Bitcoin Falls, Ethereum (ETH) Rises As Traders Digest Tesla BTC Sale

Bitcoin Falls, Ethereum (ETH) Rises As Traders Digest Tesla BTC Sale
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Bitcoin, Ethereum Other major coins were trading mixed on Thursday evening as the global cryptocurrency market rose 1.15% to $1.05 trillion at press time.

Price Performance of Major Coins
Coin 24 hours 7-day 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 24 Hour % Change (+/-) Price
Crooked DAO Token (CRV) + 21.2% $1.40
Synthetic (SNX) + 15% $3.29
Cosmos (ATOM) + 14.1% $11.06

See also: How to get free cryptocurrency

Why it matters: The difference between Bitcoin and Ethereum was at play on Thursday. The top cryptocurrency by market cap continues to come under pressure following the news Tesla Inc TSLA sale has been announced on Wednesday.

“Tesla missed a good portion of the Bitcoin holdings news and caught many off guard, helping the rally to end above $24,000. It’s not a game-changer for Bitcoin, but it has worried a good portion of social media followers,” he said. HER Senior Market Analyst Edward MoyaIn a note seen by Benzinga.

Moya expects Bitcoin to be “sharp” until the next post-U.S Federal Reserve a policy meeting will be held next week.

GlobalBlock analyst Marcus Sotiriou Tesla CEO said Elon Musk’s the automaker’s decision to sell its Bitcoin holdings “will not sit well with Bitcoin maximalists because it gives many institutions the impression that Bitcoin is not a suitable backup asset or safe haven.”

Sotiriou noted that Bitcoin fell 40% after Tesla sold some of its holdings. “I don’t think Tesla should be criticized for managing its risks in this uncertain macroeconomic environment. They can buy back Bitcoin or other digital assets when conditions improve.

CryptoQuant CEO Ki Young Joo He pointed to a June 16 tweet in which market makers at Coinbase sent 63,638 BTC to multiple exchanges, mostly Binance and Bitfinex, within 72 hours.

Current market conditions offer investors “enough volatility to make money,” a cryptocurrency trader said Michael van de Poppe on Twitter. He said that the summer relief campaign continues.

Santiment, a market intelligence platform on Twitter, said that social volume is not increasing, indicating that investors do not yet have “FOMO fever.”

Meanwhile, cryptocurrencies continue to have a strong correlation with stocks. The S&P 500 closed up 1% on Thursday, while the tech-heavy Nasdaq closed the day up 1.4%.

Markets then slipped into the red in extended trading Snapchat parent Snap Inc SNAP revealed weak returns. S&P 500 and Nasdaq futures were down 0.4% and 0.7%, respectively, at press time.

Read next: Tesla cashed in on $1.5 billion in Bitcoin purchases

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