Prices: Bitcoin snaps its four-day rally; ether and other cryptos are lower.Insights: A muted Korea Blockchain Week fails to tackle the industry's recent troubles or challenge its panelists. S&P 500 daily close: 4,122.47 −0.4%●Gold: $1,810 per troy ounce +1.3%●Ten-year Treasury yield: 2.80%.

The largest cryptocurrency by market capitalization was recently trading just above $23,200. Ether, the second-largest crypto by market cap behind bitcoin, was recently changing hands at about $1,700. Investors are apparently hunkered down waiting for the Wednesday morning release of July's Consumer Price Index (CPI)

Other major cryptos were well-red on Tuesday with FILE and KSM recently tumbling more than 11% and 9% respectively. "Crypto prices Tuesday tracked equity markets, which also fell, although more moderately than most tokens," said Don Kaufman of TheoTrade. Kaufman also highlighted a decline in implied volatility, a bad sign for near-term pricing.

The tech-focused Nasdaq was off more than a percentage point. The S&P 500, which has a strong tech component, was down a few fractions of a point. Gold, a traditional safe haven asset, ticked slightly higher and has risen more than 3% over the past month.

Coinbase said trading activity for its second quarter had plunged almost 30% from its first quarter. The crypto exchange has been buffeted by the same headwinds afflicting the rest of the digital asset industry, prompting the firm to lay off about 20% of its workforce as part of cost-cutting initiatives.
Posted by BI bizpoke
Tap to Copy the Short Url to This Post: 
One-Stop Business News backed by Mark Cuban. Free to Use →