Crypto market wrap: Coins in the red as reality show resumes
Updated
Bitcoin and leading altcoin prices were in the red for most of Tuesday as the cryptocurrency market resumed its tendency to perform like a bad reality show.
In other words, some extreme highs and fairly deep lows occurred as certain altcoin price levels fluctuated widely in relation to each other.
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GARI to USD
No hack occurred, says company
The GARI token, created by Bollywood A-list celebrity Salman Khan, up about 41% as conventional markets closed in North America – only one day after plunging 75%. The nosedive prompted concerns that the parent Gari Network had been hacked. But the company behind the network said on Twitter that no hack occurred.
Other relatively unknown altcoins also saw big increases. The Convex Finance coin (CVX) leaped about 40%, the Curve DAO token (CRV) jumped about 15% and STEPN (GMT) was up approximately 11%.
But Origin Protocol’s digital asset (OGN) sank about 11%.
OGN to USD
Bitcoin rallies late
Bitcoin (BTC) rallied for about two hours during afternoon trading in North America and was up about 3% around the time that conventional markets closed. But the world’s leading cryptocurrency was down for much of the day.
The rally helped bitcoin get above $20,000 for a second straight day. That level is regarded as a key benchmark as investors wait to see whether bitcoin will suffer a deep plunge.
CRV to USD
Nexo seeks to buy Vauld
Cryptocurrencies themselves appeared to make the news after crypto companies generated headlines. On Monday, crypto lender and trader Voyager Digital began the week in limbo after filing for bankruptcy protection in the US and Argentina’s push away from the peso to cryptocurrency accelerated. Another crypto lender, Vauld, also froze withdrawals, trades, and deposits and considered restructuring.
On Tuesday, Vauld CEO Darshan Bathija said on Twitter that rival crypto lender Nexo is looking to acquire his firm and conducting due diligence on a possible purchase of the entire company. He believes that Vauld can boost its long-term value by coming under the Nexo umbrella.
Rise from ether
Ether (ETH), the coin backed by the Ethereum blockchain, also staged a late rally and was up about 2% at the typical closing time for other investment markets.
The crypto sector appeared to resume its links with macroeconomic forces as conventional standard markets reopened following the Fourth of July celebration in the US and other national holidays elsewhere in the world. For most of this year, digital asset prices have tended to rise and fall with the conventional market, which also played out like a bad reality show due in large part to a tech sector meltdown.
But it’s interesting to note that crypto prices trended upward Tuesday after conventional markets closed.
