Bitcoin
BTC$41 576.95

5.30%

Ethereum
ETH$2 235.52

3.52%

Tether
USDT$1.000270

0%

Binance Coin
BNB$228.99

0.40%

XRP
XRP$0.619161

-1.50%

Solana
SOL$61.81

-2.64%

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.


Related

NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
NordFX Copy Trading: A Comprehensive Guide to Maximizing Profits
Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin’s continued slide down
Bitcoin’s continued slide down
A new round of crypto market mistrust
A new round of crypto market mistrust
Bitcoin holds its range, but pressure mounts
Bitcoin holds its range, but pressure mounts
Bitcoin unlikely to end correction
Bitcoin unlikely to end correction
Bitcoin looks set to take a severe dive
Bitcoin looks set to take a severe dive
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 84.8% 16 $41 576.95 5.30% 12.15% $813 278 074 420 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.8% 27 $2 235.52 3.52% 10.36% $268 783 743 289 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000270 0% -0.01% $89 671 794 426 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 82% 26 $228.99 0.40% 1.18% $34 736 943 859 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 79.6% 30 $0.619161 -1.50% 2.49% $33 365 715 637 XRP 7 days price change
6 Solana (SOL) SOL Solana predictions 65.2% 67 $61.81 -2.64% 12.13% $26 228 006 615 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999862 0% -0.03% $24 495 724 959 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 83.2% 28 $0.401317 1.98% 5.17% $14 170 456 557 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 77.2% 39 $0.087341 3.07% 10.22% $12 410 677 949 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 84.8% 19 $0.103487 0.21% -0.87% $9 160 263 969 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84% 21 $0.103391 0.15% -1.06% $9 151 745 199 WTRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 75.2% 43 $15.58 -2.52% 8.92% $8 673 186 738 LINK 7 days price change
14 Toncoin (TON) TON Toncoin predictions 85.2% 20 $2.42 0.07% 1.16% $8 291 917 227 TON 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 56.8% 87 $21.88 -0.53% 6.31% $7 991 965 891 AVAX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.