Crypto Market Outlook – The Trend of Crypto Events On July 27, 2023

The trend of prices within the crypto market highlights a gradual recovery for most digital assets as of July 27. The primary crypto asset is still trading in the red. But some altcoins have recorded a slight gain in their values.

Subsequently, the crypto market cap surged slightly within 24 hours. Other major market sectors dropped in their performances. As usual, the crypto industry is filled with news and events that impact the direction of the assets today.

Current Trend of the Digital Asset Market

The performance of the digital assets as of July 27 was quite at a slower pace. According to CoinMarketCap, the cumulative market cap increased by 0.58% over the past day. At 11:30 EST, the market value sits at $1.182 trillion.

Additionally, total crypto market volume surged by 22.53% over the past 24 hours, reaching $31.06 billion.

The market’s Fear and Greed Index now reads 52 out of 100, signifying a NEUTRAL sentiment for investors. Below are the trends of some key crypto market sectors as of July 27.

Bitcoin Market

Bitcoin (BTC) is highlighting a negative trend in its performance today. As of 11:35, BTC’s price is hovering around $29,311.21, indicating a decrease of 0.04% over the past 24 hours. Its market now sits at $569.89 billion.

Surprisingly, Bitcoin recorded a surge of 30.65% in its 24-hour trading volume, taking its value to $13.32 billion. This represents the sales of about 454,549 BTC coins within the past day.

The primary crypto token dropped 0.19% over the past day in its market dominance which slipped to 48.20%.

Data from CoinMarketCap indicates that BTC slid to become the sixth most trending crypto asset.

Market Trend for Major Altcoins

The altcoins have mixed performances within the market today. Ethereum (ETH) is still struggling to push through the resistance level at the $1,900 mark. 

At 11:45 EST, ETH is trading at $1,869.68, reflecting an increase of 0.48% over the past 24 hours. 

The asset boasts a market cap of $225.53 billion and a market dominance of 18.29%. Also, Ethereum’s 24-hour trade volume spiked by 29.48% to reach $5.64 billion, indicating the sales of 3.02 million ETH tokens within the period.

XRP recorded a surge of 2.48% over the past day, pushing its price to $0.7220. Also, its market cap is gradually building up and has hit $38.02 billion.

The Ripple native token spiked by 26.98% in 24-hour trade volume, which reached $1.75 billion. This reflects the trading of about 2.45 billion XRP coins within 24 hours.

As of 12:00 EST, Dogecoin (DOGE) boasts a market cap of $11.06 billion following a surge of 0.09% over the past day. Its price now hovers around $0.07878.

However, DOGE witnessed a staggering decline of 44.97% in trading volume over the past 24 hours, which slipped to $666.11 million.

Some altcoins recorded an increase over the past 24 hours. Cardano (ADA) surged by 1.21%, BNB by 1.05%, Solana (SOL) by 1.43%, Bitcoin Cash (BCH) by 2.19%, and Litecoin (LTC) by 1.09%.

Also, Tron (TRX), Polygon (MATIC), Polkadot (DOT), and Shiba Inu (SHIB) increased slightly by 0.79%, 0.51%, 0.19%, and 0.18%, respectively.

Conversely, Toncoin (TON) plummeted by 2.62% over the past 24 hours.  According to CoinMarketCap, Stellar (XLM) emerged as the day’s top gainer following a post of 12.27% increase. The second and third top gainers are XDC Network (XDC) and Chainlink (LINK).

Conversely, Theta Network (THETA) became the top loser for today, with a drop of 3.57% of its value.

Decentralized Finance (DeFi) Market

According to CoinMarketCap, the DeFi market cap grew to $48.68 billion as of 12:20 EST. It witnessed a surge of 0.88% over the past 24 hours.    

Also, the market’s trading volume recorded a whopping 23.83% increase over the past 24 hours to reach $2.93 billion. 

The DeFi market volume represents about 9.55% of the cumulative crypto market volume over the past day.

Wrapped Bitcoin (WBTC) is maintaining the top position in the ranking of DeFi tokens with a market cap of $4.73 billion. It shows a slight spike of 0.07% over the past day, with the price at $29,327.29 as of 12:40 EST.  

WBT’s trading volume surged largely by 35.61% over the past 24 hours, taking the value to $117.17 million. This reflects the trading of 3,994 WBTC tokens within the past day.

Avalanche (AVAX) is the second top DeFi token with a market cap of $4.57 billion. It witnessed a surge of 0.36% over the past day as the price hovers around $13.23.

AVAX recorded an increase of 5.63% in its trading volume over the past 24 hours, pushing the value to $114.97 million. It indicates the sales of about 8.68 million AVAX coins within the period.

Some DeFi coins increased significantly in their price movement over the past 24 hours. Chainlink (LINK) spiked by 6.63%, Synthetix by 6.37%, Kava (KAVA) by 2.21%, Fantom (FTM) by 3.27%, Injective (INJ) by 1.90%, Aave (AAVE) by 1.43%, Lido DAO (LDO) by 1.68%, Internet Computer (ICP) by 1.79%, Rocket Pool (RPL) by 2.57%, and Curve DAO Token (CRV) by 1.05%.

Also, Uniswap surged slightly by 0.99%, The Graph (GRT) by 0.93%, Tezos (XTZ) by 0.37%, 

DeFi tokens that plummeted include Compound (COMP), Theta Network (THETA), Stacks (STX), Maker (MKR), THORChain (RUNE), Convex Finance (CVX), Theta Fuel (TFUEL), and others.

According to CoinMarketCap, POP/WBNB is today’s top DEX pair gainer. It recorded an increase of 3389.98% in its value.

Conversely, PEPEAI/WETH emerged as the top DEX loser pair for the day, reflecting a drop of 75.54%. 

Stablecoins Market

According to data from CoinMarketCap, the stablecoin market cap recorded a slight drop of 0.03% over the past 24 hours, hitting $125.64 billion. 

However, the market’s 24-hour trading volume spiked by over 22% to reach $28.65 billion. The stablecoins volume represents about 92.01% of the overall crypto market volume over the past day.  

Tether (USDT) maintains the first position in the ranking of stablecoins, boasting a market cap of $83.81 billion. It witnessed a surge of 21.86% in its 24-hour trading volume, pushing the value to $21.91 billion.

Tether’s volume reflects the trading of more than 21.92 billion USDT tokens within the past 24 hours.

USD Coin (USDC) is the second top stablecoin with a market cap of $26.52 billion. It recorded an increase of 18.32% in its 24-hour trading volume, which climbed to $2.87 billion, indicating the sales of more than 2.87 USDC coins over the past day. 

USDT and USDC indicated a significant decline from their pegged values as of July 27. As of 13:30 EST, USDT and USDC highlight a drop of 0.04% and 0.05% respectively. 

Other stablecoins that de-pegged from their fiat value today include Dai (DAI), Binance USD (BUSD), USDD, Frax (FRAX), TrueUSD (TUSD), Pax Dollar (USDP), Liquity USD (LUSD), Gemini Dollar (GUSD), Terra ClassicUSD (USTC), USDX [Kava] (USDX), and others.

NFT Market

According to CoinMarketCap, the trend in the NFT market is quite on the negative part. The   NFT market cap sits at $2.47 billion as of 12:35 EST.

It recorded a decline of 29.54% over the past day in the sales volume, with the value slipping to $16.93 million. Also, the market’s total sales decreased significantly by 29.76% over the past 24 hours to reach 40,019.

Bored Ape Yacht Club (BAYC) remains the leading collection in ranking the NFT with an est. market cap of 322,424 ETH. The NFT plummeted by 56.10% in its 24-hour trading volume, hitting 1,400.33 ETH. 

Conversely, BAYC recorded a surge of 1.46% over the past 24 hours in its average price, which rose to 31.12 ETH. 

Mutant Ape Yacht Club (MAYC) is ranked second top NFT with an est. market cap of 117,341.86 ETH. Its 24-hour trading volume plummeted by 17.83% to hit 855.93 ETH. Also, MAYC’s average price dipped 0.84% within the past 24 hours to reach 5.7062 ETH.

Azuki emerged as the third leading NFT in the list of all collections with an est. market cap of 53,390 ETH. 

The collection saw a spike of 4.57% in its trade volume over the past day, which climbed to 836.44 ETH. Also, its average price increased by 5.49 over the past day, reaching 5.1756 ETH.

Crypto Market News and Events for Today

Below are news and events within the crypto industry as of July 27.

Prosecutors to Drop a Charge Against Sam Bankman-Fried

The United States prosecutors would drop a charge against Sam Bankman-Fried, FTX co-founder. The charge alleges that SBF conspired to make unlawful campaign contributions.

According to a letter to District Court Judge Lewis Kaplan on July 26, US Attorney Damian Williams cited information from The Bahamas to the government. 

The Bahama authorities mentioned their disagreement in the extradition of SBF on the given charge. So, the US prosecutors would drop the campaign contributions count on the trial.

Attorney Williams wrote: “The Bahamas did not intend to extradite the defendant on the campaign contributions count. In keeping with its treaty obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.”

SBF has previously contested the charge because it was made after his extradition agreement from the Bahamas. So, SBF noted that the charge violates the treaty between the two countries.

Currently, SBF is facing 13 charges, eight of which were unsealed in December, including the one the US prosecutors want to drop. In Feb and March 2023, five more charges were added in superseding indictments.

Coinbase CEO Told Americans to Urge Reps to Support Crypto Regulatory Clarity Bills

Coinbase CEO Brian Armstrong has recommended that American citizens take a more aggressive stand that would introduce regulatory clarity for crypto. The CEO urged the citizens to email their representatives to vote “Yes” on the Financial Innovation and Technology for the 21 Century Act (FIT21). 

Lawmakers voted favor FIT21 and the Blockchain Regulatory Certainty Act on July 26. The bills are geared to provide more clarity for crypto firms, such as creating distinctive jurisdictions for securities and commodities regulators in the US.

Armstrong took to Twitter to explain that Americans still can convince their representatives to vote “Yes” to FIT21, as the voting will continue on July 27. He stated that the bill would be in circulation during the legislative process. 

The CEO thinks the present vote on the bill has many implications for the country. It would protect citizens’ participation in digital assets and impact the country’s innovation and national security.  

Further, the US largest crypto exchange Coinbase declared that the bill could promote job opportunities in the country. This implies that US-based crypto firms that initiate relocation plans to other jurisdictions could change their decision and continue operations within the country. 

Such a move would prompt the companies to keep hiring staff from the US locals. 

US Congressional Committee Pass Crypto Bills That Will Introduce Regulatory Clarity For US Crypto

A US House panel has approved two bills that will bring some regulatory clarity for crypto companies. 

Most US lawmakers voted on July 26 for the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.

The approval for the Financial Innovation and Technology for the 21st Century Act came as a 35:15 vote. 

The bill is expected to introduce rules for crypto companies regarding their registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

Further, the Republican bill highlights a certification process for firms with the SEC confirming the full decentralization of their projects. Also, it will enable the companies to register virtual assets as digital commodities with the CFTC.

The Vice Chairman of the House Financial Service Committee, Republican Congressman French Hill, reacts to the progress. Hill expressed his excitement over the bipartisan support for the committee’s passed bill.

Hill stated: “We have crafted landmark legislation that establishes robust consumer protections and clear rules of the road for market participants while keeping innovation in the United States.”

On the other hand, the bipartisan Blockchain Regulatory Certainty Act focuses on setting guidelines that eliminate hurdles and requirements for blockchain developers and service providers. 

These include the likes of miners, decentralized finance platforms, and multi-signature service providers.

New Survey Reveals Strong Support for CBDC by Chinese and Indian Investment Experts

The professional association offering Chartered Financial Analysts credentialing, the CFA Institute examines the demand for financial technology.

It surveyed its members’ perceptions of central bank digital currency (CBDC).

The survey concentrated on different opinions related to the location and age of the respondents. 

According to the survey, about 47% of respondents confirmed moderate knowledge of CBDCs. 42% of the participants support that central banks should launch virtual versions of fiat currencies. 

But 24% of respondents have yet to learn of the existing wide gap between those in developed and emerging markets.

According to ratings for different countries, United States has 31% support for a CBDC out of the 37% backing in overall developed markets. 

] Average support in emerging markets is 61%, with India and China support hitting 66% and 70%, respectively.

More support came from bankers, 51% at investment and 50% at commercial banks. But asset managers’ support is capped at 38%.

SEC Approves New Rules Governing Brokers’ Usage of AI

The United States Securities and Exchange Commission (SEC) has approved new rules regarding how brokers use artificial intelligence. 

The passing of the changes in the rules that took place on July 26 will also govern the use of optimization functions by brokers.

In an internal commission meeting streamed on its website, the SEC Chair Gary Gensler indicated deep emotion while advocating for some changes to the rules.

 The move is geared toward preventing brokers’ use of optimization functions or data analytics tools to their advantage.

A sheet published on July 26 on the SEC website listed the technology prohibited by the new rules. The fact sheet includes: “a firm’s use of analytical, technological, or computational functions, algorithms, models, correlation matrices, or similar methods or processes.”

The fact sheet mentioned a potential rise of conflict of interest by investor communication or interaction due to the use of the covered technologies. 

Also, it noted other issues like applying discretion as related to an investor’s account availing information to an investor or soliciting an investor.

During the discussion, Commissioner Mark Uyeda highlighted existing laws that cover all possible conflicts of interest between brokers and their clients. So, he refused to back the proposed changes to the rules.

While acknowledging the existing rules, Gensler mentioned the need for an update due to the shift in the technological landscape.

The proposal passed by a 3-2 vote, with Commissioner Hester Peirce and Uyeda declining.

Asset Manager Blackrock Expands to India with ‘Digital-First Offering’ Investment

The world’s largest asset manager BlackRock makes an expansion move into India by launching the “digital-first offering.” 

The firm is collaborating with Jio Financial Services (JFS), a subsidiary of an Indian most-prominent company, Mukesh Ambani’s Reliance Industry.

According to BlackRock’s announcement on July 26, the joint investment venture will see the two companies contributing about $150 million in a 50:50 ratio.

The joint venture is tagged “Jio BlackRock” and aims to offer tech-supported access, which includes affordable and innovative investment solutions to investors in India.

The collaboration will bring in BlackRock’s expertise and talent in investment management. Also, it will harness the firm’s tech access, operations scale, and market-intelligent capital. 

On the other hand, the venture will leverage JFS’ local market insights, digital infrastructure, and execution capacities for its millions of investors.  

Regarding the development, JFS CEO Hitesh Sethia said: “The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products.”

CoinsPaid Suspects Lazarus Group Over $37M Exploit

CoinsPaid alleged it is now working with Estonian law enforcement to reduce the shock of the July 2022 exploit. Several blockchain security firms are in support of this.

CoinsPaid alleges that the North Korean notorious Lazarus Group is the mastermind of exploiting its interior systems. The attack on July 22 led to the drain of $37.3 million worth of crypto assets. 

CoinsPaid laid its explanation through a July 26 post on Twitter on its belief regarding the recent hack. It stated: “We suspect Lazarus Group, one of the most powerful hacker organizations, is responsible.” 

Although CoinsPaid never revealed how the money was stolen, the attack resulted in the platform’s suspension for four days. In its recent post, the crypto payment platform stated that operations had commenced again in a new, limited environment. 

It reassured its customers that the security of their funds remains unharmed despite the significant damage to the platform and its balance sheet.  

Regarding the lost amount, CoinsPaid stated that the notorious Lazarus Group had anticipated a larger amount from its attack. 

Also, it mentioned the continued effort of its team and other security firms in the investigation regarding the exploit. It noted the team’s operations helped fortify its systems, cutting the hack’s impact. Hence, the Lazarus Group met its record-low amount from a system hack.  

Notably, CoinsPaid made more positive moves in investigating the attack on its platform, such as collaborating with security companies like Chainalysis and others. 

Also, it filed a complaint with Estonian law enforcement three days after the exploit. 

BNB Chain Q2 Report Noted A Spike In Smart Contracts

BNB Chain recently released a second-quarter report for 2023 revealing a surge in verified smart contracts. This signifies that the industry is still in high demand for security, reliability, and scalability from such smart contracts. 

Despite some firms posting a decline in their second-quarter reports of 2023, developers kept deploying more smart contracts to handle the spike for blockchain-based solutions. 

According to the BNB Chain Q2 report, prominent blockchains such as Ethereum, BNB Chain, Polygon, Arbitrum, Optimism, Fantom, and Avalanche witnessed a spike in the percentage of deployed verified smart contracts within the quarter. 

Also, BNB’s data for the second quarter forecast some possible trends that may strive throughout the year. These include a continuous drive for layer-2 solution adoption due to their scalability and cost-effectiveness. 

Further, the report believes in more concentration on smart contract security, with increased investments in advanced cryptography and audits from crypto companies.

Regulatory scrutiny is anticipated to rise along with developments within the industry. The report noted the importance of compliance for developers and other organizations. 

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