The latest price moves in bitcoin (BTC) and crypto markets in context for August 1, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
The crypto market was off its worst levels, but remained down across the board on Tuesday afternoon as risk-off sentiment continued following last weekend's exploit of Curve Finance and Monday's court ruling potentially throwing into question June's legal victory for Ripple's XRP. Bitcoin (BTC), the top cryptocurrency by market value, slipped 1.2% to $28,890, leading the CoinDesk Market Index (CMI) to a 1.7% decline. Dinging market sentiment, particularly among altcoins, a federal judge – in an otherwise unrelated case involving the SEC's lawsuit against Terraform Labs – rejected the distinction made by another judge last month in the Ripple case between public and institutional sales of the payments focused cryptocurrency XRP.
Some selling pressure may have arisen from a revised U.S. bill that excludes a host of traditional securities from the "digital asset" category, which some say bodes ill for DeFi.