Bitcoin
BTC$68 123.51

0.55%

Ethereum
ETH$3 488.60

-0.40%

Tether
USDT$1.000261

0%

Binance Coin
BNB$595.24

-0.86%

Solana
SOL$182.72

0%

XRP
XRP$0.616232

3.38%

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 78% 41 $68 123.51 0.55% 6.75% $1 344 039 448 744 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 46 $3 488.60 -0.40% 1.54% $419 428 377 246 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000261 0% -0.04% $114 114 443 719 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 75.2% 43 $595.24 -0.86% 3.01% $86 868 579 647 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 71.6% 56 $182.72 0% 16.65% $84 874 212 189 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 69.2% 59 $0.616232 3.38% 15.31% $34 453 208 568 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000014 0% -0.01% $33 940 979 096 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 53 $0.141565 0.07% 15.49% $20 558 691 698 DOGE 7 days price change
9 Toncoin (TON) TON Toncoin predictions 89.6% 11 $7.01 -1.60% -7.46% $17 640 223 314 TON 7 days price change
10 Cardano (ADA) ADA Cardano predictions 74.8% 53 $0.431727 -0.66% -1.31% $15 497 531 709 ADA 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 75.6% 42 $32.33 0.05% 18.77% $12 762 908 052 AVAX 7 days price change
12 TRON (TRX) TRX TRON predictions 82.4% 33 $0.133251 -0.82% -2.83% $11 603 514 453 TRX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 76.8% 37 $0.000018 -2.20% -4.21% $10 504 200 494 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 96% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

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