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Crypto market wrap: Traders don’t take a holiday, asset prices rise


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Monday was a national holiday in the US and several other countries. But many crypto traders did not take a day off, boosting bitcoin and altcoin prices. - Photo: Shutterstock

Many traders did not take a holiday on Monday, spelling bitcoin and altcoin price increases.

Many conventional investment markets were closed due to the Fourth of July celebration in the US and other national holidays elsewhere. But cryptocurrency investors still opened their wallets and bought into bitcoin and most top 100 digital assets.


Bitcoin gets above $20,000

Bitcoin (BTC) got back above $20,000 after hovering at the $19,000 level late last week. While both BTC and ether (ETH), the coin backed by the Ethereum blockchain posted large gains, altcoin prices jumped with them. Notable altcoin gainers included binance (BNB), maker (MKR), AAVE, zcash (ZEC), and Solana (SOL), which has been rocked by its troubled parent company’s crypto lending arm Solend.

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Solend tried to beach whale

Solend recently tried to take over a whale – i.e. a large investor – to avoid taking a large financial hit. The investor appeared to be in danger of defaulting on a $108m US dollar coin (USDC) loan and tether (USDT).

The loan was collateralized with SOL, which was in danger of being liquidated if its price fell to $22.30, Solend said.


Voyager token falls, rallies

Unlike most altcoins, Voyager’s token (VGX) spent the day down – but rallied during evening trading in North America. VGX faces questions about its future as Voyager Digital tries to keep operating effectively and recover a $650m (£536.72m) debt from Three Arrows.


MAS gets mad

Three Arrows was blasted by the Monetary Authority of Singapore (MAS) on the weekend for providing “misleading information” about its assets under management.

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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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