Bitcoin (BTC) Overcomes MicroStrategy (MSTR) Disposal FUD...XRP Weakness Continues

▲ XRP, Bitcoin (BTC)/ChatGPT Generated Image

After MicroStrategy (Strategy) disposed of over 3,500 BTC, Bitcoin (BTC) plummeted to $61,200 but soon surpassed $64,500. In contrast, XRP continued its weakness, moving further away from its key support level of $1.15.

According to crypto media outlet CryptoPotato on July 7 (local time), Bitcoin fell below $58,000 for the first time in about two years on the 1st. It then broke above $60,000 and surpassed $63,500 on Sunday. On Monday morning, it recovered $64,000 in about two weeks.

The upward trend changed sharply immediately after MicroStrategy's announcement of Bitcoin sales. As MicroStrategy, the largest corporate Bitcoin holder, disposed of over 3,500 BTC, Bitcoin was pushed down to $61,200. However, it quickly rebounded on the same day, surpassing $64,500 and setting a new short-term high.

Bitcoin later returned to $63,000. Its market capitalization exceeded $1.26 trillion, and its market share against altcoins was 56.6%. This effectively returned to a price range similar to the day before MicroStrategy's announcement.

XRP fell 1.3% in one day to $1.1275. After failing to break above $1.15, the distance from its key support level widened further. Ethereum (ETH) remained between $1,750 and $1,800, and BNB traded below $580.

Dogecoin (DOGE), Cardano (ADA), Stellar (XLM), and CC also declined. Dogecoin and Cardano fell by 2-3%, and CC plunged by over 5% in one day. The total cryptocurrency market capitalization recorded approximately $2.24 trillion.

[Article Key Summary]

-After MicroStrategy disposed of over 3,500 BTC, Bitcoin plummeted to $61,200 but then rebounded past $64,500.

-XRP fell to $1.1275 after failing to break above $1.15, moving further away from its key support level.

-While major altcoins such as Dogecoin and Cardano showed weakness, the total cryptocurrency market capitalization recorded approximately $2.24 trillion.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*