The cryptocurrency market digest (BTC). Overview for 21.07.2023

The price of BTC dropped to 29,846 USD on Friday.

The price of the flagship cryptocurrency is marginally above the 29,800 USD support. The next support is at the 29,500 USD level. If buyers are fighting for bullish momentum, they are doing so without the previous enthusiasm.

The relative weakness of the US dollar and the growth of stock indices are playing in favour of optimistic investors.

Among the news is the addition of six companies to the Federal Register of Decisions by the SEC. Everyone is waiting for a response regarding the licence to launch a BTC-based spot ETF.

The cryptocurrency market capitalisation decreased to USD 1.200 trillion. The share of BTC remains at 48.3%, while the share of ETH fell to 18.3%.

The correlation of BTC with the stock market has dropped to its three-year lows

The correlation of BTC’s value with the traditional finance sector – particularly with the S&P 500 index – has fallen to a three-year low of only 7% at the end of the first half of 2023. The Binance Research survey suggests that this is an argument in favour of using cryptocurrency as a diversification tool. Back in January this year, the correlation was 45%.

Tesla reintroduces the option to pay with BTC

Electric vehicle manufacturer Tesla has reintroduced BTC as an accepted form of payment on its official website. However, it is currently unknown when this cryptocurrency payment option for purchasing vehicles will become publicly available. It is worth noting that the company ceased accepting cryptocurrency payments in May 2021.