It’s lunchtime again, so we look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we look at the latest updates on Tesla’s sale of BTC, see how the whales are moving frighteningly, and review the Bitcoin price outlook in the near term.
We begin, of course, with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live bitcoin (BTC) price and prices top 25 crypto drop
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 22,683.15 ($22,870). This is 3.54% lower than during our Bitcoin lunch yesterday.
The prices of most of the top 25 crypto are also falling. Except for the stable coins, we only see red numbers. Solana (SOL) shows the biggest loss with -9,52%. On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
Bitcoin (BTC) update after Tesla sale
The nice bull-rally of the past period came to a halt last night as a lot of bad crypto news was released. The most notable and sweeping news was that Tesla had sold 75% of its Bitcoin (BTC) in the 2nd quarter. Needless to say, people are talking about that.
Thus, we now know that the average sale price of the BTC was $28,888, while the average purchase price was $31,620. Thus, the transaction resulted in a 9% loss.
Incidentally, Musk already indicated that this decision was necessary to strengthen Tesla’s cash flow. In addition, he is open to buying Bitcoin (BTC) again in the future, but cracked some critical notes. In that regard, it is also significant that Tesla has not sold Dogecoin (DOGE).
The market’s reaction was divided. After the announcement, the price dived, but quickly gave it a rebound. This morning, partly due to other developments, we still see the price drop further. Still, not everyone is negative. For example, ex-Tron (TRX) top executive Justin Sun explains why this situation could be positive.
Twitter won’t load because you didn’t give permission.
3rd, Tesla completing @Bitcoin transactions shows a good precedence for all enterprises holding #BTC. We believe more big corps will buy in the future. Kudos to @elonmusk !
– H.E. Justin Sun (@justinsuntron) July 21, 2022
BTC whales show troubling signs
As we mentioned earlier, whale spotting is an increasingly popular way of investing. Those who engage in it are seeing some troubling signals.
For example, based on data from Whale Alert and others, we see that whales are considering selling en masse. In the past 3 days alone they transferred 132,000 BTC to the exchanges.
In addition, we see that the 3rd largest whale transferred its holdings to Coinbase. Emptying this wallet alone resulted in a shift of over 162 BTC. Of course, the question is who did this transaction why? While some believe that this transaction will not generate a wave of selling, investor confidence is more fragile. The sale by Tesla did not make this any better.
Price Bitcoin (BTC) is falling, now what?
Due to the correction, we see the Bitcoin (BTC) now cannot stay above $23,000.00 after all. The BTC price is currently struggling with the 200-week moving average (around $22,800.00). From analyses we see that this price is crucial to continue looking bullish at the price forecast.
Whether the Bitcoin (BTC) price keeps this up will probably depend mostly on developments in the US market and possibly more news. We will follow the developments and of course report in our crypto analysis tonight.
Want to stay informed about the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”