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Bitcoin Fails to Hold $24,000, Ether Dips Too, as the Wider Market Reacts to Tesla’s BTC Sell-Off News

Bitcoin is having its best week since March, up by more than 13 percent in the past week. However, the rally appears to have stalled out somewhat with the largest cryptocurrency failing to hold on beyond the $24,000 (roughly Rs. 19.2 lakh) mark. The value of Bitcoin witnessed a 1.94 percent dip in 24 hours with its price close to the $22,900 (roughly Rs. 18.3 lakh) mark across global exchanges while Indian exchange CoinSwitch Kuber values Bitcoin at $23,158 (roughly Rs. 18.5 lakh), down by 3.24 percent in the past 24 hours. On global exchanges like CoinMarketCap, Coinbase, and Binance the price of Bitcoin stands at $22,892 (roughly Rs. 18.31 lakh) while CoinGecko data shows that BTC’s value is currently up by 13.3 percent week-to-day.

Ether, meanwhile, has seen a dip over the past day too despite surging through the beginning of the week. At the time of publishing, Ether is valued at $1,524 (roughly Rs. 1.22 lakh) on CoinSwitch Kuber while values on global exchanges see the crypto’s value at $1,488 (roughly Rs. 1.20 lakh), where the cryptocurrency has slipped by roughly 4.65 percent over the past 24 hours.

Despite the slip Ether’s gains since last week sees the cryptocurrency’s value remain in the green by close to 34 percent when compared to its value last Thursday, as per CoinGecko data.

Gadgets 360’s cryptocurrency price tracker reflects much of what we see with BTC and ETH at the moment with most of better-known altcoins dealing with losses over the past day — as the global crypto market capitalisation saw a dip of 3.52 percent through Wednesday and early Thursday.

BNB, Solana, Polygon, Stellar, Avalanche, Cardano, and Chainlink all see themselves in the green while Monero was the only crypto asset to have managed to swim against the tide and register gains in the last 24 hours.

Memecoins Shiba Inu and Dogecoin also marked losses over the past day. Dogecoin is currently valued at $0.07 (roughly Rs. 5.57) after losing some 3.3 percent in value over the last 24 hours, while, Shiba Inu is valued at $0.000012 (roughly Rs. 0.00098), down by 3.26 percent over the past day.

The dip across the market on late Wednesday was driven by the news that electric carmaker Tesla had sold about 75 percent of its holdings of Bitcoin. Tesla Chief Executive Elon Musk did cite concerns about his company’s “overall liquidity” as the reason for the sale, however, that didn’t appear to stop investors from worrying about their own BTC holdings.

Tesla sold $936 million (roughly Rs. 7,500 crore) worth of Bitcoin in the second quarter, more than a year after the company bought $1.5 billion (roughly Rs. 12.000 crore) of the cryptocurrency at the peak of its massive growth and popularity.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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