Bitcoin Drops to $22,000, Ether, Dogecoin Down by Up to 12%

Cryptocurrency Price Today: The crypto basket fell from its upward journey on Thursday, July 21 as Elon Musk said on the day before that Tesla had sold 75 per cent of it Bitcoin holdings. Bitcoin plunged down to the $22,000 levels on Thursday, from the $24,000 level it scaled on Wednesday as the news broke and subsequently major altcoins like Ether, Solana, Polkadot, Dogecoin and others also took a hit. This sent the global cryptocurrency market down by 3.96 per cent over the past day to $1.03 trillion at the time of writing this article.

Bitcoin price today fell 3.93 per cent over the last 24 hours to stand at $22,806.79 as per data from CoinMarketCap while writing this article, as traders bore the brunt of Tesla selling 75 per cent of its holdings of the crypto coin. However, the sentiment over Bitcoin improved further and reached its highest since April this year, analysts said.

“Bitcoin continued its upward momentum and crossed the $24K level before dropping back below $23K as news of Tesla selling off almost 75% of its Bitcoin holdings came in. The sentiment towards Bitcoin kept improving and is at its highest level since mid of April, 2022,” said analysts at the WazirX trade desk.

“On the daily time-frame, the BTC trend had earlier broken out of the descending triangle pattern and continues to remain above the pattern, even after a minor dip in prices. The next key resistance level for BTC is expected at $32,300,” they added.

Ethereum dropped on the day too, not being able to hold the $1600 mark it had reached a couple of days ago. Ether price today at the time of writing this article was $1,488.60, down by 5.44 per cent in the last 24 hours, data from CoinMarketCap showed.

“Ethereum had made a sharp surge recently, edging above $1,600. The last couple of days, however, saw the token dipping marginally as sellers looked to book profits. The daily trend for Ethereum had broken out of the descending triangle pattern and is now retesting the breakout levels of the pattern. The next key resistance for Ethereum is expected at $1,740,” said the WazirX analysts.

However, Solana became the biggest loser among the top 10 crypto coins, shedding 12 per cent, while Cardano dropped 9 per cent. Among the other major altcoins, Polygon dipped 15 per cent, while Avalanche went down by 10 per cent. Memecoins Shiba Inu and Dogecoin dropped by 9 per cent and 7 per cent each over the last 24 hours.

Here are the top 10 cryptocurrencies and their prices on July 21, 2022, Thursday, (According to data from coinmarketcap.com)

Bitcoin $22,806.79 or 3.93 per cent loss in the last 24 hours

Ethereum $1,488.60 or 5.44 per cent loss in the last 24 hours

Tether $1.00 or 0.00 per cent loss in the last 24 hours

USD Coin $1.00 or 0.00 per cent loss in the last 24 hours

BNB $255.42 or 5.37 per cent loss in the last 24 hours

Binance USD $1.00 or 0.10 per cent gain in the last 24 hours

XRP $0.3582 or 5.50 per cent loss in the last 24 hours

Cardano $0.491 or 9.42 per cent loss in the last 24 hours

Solana $41.16 or 9.45 per cent loss in the last 24 hours

Dogecoin $0.06883 or 8.66 per cent loss in the last 24 hours

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