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The crypto market has shown resilience despite facing regulatory pressure and interest rate hikes. Renowned crypto assets such as Bitcoin, Ethereum, XRP, and Binance Coin (BNB) have experienced gains over the past 24 hours, suggesting a relatively positive trend.
Despite the negative developments that may be impacting the prices of these tokens, investors can find solace in some positive happenings within the crypto space. One notable development is the prospective use of XRP for cross-border payments by MoneyGram.
Additionally, despite regulatory pressures faced by the crypto market, there have been instances where governments and regulatory bodies have shown more favorable attitudes toward cryptocurrencies.
Some countries have been exploring the possibility of creating their digital currencies or implementing regulatory frameworks to provide clarity and security for market participants. These developments can create a favorable environment for the broader crypto market.
Uncovering Ongoing Digital Asset Market Trend
The crypto market has seen notable improvements in the price of Bitcoin, the leading cryptocurrency.
The present status of the crypto market
The positive performance of Bitcoin is also reflected in the overall market cap of the crypto market, which currently stands at approximately $1.14 trillion.
Within the last 24 hours, the overall market cap has witnessed a 5.97% increase, indicating a growing investor interest and positive sentiment. Alongside the rising market cap, the trading volume has surged as well, reaching $49.85 billion within the same 24-hour period.
This represents a significant increase of 71.21% in trading volume, suggesting heightened trading activity and liquidity in the crypto market.
These developments showcase the resilience and growing popularity of cryptocurrencies, particularly Bitcoin, which remains a focal point in the market.
Beyond Bitcoin – Exploring The Progress Of Sector-Based Tokens and NFT Markets
The sector markets, encompassing DeFi tokens, stablecoins, etc., are currently experiencing significant growth, mirroring the positive trends seen in the broader crypto market.
Over the last day, the sector market has demonstrated remarkable progress across various metrics.
DeFi markets
Starting with the DeFi token market, it has witnessed a substantial surge in trading volume, showing a remarkable increase of 76.12% within the same time frame.
This surge indicates heightened trading activity and increased investor interest in decentralized finance. The trading volume of DeFi tokens has reached an impressive $3,098,267,573, reflecting a vibrant market with significant liquidity.
In addition to the surge, the DeFi token market also boasts a notable market capitalization of $44,630,799,756. DeFi tokens are known for providing innovative financial services and solutions, and their increasing market cap is a testament to their expanding influence.
Meme token market
The meme token market continues to demonstrate notable performance, showcasing its distinct dynamics within the broader crypto market.
The meme token market holds a substantial market cap of over $14.8 billion. These coins often gain attention due to their unique branding, community-driven nature, and often humorous or ironic concepts.
Meanwhile, the trading volume within the meme token market has experienced impressive growth over the past day. The trading volume is valued at over $884.8 million, representing a substantial increase of 73.28%. Notably, the popular AiDoge presale has ended with the coin listed on MEXC under a ticker symbol of $A12.
Other sector-based tokens and the NFT market
Similar growth patterns can be observed in the stablecoin markets. However, the NFT (Non-Fungible Token) market seems to be on a negative track.
The stablecoin market condition
The stablecoin market has witnessed significant gains today, aligning with the broader crypto market’s positive momentum. Over the past 24 hours, the market has experienced a remarkable surge in trading volume, reaching a growth rate of 73.72%.
The trading volume of stablecoins amounts to $42,581,660,923 within the given time frame. Additionally, the stablecoin market boasts a significant market capitalization of $128,696,744,194.
Among the top stablecoins, USDT (Tether) stands out by outperforming others in terms of market cap. USDT, with a substantial market cap of more than $83,187,655,400, has solidified its position as the leading stablecoins.
Its popularity stems from its close peg to the US dollar, which provides users with confidence in its stability and usability for various crypto transactions.
While most stablecoins aim to maintain a value close to $1, the varying market caps and individual performance of each stablecoin reflect their different adoption rates, usage scenarios, and trust within the crypto community.
The NFT market structure
The current state of the NFT market shows a relatively different trend compared to other markets over the past day. While some markets have experienced a rise, the NFT market faces challenges characterized by a decline in trading volume.
Within the last day, the trading volume of the NFT market has decreased by 4.90%. This decline suggests a temporary downtrend in trading activity and investor interest in NFTs.
The trading volume now stands at $28,044,731, indicating a passive market sentiment within the given time frame. Despite the decline in trading volume, it’s important to note that the NFT market still holds a significant market capitalization of $3,698,575,409.
While the declining trading volume may reflect a temporary market condition, the substantial market cap reveals that NFTs remain valuable and remain a notable sector within the crypto market.
Reports On Bitcoin Rally – What Is Behind The Recent Surge?
Renowned gold bug and Bitcoin critic Peter Schiff has offered his insights into the recent rally that propelled the price of Bitcoin to reach an impressive $28,000.
The rally was triggered by the announcement that Wall Street giants, including Charles Schwab, Citadel Securities, and Fidelity Digital Assets, supported a new cryptocurrency exchange called EDX. This news ignited a wave of optimism among Bitcoin investors, rapidly increasing its market value.
However, Schiff challenges the notion of sustained demand for the exchange and questions whether more trading opportunities for Bitcoin will generate long-term interest in the flagship cryptocurrency.
He compared the exchange to a gambling table, suggesting that Bitcoin is treated more as a high-risk chip than as a safe long-term investment or a stable reserve of value. Schiff continues asserting that Bitcoin, unlike gold, lacks intrinsic value and is susceptible to speculative forces.
EDX offering expansion – support for Bitcoin
EDX, the cryptocurrency exchange in question, has now expanded its offerings to include trading for four crypto assets, including Bitcoin and Ether.
The platform aims to cater to the needs of sophisticated financial institutions seeking exposure to the crypto market, indicating a shift in the approach of traditionally conservative Wall Street firms towards cryptocurrencies.
Positives On Popular Crypto Assets – Could Investor Confidence Rise Again?
Recent reports in the crypto industry have provided encouraging signs for Shiba Inu (SHIB) and Ripple XRP (XRP), instilling hope among crypto investors.
Both cryptocurrencies have displayed positive momentum and notable achievements, indicating potential growth in their respective markets. One significant development in Ripple’s XRP ecosystem is the positive data from on-chain metrics and analytics tools.
In addition to Ripple’s XRP, Shiba Inu (SHIB) has also experienced positive developments. The Shiba Inu ecosystem recently witnessed a remarkable rebound, with its market capitalization regaining a substantial $4 billion.
On-chain metrics and technical tools revealing possible recovery for XRP
According to recent metrics and market analysis, there are indications that XRP may be gearing up for a potential recovery. After a spike on June 13, XRP’s performance has been uninspiring, but several factors point towards a possible turnaround.
On June 13, XRP experienced a significant surge, reaching $0.5658, the second-highest price for the year. However, this bullish momentum was short-lived, and XRP faced resistance, causing its value to drop to $0.5054.
Although there was a slight recovery, the closing price of $0.5192 marked a 1.12% decline from the day’s starting value.
The bearish trend continued the next day as XRP plummeted to $0.4610, closing below the $0.50 mark for the first time in June, with a 7.53% loss. However, recent metrics suggest a potential recovery for XRP.
A new glimpse of hope for XRP
On June 16, XRP experienced a significant drop to $0.4593, triggering a retest of the 200-day Exponential Moving Average (EMA). This event was followed by a swift rebound, indicating that the 200 EMA acted as a strong support level for XRP’s price.
Furthermore, data from Santiment reveals that addresses holding between 1 million and 1 billion XRP have been consistently accumulating more tokens since June 9.
Over the past week, these addresses have accumulated over 1.1 billion XRP tokens, indicating increased investor interest and confidence in the cryptocurrency.
Shiba Inu recovers $4 billion market cap, stirring up investor interest
Shiba Inu (SHIB) has made significant waves in the cryptocurrency market, as it recently surpassed a $4 billion market capitalization, overtaking its long-standing competitor, Avalanche (AVAX).
Despite the broader market’s downturn, SHIB has displayed resilience with a cumulative seven-day growth of over 5%, according to data from CoinMarketCap. The current price of one SHIB coin is $0.00000714, showing a slight increase in the last hour.
However, over the past 24 hours, a 0.70724% decrease in value has been reported by Burn SHIB, a community-based tracking Twitter account. Despite these short-term fluctuations, the overall growth trend of Shiba Inu remains positive.
One of the remarkable aspects of Shiba Inu’s recent performance is the expanding holder base. In just a day, the token has gained 1,905 new holders, bringing the total number of SHIB holders to an impressive 2,348,697.
This surge in community participation, driven by the enthusiastic #ShibArmy, demonstrates the growing popularity and widespread adoption of Shiba Inu.
Shiba Inu’s ecosystem outlook according to on-chain analytics
Analyzing on-chain data shows that Shiba Inu attracts significant interest from major investors. IntoTheBlock data reveals that approximately 79% of SHIB’s holders are large investors, indicating confidence in the project’s potential.
Furthermore, the composition of holders by time held shows a strong long-term commitment, with 69% of holders keeping their tokens for over a year and only 3% holding for less than a month.
Shiba Inu’s price correlation with Bitcoin is also noteworthy, standing at 0.78. This indicates a potential alignment with the broader crypto market’s leading player.
The correlation suggests that Bitcoin’s performance could influence SHIB’s price movements, further solidifying its position within the industry.
Recent Updates On Coinbase-SEC Case – The Biggest U.S. Target
In a significant development preceding the U.S. Securities and Exchange Commission’s (SEC) crackdown on digital assets, cryptocurrency exchange Coinbase took a unique legal approach to defend itself.
One of the SEC’s primary targets, Coinbase, was sued in Manhattan federal court on allegations of operating an unregistered exchange, broker, and clearinghouse.
The SEC further claimed that 13 of the digital assets offered by Coinbase, including Solana, Cardano, and Polygon, should be classified as securities.
Months before becoming the center of attention, Coinbase launched an unconventional legal offensive by enlisting top lawyers to shape court rulings in other relevant cases. In various instances, the company filed amicus briefs, commonly known as “friend of the court” briefs.
Although amicus briefs are typically filed in U.S. Supreme Court cases, they are rarely seen in federal trial courts, accounting for just 0.1% of cases, according to Gibson Dunn & Crutcher, a renowned law firm.
The amicus briefs factor
However, the crypto industry has witnessed increasing amicus briefs filed in SEC cases to support defendants.
While a favorable ruling in another crypto-related case at the trial court level would not legally bind Coinbase’s case, legal experts suggest that Coinbase could use it as a defense strategy. Previous judges presiding over similar cases have generally endorsed the SEC’s approach.
Filing amicus briefs in trial courts attempts to influence legal precedents in favor of the amicus’ interests and set the stage in the desired direction, as explained by Akiva Shapiro, who stands as an author of the Gibson Dunn study.
The idea behind this study itself reveals Coinbase as an amicus. Both the SEC and Coinbase declined to provide further comments on the matter.
Chairman Gary Gensler intends to move his focus from targeting developers of unregistered tokens to key players in the crypto industry, such as exchanges. He likened this recent approach to targeting defaulters of unregistered token sales to the Wild West.
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