Bitcoin price dips under $23K after earnings report reveals Tesla sold 75% of its BTC

cointelegraph.com:

Easy come, easy go was the story on July 20 as the day started on a positive note with Bitcoin (BTC) climbing above $24,300, only to end the official trading day in the red after less than stellar Q2 earning news showed Tesla sold 75% of its Bitcoin and Minecraft reversed course by deciding to ban NFTs on its platform.

A potential source of the afternoon downturn can be traced to Tesla’s Q2 earnings data, which showed that the electric car company sold off 75% of its Bitcoin holdings in order to add $963 million in cash to its balance sheet.

So, not only forced selling from 3AC, $LUNA & $UST, but also Voyager, BlockFi and Celsius have been causing the markets to crash.On top of that, Tesla did sell 75% of their #Bitcoin purchases towards cash. That's what caused the crash.That's also why we're close to bottom.

Shortly after the Tesla news broke, Bitcoin price pulled back from its daily high at $24,280 to $22,900 before stabilizing around $23,500.

Related: Bitcoin price hits $24K, but analysts say on-chain data points to an ‘inevitable’ pullback

Today's unexpected pullback may have also helped to bring a little bear market perspective to crypto traders who were ready to call for an end to the bear market.

Lots of you guys haven't gone through the early months of a bear market and it shows. You get excited over dead cat bounces and bull traps, act as if a quick pump is the end of the bear cycle. Sadly, there is only one way to learn.

While the pullback for Bitcoin has thus far been relatively mild, multiple altcoins experienced steeper declines as recent price runups created a nice opportunity for traders to book some gains.

The Ethereum (ETH) layer-two solution Polygon (MATIC) has saw an 11.5% following a week in which the