July 7 Cryptocurrency Market Update

작성자: Trip Partner 7월 07, 2021

Date: Jul. 07, 2021, 03:32 PM KST

[Bitcoin]

Bitcoin (BTC) prices hit an all-time high of about $64,800 in mid-April but the bearish market has continued since then, and as of July 7th, BTC traded at around $33,000, revealing losses for major investors.

Cryptocurrency media outlet The Daily Hodl reported on the 6th (local time) that “Bitcoin’s recent dramatic sell-off could trigger a $100,000,000 impairment loss on Tesla’s Q2 financial records.” CNBC technology reporter Kate Rooney explained, “Tesla will face what’s known as an impairment charge. Tesla holds crypto as an ‘intangible asset,’ and because of accounting rules, when Bitcoin’s value drops below a certain amount, companies have to mark that down in their financial statements… Analysts I’ve been talking to are looking for between a $25 million and $100 million loss for Tesla on paper in the next quarter.”

Tesla made headlines in February after announcing that the company invested $1.5billion into Bitcoin to hold on the company’s balance sheet.

Additionally, Chinese beauty app Meitu that purchased $100 million worth of cryptocurrency said in an official statement on the 6th (local time) that the value of Bitcoin purchased decreased by about $17.3 million as of June 30.

Earlier in April, Meitu said it had purchased an additional $10 million worth of Bitcoin and held a cumulative $100 million worth of cryptocurrency.

[New York Stock Exchange]

The New York Stock Exchange closed mixed on slowing economic indicators and profit-taking.

The Dow fell from its highs and closed at 34,57.37, down 208.98 points (0.60%) from the previous trading day.

The Standard & Poor's (S&P) 500 Index turned downward for the first time in 8 days, falling 8.80 points (0.20%) to 4343.54, and the tech-heavy Nasdaq Index hit new highs again when it closed at 14,663.64, up 24.32 points (0.17%).

[Expert Opinion]

Bitcoin rose to nearly $36,000 but fell as profit-taking sales emerged. The industry sees $36,000 as a psychological resistance.

Earlier on the 2nd, the price fell due to a decline in the resistance line.

Experts predict that Bitcoin will reach $40,000 if it breaks through the $36,000 level, but it has been on a long-standing path due to a series of blockages in the resistance line.

There is also a warning that it could fall to the low $20,000 level around the $30,000 collapse, so attention is expected to be focused around the $36,000 resistance level of Bitcoin.

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