Market Wrap: BTC Settles at $20K as Voyager Files for Bankruptcy

The Toronto-based crypto lender is the second high-profile crypto firm to do so in July.

AccessTimeIconJul 6, 2022 at 8:39 p.m. UTC
Updated Apr 10, 2024 at 1:56 a.m. UTC

Hi, I'm Jimmy He, here to take you through the day's crypto market highlights and news.

Bitcoin (BTC) leveled off to around $20,000 in Wednesday trading, down 1% from its high of $20,720 the previous day. The oldest cryptocurrency has changed hands largely in the $18,000 to $21,000 range for most of the past month as investors gauge the impact of rising inflation and macroeconomic uncertainty.

The majority of alternative currencies (altcoins) were in the green on Wednesday with Avalanche's AVAX leading the charts, up 5.5% in the last 24 hours. Ether (ETH), the second-largest cryptocurrency by market capitalization after bitcoin, was up 0.7%.

An increasingly correlated asset

For much of its short history, bitcoin has been uncorrelated to traditional markets, which served as a desirable quality for recession-conscious investors. However, according to data from Coin Metrics, bitcoin’s correlation to U.S. equities, specifically the S&P 500, has strengthened since March 2020.

“The correlation hit a new all-time high in Q2 2022 with BTC and U.S. equities moving almost in lockstep,” Coin Metrics wrote in a newsletter. “At the same time, BTC moved increasingly against risk indices like the VIX.”

The release of the June consumer price index next week may show whether the recent hawkish monetary policies of the U.S. Federal Reserve have been effective. If prices decline and other economic indicators also continue their recent descent, investors may feel more confident that the U.S. is solving the dual problems of inflation and potentially steep economic contraction. If the CPI continues to increase, markets could be discouraged.

The correlation between bitcoin and the S&P 500 reached an all-time high in the second quarter of 2022. (Coin Metrics)
The correlation between bitcoin and the S&P 500 reached an all-time high in the second quarter of 2022. (Coin Metrics)

Latest prices

Bitcoin (BTC): $20,328 −1.2%

Ether (ETH): $1,157 −0.0%

S&P 500 daily close: 3,845.08 +0.4%

Gold: $1,738 per troy ounce −1.3%

Ten-year Treasury yield daily close: 2.91% +0.1

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at

Voyager is next crypto lender to fall

Today’s positive crypto market movements were overshadowed by crypto lender Voyager’s filing for Chapter 11 bankruptcy protection late Tuesday.

Voyager’s decision is part of the domino effect of crypto hedge fund Three Arrows Capital’s liquidity problems. The Singapore-based firm filed for Chapter 15 bankruptcy on Friday. In Voyager’s case, according to writer Frances Coppola, nearly 50% of total assets were from its loan book and nearly 60% of the loan book consisted of loans to Three Arrows Capital.

Crypto companies – and lenders in particular – have faced solvency issues in recent weeks, with several stopping customers from withdrawing their funds. Celsius started this trend last month, announcing in mid-June that it would suspend withdrawals. CoinLoan, CoinFLEX and Voyager itself all announced restrictions or outright halts on withdrawals in recent days, Nikhilesh De and Danny Nelson reported Wednesday.

Voyager’s VGX token plummeted to a low of 20 cents within hours of filing for bankruptcy and is now trading at around $0.21, 12% down in the last 24 hours.

Altcoin roundup

  • Ethereum testnet transitions to proof-of-stake: Ethereum’s Sepolia proof-of-work chain successfully merged with its proof-of-stake chain on Wednesday, taking the platform one step closer to its own Merge moment. This is the penultimate test environment network (testnet) merge before Ethereum makes its long-awaited transition. Read more here.
  • Bitmark launches NFT wallet: The blockchain startup is ramping up its non-fungible token (NFT) initiatives, raising $5.6 million on the heels of its NFT wallet launch. The wallet, named “Autonomy,” is looking to connect mainstream art collectors and the world of NFTs. Read more here.
  • Chingari Tokens Plunge: The Solana blockchain-based social network application Chingari (GARI) saw tokens drop 87% on Monday night, prompting rumors of exploits or wrongdoings within the community. The team denies all rumors. Read more here.

Relevant insight

Other markets

Biggest Gainers

Asset Ticker Returns DACS Sector
Avalanche AVAX +5.5% Smart Contract Platform
Decentraland MANA +3.0% Entertainment
XRP XRP +0.2% Currency

Biggest Losers

Asset Ticker Returns DACS Sector
Terra LUNA −5.8% Smart Contract Platform
Polygon MATIC −3.5% Smart Contract Platform
Cosmos ATOM −2.7% Smart Contract Platform

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Author placeholder image

Jimmy is a CoinDesk markets reporter.