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Crypto market wrap: Altcoin prices back in the green in big way

By Monte Stewart


Updated

Image of letters and symbol
Chiliz rose 24% on Tuesday as altcoin prices got back in the green. -- Photo: Shutterstock

Altcoin prices were back in the green – in a big way – on Tuesday.

The vast majority of the top 100 cryptocurrencies posted gains. The ones in the red were less than 1% below the break-even line. Even the Celsius Network coin (CEL) was spared punishment – for a change – as it dropped marginally.

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CEL to USD

Chiliz spikes again

Chiliz (CHZ) posted a double-digit gain for the second straight day, rising about 24% – after being an outlier on Monday when almost the entire market declined with bitcoin (BTC). (All figures based on CoinMarketCap data around the time that conventional markets closed in North America.)

Convex (CVX) climbed approximately 13% while bitcoin cash (BCH) and curve (CRV) were both up about 12%. Meanwhile, Cosmos (ATOM) increased 10%.

CVX to USD

Celsius sues fund manager

While its coin treaded water, the Celsius Network made news by accusing former money manager Jason Stone of theft.

Celsius, which filed for bankruptcy in July after freezing customer accounts, made the allegation in a $17m (£14.37m) lawsuit that it filed against Stone and his company KeyFi in a New York bankruptcy court.

The legal action came after Stone sued Celsius in July, alleging that the distressed crypto lender fraudently deprived him of millions of dollars worth of employment compensation.

In its lawsuit filed Tuesday, Celsius contends that KeyFi was “extraordinarily inept” when it came to investing crypto and failed to hedge against price volatility. Celsius also alleges that it could not recover all of the assets that it demanded back from KeyFi.

Celsius accused Stone of misappropriating funds to buy non-fungible tokens (NFTs) and then covering his tracks by using crypto mixer Tornado Cash, which was sanctioned by the US Treasury Department on 8 August. The Treasury Department alleged that Tornado Cash helped launder stolen funds.

Lawyer calls Stone scapegoat

Kyle Roche, a lawyer for Stone, contended in an email to Bloomberg that the Celsius claims are not valid.

DOGE/USD

0.14 Price
-0.710% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.50 Price
+0.080% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

UNI/USD

11.12 Price
-3.930% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.08964

ETH/USD

3,588.19 Price
-0.420% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

“Celsius’s most recent filing is an attempt to rewrite history and use KeyFi and Mr. Stone as a scapegoat for their organizational incompetence,” wrote Roche.

Roche asserted that the allegedly misappropriated funds and purchased NFTs comprised compensation that Celsius CEO Alexander Mashinsky authorized.

 

Bitcoin and ether bounce back

Bitcoin and ether (ETH) bounced back on Tuesday, raising the rest of the market with them.

The world’s largest cryptocurrency was back in the green after losing about 9% in the previous four days. However, bitcoin stayed in the $21,000 range.

Ether, the Ethereum blockchain’s main coin, got back above $1,600 as it increased about 4%, continuing to outperform bitcoin. Investors appeared to renew their appetite for ether following a recent price lull.

The coin has drawn increased interest as Ethereum’s hard fork, known as the Merge, approaches in September.

 

Markets in this article

ATOM/USD
ATOM/USD
7.3413 USD
-0.0923 -1.280%
BCH/USD
Bitcoin Cash / USD
423.25 USD
-6.35 -1.490%
BTC/USD
Bitcoin / USD
66358.60 USD
-181.3 -0.270%
CVX/USD
CVX/USD
4.3542 USD
1.7985 +65.470%
CRV/USD
CRV/USD
0.3496 USD
0.0048 +1.480%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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