Bitcoin
BTC$24 129.38

4.39%

Ethereum
ETH$1 804.53

5.98%

Tether
USDT$1.000145

0%

USD Coin
USDC$0.999924

0%

Binance Coin
BNB$331.99

4.39%

XRP
XRP$0.382330

2.12%

Musk has clipped the wings of Bitcoin


21 Jul 2022

#Bitcoin

How long does forever last? Just over a year, if you're Elon Musk. Tesla has indicated in its quarterly report that it has sold three-quarters of its Bitcoins, citing uncertainty. The past selling does not change the market disposition, as all transactions have already been made. However, investor sentiment is perhaps the main driver in this market, where a mathematical algorithm governs issuance.

And this sentiment has been hit at a rather crucial moment. As a result of short-term investors' frustration, BTCUSD failed to break away from its 50-day moving average. The price stabilised at 23000 at the time of writing, hovering around this trendline. Failure to cross this line in a sharp move is a bearish signal. The closest development would be Bitcoin's return to the local support area at 19000.

Ethereum has lost 5.7% in the past 24 hours, to $1480. Leading altcoins have fallen even further, from -4% (Dogecoin) to 11% (Solana). Total crypto market capitalisation fell 3.6% to $1.03 trillion, according to CoinMarketCap.

Musk has clipped the wings of Bitcoin

According to CoinShares, capital inflows into crypto funds last week were $12.2m, with $14.8m coming into the funds on bitcoin shorts. Regular bitcoin products saw a net outflow of $2.6m.

The fall of the crypto market was caused by "greed, ignorance and misguided risk management", Galaxy Digital CEO Mike Novogratz said. He noted the collapse of the Terra ecosystem, which was the trigger for the subsequent problems of Celsius Network, Voyager Digital and Three Arrows Capital.

A bipartisan bill to regulate the crypto industry in the US could pass as a full-fledged document in 2023, Wyoming Senator Cynthia Lummis said. She said that some lawmakers would need more time to handle the topic. SEC chief Gary Gensler said the crisis in the crypto market would require a reworking of investor protection laws.


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Bitcoin remains in ascending corridor
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Bitcoin dipped into a flat
Bitcoin dipped into a flat
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BTC continues consolidating at $20225

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 75.6% 41 $24 129.38 4.39% 4.16% $461 254 701 638 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 74 $1 804.53 5.98% 8.69% $219 936 602 750 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000145 0% -0.01% $66 486 165 109 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $0.999924 0% 0.01% $54 212 170 056 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 72.4% 61 $331.99 4.39% 16.48% $53 562 837 067 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 79.6% 40 $0.382330 2.12% 1.69% $18 483 019 171 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 74.8% 52 $0.543298 4.60% 6.44% $18 337 708 125 ADA 7 days price change
8 Binance USD (BUSD) BUSD Binance USD predictions 95.2% 1 $1.000576 0.04% 0.21% $17 888 223 823 BUSD 7 days price change
9 Solana (SOL) SOL Solana predictions 74.8% 44 $43.21 6.94% 2.89% $15 048 127 510 SOL 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 69.2% 58 $9.31 8.45% 10.51% $10 288 809 309 DOT 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 70% 62 $0.054472 8.20% 10.77% $9 446 016 831 HEX 7 days price change
13 Dogecoin (DOGE) DOGE Dogecoin predictions 84% 27 $0.071055 2.78% 4.16% $9 426 956 868 DOGE 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $30.28 10.86% 30.10% $8 614 953 421 AVAX 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 64% 77 $0.946930 3.64% 4.99% $7 608 398 583 MATIC 7 days price change

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