Bitcoin, which started falling the day before, didn’t stop there and continued falling, losing as much as 8% over the past day. Subsequently, the largest cryptocurrency still managed to recover a bit, but in general, one day was enough to wipe out the positive momentum that June brought to the asset.
Image source: Coindesk.com
Compared to the July peak of $31,814, Bitcoin is down about 15%, which is generally in line with the general trend in the securities market. In the last 24 hours, the price of the cryptocurrency has fallen to $25,392; At the time of writing, its value was $26,484 with a daily decline of 7.34%. The indirect culprit of the negative trend, as sometimes happens, was reportedly Elon Musk, his company Wall Street Journalsold part of the cryptocurrency, reducing Bitcoin reserves by $373 million.
Traders in the digital asset market have been eyeing the billionaire’s actions and statements ever since Tesla announced plans to sell electric vehicles for cryptocurrency – which resulted in a 15% surge in just one day. The company bought $1.5 billion worth of bitcoin, but three months later it stopped selling cryptocurrency ATMs and the price of the digital asset fell. In 2022 alone, Tesla lost $204 million to Bitcoin devaluation.
The actions of the US Securities and Exchange Commission (SEC), which filed lawsuits against the crypto exchanges Binance and Coinbase in particular, add fuel to the fire. Investors expected the US Federal Reserve to start cutting interest rates, but in July they raised them to a 22-year high. And maybe this is not the end.
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