Bitcoin Price Falls Below $23,000 After Earnings Report Reveals That Tesla Sold 75% Of Its BTC

Bitcoin (BTC) rising above $24,300, only to end the official trading day in the red after less-than-impressive Q2 earnings news revealed Tesla sold 75% of its Bitcoin and Minecraft creator Mojang Studios reversed course by deciding to ban NFTs on its platform.

Tesla’s Q2 earnings data, which revealed that the electric car company sold off 75% of its BTC holdings in order to add $963 million in cash to its balance sheet, could be a source of the afternoon downturn.

Bitcoin price fell from its daily high of $24,280 to $22,900 shortly after the Tesla news broke, before stabilizing around $23,500.

Traders’ Bitcoin optimistic forecasts may have been premature

Today’s unexpected pullback may have also provided some market perspective to crypto traders who were ready to declare the bear market over.

While Bitcoin’s pullback has been relatively mild thus far, several altcoins have seen steeper drops as recent price runs created a good opportunity for traders to book some profits.

Ethereum layer-2 solution Following a week in which the token value increased by 87%, Polygon saw an 11.5% drop. Arweave (AR) saw its token price fall by 10.84 %, while Filecoin (FIL) fell by 10.2%.

On the other hand, the only tokens in the top 100 to maintain positive gains for the day are Steem (STEEM) and Reef (REEF), which gained 6.27% and 3.15%, respectively.

The total cryptocurrency market cap is now $1.035 trillion, with Bitcoin dominating at 42.7%.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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