Bitcoin, ether and other major coins were mixed trading Thursday night as the global cryptocurrency market rose 1.15% to $1.05 trillion at press time
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See also: How to get free crypto
Why it matters: The divergence between Bitcoin and Ethereum was in play on Thursday. The top cryptocurrency by market cap remains under pressure following news from Tesla Inc TSLA The sale has been announced On Wednesday.
“Tesla, which dumped a good chunk of its bitcoin holding news, caught many off guard and helped end the rally above $24,000. This isn’t a game changer for Bitcoin, but it has unsettled much of the avid social media follower,” he said OANDA Senior Market Analyst Edward Moyain a note Benzinga saw.
Moya expects Bitcoin to be “choppy” by the time after the next US federal reserve policy session next week.
GlobalBlock analyst Marcus Sotiriou said Tesla CEO Elon Musk’s The decision to sell the automaker’s bitcoin holdings “won’t go down well with bitcoin maximalists, as it suggests to many institutions that bitcoin is not a suitable reserve asset or safe haven asset.”
Sotiriou noted that Bitcoin fell 40% after Tesla sold some of its holdings. “I don’t think Tesla should be criticized for managing risk in this uncertain macro environment. They may well buy back bitcoin or other digital assets if conditions improve.”
CryptoQuant chairman Ki Young Ju pointed to a June 16 tweet when market makers at Coinbase sent 63,638 BTC to multiple exchanges, primarily Binance and Bitfinex, over 72 hours.
Correction: MM(s) carried out Tesla’s commands. https://t.co/R0TnT3mmpm
— Ki Young Ju (@ki_young_ju) July 20, 2022
Who said they were filling orders on behalf of Tesla on Thursday?
Current market conditions offer investors “enough volatility to make money,” said one cryptocurrency trader Michael van de Poppe on twitter. He said the summer relief rally will continue.
Summer Aid Rally Continues.
Enough volatility to make money.
And you see how quickly the mood changes.
— Michaël van de Poppe (@CryptoMichNL) July 21, 2022
Social volume isn’t picking up, suggesting investors aren’t yet “FOMO fever,” said Santiment, a market research platform on Twitter.
#Bitcoin is up +12% and has climbed back above $23,000 this week. The bigger story was #Ether (+33%) & #altcoins how $ ETC (+69%), $APE (+39%), $FTM (+33%), & $RUNES (+31%). As long as social volume stays low, the crowd has nothing #FOMO fever yet. https://t.co/nf1qN1XuQy pic.twitter.com/V91bDZKScG
— Santiment (@santimentfeed) July 21, 2022
Meanwhile, cryptocurrencies continue to be highly correlated with stocks. On Thursday, the S&P 500 closed 1% higher, while the tech-heavy Nasdaq ended the day 1.4% higher.
After that, the markets slipped into the red in extended trading Snapchat parent snap inc SNAP showed weak yields. S&P 500 and Nasdaq futures are trading down 0.4% and 0.7%, respectively, at press time.
Continue reading: Did Tesla Make Money From Its $1.5B Bitcoin Purchase?
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