq ended the day 1.4% higher.

Markets fell into the red in extended trading after Snapchat dad add-on inc NAP revealed weak earnings. S&P 500 and Nasdaq futures traded 0.4% and 0.7% lower, respectively, at press time.

Read next: Did Tesla make any money from its $1.5B Bitcoin purchase?

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