Bitcoin Falls, Ethereum (ETH) Rises as Traders Digest Tesla BTC Selloff

Bitcoin, Ethereum and other major coins traded mixed Thursday night as the global cryptocurrency market rose 1.15% to $1.05 trillion at press time.

Price performance of major coins
Piece of money 24 hours 7 days Price
Bitcoin BTC/USD -0.7% 12.7% $23,139.08
Ethereum ETH/USD 3.1% 32.46% $1,575.26
Dogecoin DOGE/USD -0.4% 12.1% $0.07
Top 24 hour gainers (data via CoinMarketCap)
Cryptocurrency % change over 24 hours (+/-) Price
Curve DAO Token (CRV) +21.2% $1.40
Synthetix (SNX) +15% $3.29
Cosmos (ATOM) +14.1% $11.06

See also: How to get free crypto

Why is this important: The divergence between Bitcoin and Ethereum was in play on Thursday. The leading cryptocurrency by market capitalization continues to be under pressure after the announcement of Tesla Inc. TSLA The sale was announced Wednesday.

“Tesla dumped a lot of their bitcoin insight caught many off guard and helped end the rally above $24,000. It’s not a game-changer for bitcoin, but it has unsettled a good chunk of social media enthusiasts,” said OANDA Senior Market Analyst Edouard Moyain a note seen by Benzinga.

Moya expects Bitcoin to be “unstable” until the period beyond the next United States Federal Reserve political meeting next week.

Global block analyst Marcus Sotiriou said the CEO of Tesla by Elon Musk The decision to sell the automaker’s bitcoin holdings “will not sit well with bitcoin maximalists, as it leaves many institutions with the impression that bitcoin is not a suitable reserve asset or safe haven.”

Sotiriou noted that Bitcoin fell 40% after Tesla sold some of its stakes. “I don’t think Tesla should be criticized for managing their risk in this uncertain macro environment. They may well buy back Bitcoin or other digital assets when conditions improve.

CryptoQuant CEO Ki Young Ju pointed to a tweet dated June 16 when Coinbase market makers sent 63,638 BTC to multiple exchanges, primarily Binance and Bitfinex over 72 hours.

Current market conditions are giving investors “enough volatility to make money,” says a cryptocurrency trader Michael van de Poppe on Twitter. He said the summer relief rally was continuing.

Social volume isn’t surging, indicating investors don’t have “FOMO fever” yet, market news platform Santiment said on Twitter.

Meanwhile, cryptocurrencies continue to be highly correlated to stocks. On Thursday, the S&P 500 closed up 1%, while the tech-heavy Nasdaq ended the day up 1.4%.

Markets slipped into the red in extended trading after Snapchat relative Snap inc. INSTANTANEOUS revealed low incomes. S&P 500 and Nasdaq futures were trading down 0.4% and 0.7% respectively at press time.

Read more : Did Tesla Make Money From Its $1.5 Billion Bitcoin Purchase

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