After a spectacular performance this week, cryptocurrency markets remain weak this Saturday as Bitcoin falls to the $22k level. The good news is that Ethereum still managed to hold above the $1,500 level. Even with a 7% drop in the past 24 hours, its 7-day performance is excellent, rising by over 25% in the past week. The global cryptocurrency market cap is down by 5% but remains above the $1 trillion mark. Let’s look at relevant Bitcoin news and see where the market is heading next week.
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Bitcoin News – Tesla’s Selloff Making Headlines
After Tesla’s Q2 earnings report revealed the company sold over 75% of its cryptocurrency holdings, the news has been making headlines over the past several days.
While some analysts argue that Tesla’s Bitcoin selloff of over $300 million could be an attempt for the company to “wash trade,” to claim capital losses and offset other gains throughout the year, however, with the global bear market, it’s doubtful that the company had substantial capital gains in its other investments.
According to a Bloomberg report, while the cryptocurrency selloff added substantial cash to its balance, Tesla booked a depreciation and impairment charge ..
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