- DJIA sees an overall increase on Tuesday.
- DEI Crypto loses is 1-to-1 US
Dow Jones index rallies on Tuesday amidst retailers earning announcements
Since the market opened on Tuesday, the Dow Jones has rallied almost 1%. This increase comes as U.S retail stocks beat investor estimates. Although Walmart's (WMT) stock fell after they made their earnings announcement on Tuesday, other retail stocks such as Home Depot, JD.com (JD), Sea (SE) and On Holding (ONON) saw gains causing an overall increase in the index.
DJIA Price Chart
Cryptocurrency DEI faces big losses on Tuesday
In the current wider economic market, it has become clear to investors that cryptocurrency prices are in fact correlated to events on the stock market. UST and Luna have faced huge losses recently and another crypto seems to be following suit, DEI. DEI has just lost its 1-to-1 peg with the US Dollar and has lost 20% on the cryptocurrency market today. This fall created a mismatch and DEI’s collateral ratio dropped more than 40%, this makes the redemption of DEI coins due to the lack of capital backing the stable coin.
The creators of DEI Deus Finance have suspended the coin redemption in an attempt to stabilize the coin's price.
DEI Price Chart
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Sources: finance.yahoo.com, thestreet.com