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Crypto market wrap: Coins in the red as reality show resumes

By Monte Stewart


Updated

Photo of sign with arrow
The crypto market performed like a reality show again Tuesday as certain coins experienced extreme highs and fairly deep lows. - Photo: Getty Images

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.

SOL/USD

179.86 Price
-2.040% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

DOGE/USD

0.14 Price
-2.170% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,446.11 Price
-1.560% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.61 Price
+1.420% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

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.

Markets in this article

CVX/USD
CVX/USD
2.4754 USD
-0.0901 -3.640%
CRV/USD
CRV/USD
0.2877 USD
-0.0109 -3.830%
GMT/USD
GMT/USD
0.15876 USD
-0.00557 -3.500%

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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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