The Crypto Report: Crypto rally nixed as Bitcoin and Ethereum lose steam

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Hopes of a sustained crypto rally took a hit on Tuesday as global market cap fell a further 2.47% to US$891.24bln in the early hours.

Bitcoin once again fell below the US$20,000 support line to trade at US$19,931 on the exchanges, while Ethereum dropped 4.83% to US$1,085.

Decentralised finance (DeFi) tokens seem intent of reversing their recently gained momentum: Aave is down 9.47%; Uniswap is down 8.8%; Convex Finance is down 7.52%; and Compound is down 7.16%.

Somewhat surprisingly, Nexo protocol was among the morning’s few positive movers despite the ongoing centralised finance (CeFi) crisis sweeping the market.