Meanwhile, the US financial markets have closed again. We look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we look at spectacular Tesla news, a Mt Gox update, news about stock markets and notable Minecraft decisions all bringing bad crypton news.
We begin with the live Bitcoin (BTC) price and prices of the top 25 crypto.
Live Bitcoin (BTC) price flat, prices top 25 crypto drop
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 23,333.10 ($23,525.66). This is 0.13% higher than during our crypto update yesterday.
The prices of most other crypto in the top 25 are falling. We only see a gain of 22.56% for Dogecoin (DOGE) in addition to green numbers for the stable coins. The biggest loss is currently at -8.90% for Polygon (MATIC). On the site of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day.
So after the bull rally of the past few days, we are now seeing a correction. This one is mainly prompted by bad crypto news that flooded the market tonight.
Crypto catch: Tesla sells 75% of its BTC, keeps Dogecoin (DOGE)
During the presentation of its 2nd quarter figures, Tesla pulled 2 rabbits out of the hat. First, it announced that it sold 75% of its Bitcoin (BTC) in the 2nd quarter for $936 million.
In a commentary, top executive Elon Musk said that the company wanted to strengthen its cash position due to the uncertain situation caused by Covid 19 lockdowns in China. In doing so, he indicated that he did not rule out that the company would buy Bitcoin (BTC) again in the future and that this sale should not be seen as a value judgment on Bitcoin (BTC) or crypto in general. This proved a bit hard to believe when Musk also announced he had not sold any Dogecoin (DOGE) at Tesla.
Investors reacted with shock and shortly after the news the BTC price dipped below $23,000, but the market proved resilient enough to push the price back above that mark. The fact that Tesla (read Elon Musk) had not sold Dogecoin (DOGE) apparently gave investors in that crypto confidence. Indeed, this crypto is the only coin that is currently posting a profit. Indeed, the live Dogecoin (DOGE) price is $0.0711 and this is 2.79% higher than yesterday.
Crypto bankruptcy Mt Gox nears denouement: payout date named
As we mentioned earlier, the trustees are about to start distributing the available crypto to the customers of Mt Gox, which was hacked into bankruptcy in 2014. It is now known that they will start the distributions as of the end of August. This will ensure that the full compensation is paid out before the turn of the year.
Due to the huge price increases of crypto since 2014, the victims may receive fewer coins, but this small number represents a much larger value. Analysts therefore expect many investors to sell as soon as possible. Although this is not expected to have a lasting effect they do take into account a ‘black swan’ event, where a short wave of selling can put pressure on the market. We have already paid attention to this.
Minecraft speaks out against NFTs and Blockchain
There was also bad news for those who love the integration of gaming and blockchain, metaverse and NFTs. The hugely popular game Minecraft has announced that it is forbidden to implement blockchain technology in their Minecraft client and/or server applications. They also announced that the use of NFTs is not allowed.
In an extensive statement on the Mincraft website, the developers explain that in their view the use of NFTs opens the door to fraud and leads to exclusion/tweeting between players with and without NFTs. This goes against their mission to let everyone play the game together and only create value through performance in the game. For that value creation they will set up their own marketplaces, according to the statement.
So all in all, an evening of bad crypto news that will ensure that the bull rally will at least temporarily come to a halt. Of course, we will continue to follow the developments.
Want to stay up to date with 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.”