Chainlink, the only rise while major crypto assets fall ── Bitcoin near $ 29,600, XRP also falls | CoinDesk JAPAN | Coin Desk Japan

The crypto asset (virtual currency) market fell broadly on the 20th, with Bitcoin (BTC) near the lower end of its one-month trading range. Meanwhile, Chainlink (LINK) is the only major cryptocurrency to rise.

Bitcoin dropped to $29,593 on the afternoon of the 20th, nearing a one-month low. Bitcoin has been in a tight range since June 21, rebounding from the $29,500 level several times before hitting a high of $31,809.

Ethereum (ETH) also fell below $1,900, dropping 1% in 24 hours (near $1,893 around 8:00 Japan time on the 21st).

X R P (XRP) fell back from a significant rise until the previous day, falling about 6% in 24 hours. XRP nearly doubled to 93 cents a week ago following a partial victory in a lawsuit against the U.S. Securities and Exchange Commission (SEC). Even after the reversal, it is hovering around 79 cents.

Chainlink is the only cryptocurrency in the top 40 by market capitalization to see a significant rise.

Some big investors (whales) bought 6 million dollars (about 840 million yen, converted to 140 yen to the dollar), and Chainlink climbed 15% to exceed 8 dollars for the first time in about 3 months. This week, Chainlink released an interoperability protocol that facilitates communication between blockchains and banks, and was tested by SWIFT.

Related article: SWIFT and Chainlink test multiple blockchain connections with a dozen major financial institutions

The CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market, fell 1.26% in 24 hours.

Crypto investors may have worried about the drop in tech stocks. The Nasdaq 100 Index (NDQ) fell 2% during the day, prompting investors to react negatively to the quarterly results of Tesla and Netflix.

Crypto asset prices have been highly correlated with risky assets such as the Nasdaq 100 index, which has many tech stocks, but that relationship has been shaken this year.

“After several weeks of big gains, it looks like investors are taking profits, rebalancing, and generally risking off,” Brett Sifling, director of investment firm Gerber Kawasaki Wealth & Investment Management, told CoinDesk.

｜Translation: CoinDesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk Indices
｜Original: Chainlink’s LINK Pops 15%, XRP Loses Steam as Bitcoin Revisits $29.6K Range Lows