Bitcoin Slumped $1.5K as Tesla Sold Almost $1B in BTC (Market Watch)

After several days of moving north, bitcoin lost more than $1,000 following news that Tesla had sold its majority of its BTC holdings during Q2. Altcoins too fell hard with large declines in the likes Cardano and Solana as well as Dogecoin and other altcoins.

Bitcoin Drops Below $23K

This week was a good one for the primary cryptocurrency. It had fallen below $19,000 on July 13, following the US CPI numbers. At that point, the bulls came in and stopped any further declines.

BTC gained value quickly and reclaimed $20,000 just before the weekend. The asset saw even more impressive performances on Saturday and Sunday, when it surpassed $22,000.

After the beginning of the work week, the landscape was even more beautiful. This resulted in a price rise to more than $24,000, which was the highest price in more than a month.

But, Elon Musk’s Tesla sold nearly $1 billion of its BTC holdings in Q2. This immediately had an impact on bitcoin’s value, as it fell by $1,500 to $23,000.

Although its market capitalization is now just below $450 billion, the dominance of altcoins has gained some momentum and currently sits at 42.6%.

BTCUSD. Source: TradingView
Red lts

Like bitcoin, many altcoins have seen impressive gains over the past few days, but they are now retracing on a daily basis.

Ethereum was one of the best performers. In just a week, it soared from $1,000 to more than $1,600, charting a new 40 day high. ETH trades at just $1,500 and has lost approximately 4% of its value.

BNB and XRP have fallen by similar percentages to $0.35 and $255, respectively. Cardano and Polkadot, MATIC and Avalanche are the main culprits of losses. They have all fallen by as much as 8%.

Two of the largest memecoins, Shiba Inu (or Dogecoin), have seen their value drop by double-digit percentages.

The cumulative market capital of all crypto assets fell by $60 billion per day, with most altcoins in the lower and middle caps also in the red. However, this metric is still well above $1 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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