Bitcoin
BTC$28 164.10

0.33%

Ethereum
ETH$1 787.94

1.35%

Tether
USDT$1.001512

0.02%

Binance Coin
BNB$324.78

-3.14%

USD Coin
USDC$0.998760

0.04%

XRP
XRP$0.444871

13.53%

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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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% 48 $28 164.10 0.33% 13.02% $544 261 794 571 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 82.8% 31 $1 787.94 1.35% 5.81% $218 797 673 934 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.001512 0.02% -0.33% $77 553 405 398 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78% 46 $324.78 -3.14% 5.19% $51 279 077 061 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 2 $0.998760 0.04% -0.12% $35 199 682 488 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 86.4% 15 $0.444871 13.53% 20.20% $22 666 568 541 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 64% 80 $0.103499 4.55% 25.69% $17 947 941 823 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 74.8% 51 $0.371437 9.28% 9.72% $12 895 992 999 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 75.2% 48 $1.14 1.42% -3.43% $9 978 105 668 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 72.8% 55 $0.074846 3.43% 1.71% $9 929 845 913 DOGE 7 days price change
12 Solana (SOL) SOL Solana predictions 69.6% 56 $22.51 0.16% 8.87% $8 635 954 598 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 91.2% 1 $1.000029 0.05% 0.02% $8 119 915 835 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 72% 50 $6.26 1.54% 0.77% $7 311 391 259 DOT 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84% 24 $0.066579 3.00% 0.41% $6 769 516 188 WTRX 7 days price change

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