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

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.

Daily cryptocurrency market performance. Source: Coin360

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.

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

Traders bullish estimates may have been premature

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.

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 token increased by 87%. Arweave (AR) saw its token price tumble by 10.84% and Filecoin (FIL) experienced a pullback of 10.2%.

On the flip side, the only tokens in the top 100 that have managed hold onto positive gains for the day are Steem (STEEM) and Reef (REEF), which recorded slight gains of 6.27% and 3.15% respectively.

The overall cryptocurrency market cap now stands at $1.035 trillion and Bitcoin’s dominance rate is 42.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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