The U.S. stock market sell-off drags down Bitcoin, while Micron falls more than 30% from its all-time high.
BlockBeats news, on July 17, Bitcoin fell alongside US stocks on Thursday, currently fluctuating around $64,500, down about 1.5% from the three-week high set the previous day. Previously, both the US June CPI and PPI came in lower than expected, briefly pushing up crypto assets and US stocks, but tech stocks were then hit by a sell-off.
Micron Technology has pulled back more than 30% from the all-time high set on June 22. The Kobeissi Letter stated that retail investors are cashing in on tech stock gains, with net sales of both Tesla and Apple reaching $200 million over the past two weeks, while total retail single-stock trading volume hit a record $370 billion.
Regarding Bitcoin price action, market participants remain cautious. Exitpump noted that Bitcoin is testing the anchored volume-weighted average price calculated from the $82,000 high in early May, a level that may cap this rebound and trigger stronger resistance.
Rekt Capital stated that Bitcoin has shown initial signs of resistance at the 50-month exponential moving average near $65,900, and continues to believe that the current trend may replicate the 2022 bear market, with the next macro bottom possibly not appearing until later this year.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A $5.7 billion patent verdict has been issued, Burford Capital (BUR.US) may receive $1.4 billion, and its share price soared by more than 12%.
Burford Capital Ltd. surged more than 12% on Monday, marking its largest intraday increase since the end of March, after a federal jury delivered a verdict in a patent case involving Apple.
Pfizer (PFE.US), BioNTech (BNTX.US), and Moderna (MRNA.US) seek dismissal of Bayer’s Monsanto mRNA patent lawsuit, but the judge rejects the request
A federal judge in Delaware on Monday rejected the requests from Pfizer, BioNTech, and Moderna to dismiss a lawsuit filed against them by Monsanto, a subsidiary of the German pharmaceutical giant Bayer. The lawsuit concerns these pharmaceutical companies' use of a patent related to mRNA technology.
After years of waiting and another delay, Tesla (TSLA.US) postpones the Roadster debut to October 15 as severe weather forces the event to stop.
Tesla has rescheduled the unveiling event for its next-generation Roadster, originally planned for this week, to October 15.
Debt and inflation become the biggest constraints! Deutsche Bank warns: The global market "policy safety net" is failing and future volatility may intensify
Deutsche Bank Research stated in its latest report that the era of large-scale policy interventions used to cushion global economic shocks over the past decades is coming to an end. The continuous rise in sovereign debt, high interest rates, and persistent inflation are all weakening the traditional “safety net” relied upon by governments and central banks.
Crypto prices
More
