Dartmouth endowment’s crypto exposure drops by $2M amid falling prices
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Bitcoin emerged as the "most resilient" asset tonight, while US chip stocks experienced a "stock market crash," and crypto stocks followed suit, with US stocks falling across the board.
According to BlockBeats data, on July 7th, US stocks opened lower and continued to decline on Tuesday. The Nasdaq 100 fell over 2%, the Philadelphia Semiconductor Index fell over 6%, SPCX fell 5.7%, MRVL fell 10.25%, Western Digital fell 11%, SanDisk fell 13.9%, Micron fell 8.8%, and Oracle fell 4%. Bitcoin only fell nearly 1% after the US stock market opened, a drop comparable to gold. However, US cryptocurrency stocks generally fell in tandem with the broader market, with SBET falling 5.2%, GEMI falling 6.12%, CRCL falling 5.35%, MSTR falling 3.3%, and COIN falling 4%.
Crypto sectors generally declined, with the meme sector falling nearly 3%, while only the SocialFi sector remained relatively resilient.
According to Foresight News , data from SoSoValue shows that the crypto market sector has seen a correction after several days of gains. The Meme sector fell 2.72% in the last 24 hours. Within the sector, Bonk (BONK) fell 8.57%, while MemeCore (M) and BUILDon (B) fell 13.17% and 19.36%, respectively. In other sectors, the Layer 2 sector fell 0.36% in the last 24 hours, but ImmutableX (IMX) rose 4.27%; the DeFi sector fell 0.44%, while EdgeX (EDGE) bucked the trend, rising 29.92%; the Layer 1 sector fell 0.69%, with NEAR Protocol (NEAR) remaining relatively strong, rising 2.89%; the CeFi sector fell 0.74%, with Bitget Token (BGB) falling 3.17%; the PayFi sector fell 0.96%, with Trust Wallet (TWT) rising 1.39% intraday; the SocialFi sector remained relatively strong, rising 0.35% in the last 24 hours, with Gram (GRAM) rising 0.57%. Crypto sector indices reflecting historical sector performance show that the ssiSocialFi index rose 0.20%, while the ssiAI and ssiMeme indices fell 2.55% and 2.27%, respectively.
Gold and silver prices generally fell, while cryptocurrency volatility decreased, with the BVIX down 2.26% on the day.
According to the latest data from Odaily, gold prices fell to $4,143.57 per ounce, a daily drop of 0.97%. Silver prices fell to $61.693 per ounce, a daily drop of 1.24%. The BVIX (BTC Volatility Index) is currently priced at 39.85, down 2.26% on the day. The EVIX (ETH Volatility Index) is currently priced at 54.47, up 2.18% on the day. In the foreign exchange market, the US dollar rose 0.26% against the offshore yuan (USD/CNH) during the day, with the current exchange rate at 6.79888. The US dollar rose 0.7% against the Japanese yen (USD/JPY) during the day, with the current exchange rate at 162.358. In terms of global stock indices, the Euro Stoxx 50 index fell 0.37% to 6379.2 points; the UK FTSE 100 index rose 0.01% to 10659.2 points; and the German DAX 40 index fell 0.44% to 25729.5 points. In commodities, WTI crude oil rose 0.41% to $69.25 per barrel. Brent crude oil rose 0.93% to $72.47 per barrel. Gate allows users to trade traditional financial market products directly within the platform, providing a one-stop solution for various asset classes including precious metals, forex, global equity CFDs, major indices, and commodities, achieving deep integration between crypto assets and traditional financial assets. Gate TradFi functionality is fully integrated into the Gate App and Web platform, allowing users to conveniently participate in global asset price trading without switching platforms, unlocking more strategies and opportunities beyond the crypto market, and continuously enhancing their diversified asset allocation experience.
Data: Recently listed crypto companies have seen their average stock price fall by 73% from its peak, with Gemini dropping over 90%.
According to a report by 10x Research, recently listed crypto-related companies have seen their share prices plummet from their post-IPO highs. Gemini (GEMI) has fallen 91%, Amber (AMBR) 89%, BitGo (BTGO) 79%, Circle (CRCL) 78%, Coinbase (COIN) 63%, and Securitize (SECZ) 41%. Data shows that these eight recently listed crypto companies are down an average of 73% from their post-IPO highs. The report points out that post-IPO price crashes have become a common phenomenon for crypto IPOs, and investors need to adopt more systematic strategies to cope with such volatility.
The crypto market fell across the board, with the DeFi sector dropping nearly 9%.
PANews reported on July 8th that, according to SoSoValue data, the crypto market saw a broad decline, with most cryptocurrencies falling by 2% to 9% in the past 24 hours. The DeFi sector led the market decline, falling 8.77%, with LAB (LAB) down 67.70% and Hyperliquid (HYPE) down 4.30%. However, EdgeX (EDGE) and Lido DAO (LDO) bucked the trend, rising 29.12% and 11.01% respectively.
Jack Mallers' Strike has launched "volatility-resistant" Bitcoin mortgage loans, claiming they will not be liquidated due to price drops.
ChainCatcher reports that Strike, founded by Jack Mallers, has launched a new Bitcoin-backed loan product designed to avoid forced liquidation due to falling BTC prices. Strike states that as long as borrowers make timely payments, the collateralized BTC will not be moved or liquidated, regardless of how deeply the Bitcoin price falls. Mallers stated on X that the product has no margin requirements and no price-based liquidation mechanism, allowing users to borrow USD while continuing to hold Bitcoin. He noted that volatility is inevitable, but liquidation is not. Strike states that the new loan product eliminates price-triggered actions linked to the loan-to-value (LTV), so borrowers do not need to worry about automatic liquidation due to falling BTC prices. As long as interest and due payments remain normal, the collateral will remain undisturbed.