Market Wrap: Bitcoin, ETH and DeFi assets fall as markets close choppy day
BTC's move below $20,000 was not as critical as before, but still notable, an analyst said Oil prices continued to fall after the euro briefly reached parity with the US dollar and concerns grew over Covid-19 in China Key crypto assets continued to fall on Tuesday amid a choppy market. Bitcoin (BTC) traded at $19,384, down 5.25% in the last 24 hours, while Ether (ETH) continued to slide, falling 8.54% to $1,040 by 4:00 p.m. ET. Craig Erlam, senior market analyst at OANDA, held BTC's decline to...
Market Wrap: Bitcoin, ETH and DeFi assets fall as markets close choppy day

- Die Bewegung von BTC unter 20.000 $ war nicht so kritisch wie zuvor, aber dennoch bemerkenswert, sagte ein Analyst
- Die Ölpreise fielen weiter, nachdem der Euro kurzzeitig die Parität mit dem US-Dollar erreicht hatte, und die Besorgnis über Covid-19 in China wuchs
Major crypto assets continued to fall on Tuesday amid a choppy market. Bitcoin (BTC) traded at $19,384, down 5.25% in the last 24 hours, while Ether (ETH) continued to slide, falling 8.54% to $1,040 by 4:00 p.m. ET.
However, Craig Erlam, senior market analyst at OANDA, considered BTC's drop to $20,000 not as critical as last month, although "it is certainly notable that it appears to be repeatedly falling below [$20,000]."
“A move below the $17,500-18,500 support could accelerate the sell-off, while a break of $19,500 could also indicate further pain,” Erlam wrote in a note on Tuesday.
DeFi leaders continued their bearish trend from Monday, with Aave's token falling 7.42% to $68.5, while Maker's token fell 8.4% to $837.23.
Some investors are shrugging off the market downturn. Multicoin Capital announced a new $430 million venture fund, and Solana developers Dylan and Ian Macalinao protagonist launched its first $100 million fund to focus on early-stage crypto companies.
US stocks also fell. The S&P 500 closed at 3,819, down 0.92%, the DJIA fell 0.61% and the Nasdaq fell 1.81%.
After a long wait, the euro briefly reached parity with the U.S. dollar, but fought its way back to just a cent above $1 on Tuesday afternoon. Commodities continued to slide, with oil leading the way. Brent crude oil futures were Trade Down 7.1% at $99.04 a barrel as of 3:21 p.m. ET as fears grow of another Covid-19 lockdown in China. OPEC's monthly report published today forecasts slower growth in oil demand in 2023.
“We believe that the strong US dollar, which has now almost reached parity with the euro, is weighing on prices,” said Commerzbank said in a note dated July 12. “The combination of high energy prices and rising interest rates is fueling concerns about a recession that would have a serious impact on oil demand.”
More companies are publishing their final reports for the second quarter this week. Layer 1 smart contract platform Avalanche reported that its total value locked fell approximately 75% in USD terms in the second quarter compared to the first quarter. Nevertheless, the amount of AVAX locked in DeFi (decentralized finance) rose loudly Messari Analyst.
Meanwhile, investors are closely watching the June US Consumer Price Index (CPI) report, due out tomorrow.
Top stories
The ECB publishes three reports to pass the largest crypto law in Europe
- Die Europäische Zentralbank (EZB) fordert politische Entscheidungsträger und Mitgliedstaaten auf, das Gesetz über Märkte für Krypto-Assets (MiCA) zu verabschieden, Europas erster Versuch einer umfassenden Politik in Bezug auf Kryptowährungen.
- „Jüngste Entwicklungen zeigen, dass Stablecoins alles andere als stabil sind, wie der Absturz von TerraUSD und die vorübergehende Abkopplung von Tether zeigen“, heißt es in dem EZB-Bericht.
3AC's Zhu and Davies skip liquidators' court hearing, email shows
- Die Mitbegründer von Three Arrows Capital (3AC), Su Zhu und Kyle Davies, sind noch nicht bereit, die Liquidatoren des Fonds zu verpflichten, nachdem sie beschuldigt wurden, nicht sinnvoll mit ihnen zusammenzuarbeiten.
- „Leider wurde unser guter Wille, mit den Liquidatoren zusammenzuarbeiten, mit Hetze beantwortet. Ich hoffe, dass sie in Bezug auf die Token-Haftbefehle von StarkWare in gutem Glauben gehandelt haben“, sagte Zhu am Dienstag in einem Tweet, einschließlich Screenshots der E-Mails seines Anwalts an Russell Crumpler, einen 3AC-Liquidator.
Q&A: Community banks moving forward with crypto plans despite downturn, portfolio manager says
- Portfoliomanager Steve Russell sagte, er denke, dass viele Banken mit Krypto- und Blockchain-bezogenen Plänen derzeit überverkauft seien.
- Russell erwartet, dass sich mehr Banken für hypothekenbezogene Aktivitäten an der Blockchain beteiligen werden.
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The post Market Wrap: Bitcoin, ETH and DeFi Assets Drop as Markets Close Choppy Day is not financial advice.