The cryptocurrency market digest (BTC). Overview for 13.07.2022

The BTC had been falling for four consecutive trading sessions and today is finally trying to rise. Again. The asset is balancing at $19,489.

The current technical picture shows that the global market pressure and tension, which are very difficult to overcome, are pushing the BTC down to support levels at $19,300-$19,400. If bears break them, the asset may drop to $16,000 or even $12,500. What happens next depends on market activity and liquidity: if there is little money and orders, the price will go down fast and deep.

The BTC remains highly correlated with S&P 500 and NASDAQ. The US stock market has been selling week-to-date. Investors aren’t as emotional as they might have been, but they continue to sell. It’s bad for BTC.

Celsius paid off the debts

Celsius Network paid off its debts to the DeFi protocol Aave, $63.5 million. Earlier, Celsius found itself in dire straits and had to make a decision to put all operations with client accounts on hold. It happened amid a global crypto decline and a deterioration in market conditions.

Vauld is short of dough

As for Vauld, a Singapore platform, the situation is quite opposite – the hard times have just started. The crypto platform asked the court to put a debt moratorium. The company is $70 million shy of paying off its debts. Just like Celsius, Vauld has been experiencing difficulties after the BTC, ETH, and UST started falling.

Binance might be slapped with US secondary sanctions

Seven Iranian crypto traders said that they were using Binance until September 2021 despite the ban introduced in 2018. It turned out to be possible because clients could register using only their email addresses. Iranian traders had been working with Binance until the platform started checking users. Now Binance might be slapped with US sanctions, which might cast a shadow over its business reputation.