Bitcoin price drops below $23,000 after earnings report reveals Tesla sold 75% of its BTC
BTC's advance towards $24,000 took a brief pause after media headlines reported that Tesla had sold 75% of its position on Bitcoin.
Market Update
"Easy come, easy go" was the story of July 20. The day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earnings news showed Tesla sold 75 % of its Bitcoin and that the creator of Minecraft, Mojang Studios, had turned the tide by deciding to ban NFTs on its platform.
Daily Cryptocurrency Market Performance. Source: Coin360A potential source of the afternoon slowdown can be attributed to Tesla's second-quarter earnings data, which showed that the electric car company sold 75% of its Bitcoin holdings to add $963 million in cash to its balance sheet.
So not only the forced sales of 3AC, $LUNA and $UST, but also Voyager, BlockFi and Celsius caused the markets to crash.
On top of that, Tesla sold 75% of their #Bitcoin purchases in cash.
This is what caused the crash.
This is also why we are close to the bottom.
— Michael van de Poppe (@CryptoMichNL) July 20, 2022Shortly after Tesla's announcement, the price of Bitcoin fell from its daily high of $24,280 to $22,900, before stabilizing around $23,500.
Related:
BTC's advance towards $24,000 took a brief pause after media headlines reported that Tesla had sold 75% of its position on Bitcoin.
Market Update
"Easy come, easy go" was the story of July 20. The day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earnings news showed Tesla sold 75 % of its Bitcoin and that the creator of Minecraft, Mojang Studios, had turned the tide by deciding to ban NFTs on its platform.
Daily Cryptocurrency Market Performance. Source: Coin360A potential source of the afternoon slowdown can be attributed to Tesla's second-quarter earnings data, which showed that the electric car company sold 75% of its Bitcoin holdings to add $963 million in cash to its balance sheet.
So not only the forced sales of 3AC, $LUNA and $UST, but also Voyager, BlockFi and Celsius caused the markets to crash.
On top of that, Tesla sold 75% of their #Bitcoin purchases in cash.
This is what caused the crash.
This is also why we are close to the bottom.
— Michael van de Poppe (@CryptoMichNL) July 20, 2022Shortly after Tesla's announcement, the price of Bitcoin fell from its daily high of $24,280 to $22,900, before stabilizing around $23,500.
Related:
What's Your Reaction?
![Three of ID's top PR executives quit ad firm Powerhouse [EXCLUSIVE]](https://variety.com/wp-content/uploads/2023/02/ID-PR-Logo.jpg?#){kind=logo}
