The resumption of U.S.-Iran hostilities on July 13 triggered a sell-off in both stock and crypto markets, with Bitcoin long positions unwinding while the altcoin Audiera (BEAT) saw mixed signals. A token burn on the same day offered some support, but ongoing allegations of price manipulation continue to cast a shadow over the asset’s recovery.
The U.S.-Iran ceasefire collapsed on July 13, with President Donald Trump announcing a reinstated blockade on Iranian ports. This drove crude oil prices higher on Monday and hurt stock markets. The S&P 500 was down 49 points, and the Dow Jones Index was down 33 points, or 0.64% and 0.63% respectively from their highs of the day.
A wave of Bitcoin [BTC] selling was spotted, with long positions closed in the derivatives market. This leverage unwind fueled the recent price reset and helped explain why crypto was down for the day. Audiera [BEAT] was up 0.74% in the past 24 hours, but its daily trading volume nearly halved from the previous day.
The news of a 792,210 BEAT burn on July 13 can buoy market participant confidence. However, the rally to $11.5 also coincided with public allegations that the Dance to Earn token showed onchain similarities to LAB and RIVER. A visual analytics platform stated they had no conclusive evidence tying BEAT to LAB and RIVER.
From June 12 to 18, BEAT underwent an 87% correction, falling from $11.57 to $1.459. The swing structure remained bullish, but the $3.0-$3.20 area has become a local supply zone. The momentum was bearish on the 1-day timeframe, the Awesome Oscillator warned.
If BEAT can make higher lows in the coming days, it would signal that buyers were convinced of further gains. Such demand might be able to push prices past $3.20. However, for this scenario to play out, BEAT needs to attract more capital towards itself.
BEAT saw short-term upward momentum, and the weekly BEAT burns can help fuel a recovery. Allegations of price manipulation and overinflated fully diluted value, or FDV, have not gone away.
