Crypto Market Outlook – The Trend of Crypto Events On July 10, 2023

The crypto market outlook is reflecting a downward trend today, July 10. Though Bitcoin maintained its hold around the $30,000 region, the pressure is still getting intense. BTC posted a loss over the past 24 hours.

Similarly, the altcoins are struggling as most of the assets are deep in the red. Subsequently, the cumulative crypto market cap has dropped about 0.94% over the past 24 hours.

The bearish trend also affects other market sectors, as the overall market seems to be recouping after the weekend activities. Meanwhile, several news and events within the market are contributing to the overall market outlook for today. 

Current Trend of The Digital Asset Market

The cumulative crypto market cap currently sits at $1.170 trillion, following a decline of 0.94% over the past day. Further, the crypto market witnessed a 20.99% increase in its trading volume over the past 24 hours, taking the value to $23.46 billion. 

Additionally, the Fear & Greed Index has dropped to 57 out of 100 as of July 10. This indicates that the market sentiment is currently NEUTRAL as against its previous GREED sentiment.

So, with a decline in investors’ greed over crypto assets, prices are gradually going to the south. Here are the trends of the major sectors within the crypto market as of July 10.

Bitcoin Market

Bitcoin has been under pressure as the bears become more forceful within the market. The primary asset is battling to keep afloat, defending the $30K support level.

According to data from CoinMarketCap, BTC is trading at $30,155.22, indicating a dip of 0.43% over the past 24 hours. Its market cap stands at $585.79 billion as of when writing.

However, Bitcoin’s 24-hour trading volume surged by 27.36%, reaching $9.42 billion. Its dominance over the altcoins increased by 0.03% to hit 49.92%. Also, BTC is the fourth most trending crypto asset, according to CoinMarketCap.

Market Trend for Major Altcoins

Most altcoins are suffering in the red due to the increasing bearish wave within the crypto market.

Ethereum is still hovering around the $1,800 region after losing its hold on the $1,900 level last week. At the time of writing, ETH plummeted by 0.38% over the past 24 hours while trading at $1,862.37.

Ether recorded an increase of 29.25% in its 24-hour trading volume, taking the value to $5.17 billion. Its market has dropped to $223.92 billion, with a market dominance of 18.39%.

BNB is among the altcoin that witnessed a significant surge over the past day. The token increased by 3.33% as the price climbed to $242.84.

Currently, BNB boasts a market cap of over $37.69 billion. Also, its 24-hour trading volume surged by a whopping 73.82% to reach $513.3 million. XRP recorded a slight increase of 0.58% over the past 24 hours, with the price hovering around $0.4721. Its market cap is $24.68 billion.

Some of the altcoins saw a drop in their value over the past 24 hours. Tron (TRX) dipped by 3.77%, Solana by 4.35%, Dogecoin (DOGE) by 1.53%, Litecoin (LTC) by 2,81%, and Shiba Inu (SHIB) by 2.87%. Polkadot (DOT), Polygon (MATIC), and Cardano (ADA) dropped slightly by 0.71%, 1.06%, and 0.20%, respectively.

According to data from CoinMarketCap, the top gainer of the day is Compound (COMP) which surged by 12.28%. BNB emerged as the third top gainer of the day. Conversely, the day’s top loser is Bone ShibaSwap (BONE), indicating a price decline of 6.59%.

Decentralized Finance (DeFi) Market

The outlook within the decentralized market is still frowzy as most tokens lost significantly over the past 24 hours. The total DeFi market cap plummeted by 2.01% over the past day, taking the value to $46.40 billion. 

But its 24-hour trading volume increased by 6.01 as the value hit $1.85 billion. The DeFi market trading volume represents about 7.50% of the overall crypto market 24-hour volume.

Further, the CoinMarketCap ranking of the DeFi tokens reveals a twist in the positions of some prominent assets. Wrapped Bitcoin (WBTC) has dropped to the third position with a market cap of $4.32 billion. WBTC dipped by 2.81% over the past day, taking the price to $27,443.77.

Dai (DAI) emerged as the leading DeFi token with a market cap of $4.64 billion. DAI posted a slight price decline of 0.02% over the past 24 hours. Avalanche (AVAX) is the second top DeFi token with a market cap of $4.61 billion. AVAX dipped by 5.63% over the past day.

Other DeFi tokens with significant decline include Conflux (CFX), Injective (INJ), Theta Network (THETA), The Graph (GRT), Aave (AAVE), etc.

Stablecoins Market

The stablecoins market shows slight divergence and price twist with the prevailing bearish trend in the broader market. The cumulative stablecoins market cap is currently at $127.13 billion, indicating a decrease of 0.03% over the past day. 

The market’s 24-hour trading volume is $22.98 billion, following an increase of 32.54%. The stablecoins market’s 24-hour trading volume constitutes about 91.61% of the total crypto market volume.

Most coins have de-pegged from their fiat currency value over the past day. These include Dai (DAI), Binance USD (BUSD), TrueUSD (TUSD), Pax Dollar (USDP), Gemini Dollar (GUSD), USDJ, Liquity USD (LUSD), and others.

NFT Market

The NFT market highlights a mix of trends in its outlook as of July 10.

The NFT market cap is currently at $2.6 billion. Its sales volume plummeted by 15.94% over the past 24 hours, taking the value to $17.22 million. At the time of writing, sales increased by 7.49% over the past 24 hours. The number of sales has hit 73,962.

Surprisingly, Dreanfulz emerged as the top NFT with a 24-hour trading volume of 905.05 ETH, indicating a slight drop of 0.12%. Its average price saw a surge of 19.86%, reaching 90.51 ETH.

MineablePunks is the second top collection with a trading volume of 789.89 ETH, after a surge of 0.49% over the past 24 hours. Its average price is $263.3 ETH, showing an increase of 0.49% over the past day.

Azuki Elementals is the third top NFT with a 24-hour trading volume of 782.7 ETH. Its average price surged by 4.02% over the past 24 hours to hit 1.5347 ETH.

Crypto Market News And Events For Today

Here are some of the news and events within the crypto market as of July 10.

Prominent Crypto Trader Peter Brandt Predicts Current Popping Of Bubble With Crypto Ecosystem

The legendary crypto trader and analyst Peter Brandt has predicted a more intense situation following the prevailing bearish market trend. Brandt revealed his thought on the current market prices through his official Twitter page, with over 697,000 followers.

The overall crypto market has slid down to the $1.17 trillion region, plummeting by over 0.59% over the past day. Most crypto assets have recorded a decrease in prices over the past day. Brandt stated that the pressure from the bears within the market indicates that the bubble has started popping.

In his tweet, the crypto analyst slammed some investors who exhibit hypocritical approaches in their deals. He noted that some debase the US dollar but are still investing in USDT, which is pegged on the USD. Further, the famous crypto trader criticized the Binance CEO Changpeng Zhao (CZ), calling him the “scam of the decade.”

Over the years, Brandt has distinguished himself within the crypto ecosystem via his crypto market analysis and statements. Many investors consider his crypto opinions highly valuable and recognize him as a strong authority within the industry.

Bitcoin Mining Hits 92.5% Completion With Just 7.5% Remaining

The global leading and primary crypto asset has hit a remarkable milestone in its mining percentage. According to a prominent crypto enthusiast Wicked, BTC mining has reached 92.5% mining completion.

Wicked took to Twitter to relate the mining accomplishment for Bitcoin. The insights from the crypto enthusiast noted that BTC is gradually approaching its final mineable number of coins.

According to Wicked, Bitcoin mining just has only 7.5% remaining to reach its completion. The data indicated the great feat in the history of the primary crypto asset as it moves toward its maximum supply of 21 million coins.

Currently, Bitcoin boasts a circulating supply of 19,425,606 coins, according to data from CoinMarketCap. BTC has proven its stance as the top crypto asset with a massive market cap of over $586.52 billion.

With the increasing regulatory pressure on digital assets from different jurisdictions, BTC is still retaining its position as a recognized cryptocurrency that is not a security. At the time of writing, Bitcoin is trading at $30,252.41, showing a drop of 0.12% over the past 24 hours.

Kava (KAVA) Ready For New Mainnet Upgrade

Kava network is ready to launch its new mainnet upgrade tagged Kava 14. The Kava network is a layer 1 blockchain that comes with outstanding co-chain design in facilitating its unique functionalities.

The shift to Kava 14 is expected to take place on July 12, 2023, around 3:00 PM UTC at block height 5,597,000. Following its upgrade to Kava 14, the blockchain would include a new internal bridge feature with previously supported assets of ATOM.

Github notes disclosed that the Kava upgrade cuts across the network’s ability to convert between a Cosmos-native token and an ERC-20-based asset in the EVM. This means that Kava 14 network enables users to unlock Cosmos native tokens on the Kava EVM.

Further, the upgrade would allow conversions between the Ethereum and Cosmos ecosystems through the new internal bridge feature. The added bridge claims to be a safer option for third-party bridging solutions for IBC dApps, EVM dApps, and app chains.

The world’s largest crypto exchange Binance has announced its support for the Kava new upgrade. This means that KAVA deposits and withdrawals would be suspended from July 12 at approximately 2:00 PM (UTC). 

However, the situation would not affect KAVA’s trading on Binance. Also, the exchange promised to reopen both deposits and withdrawals of KAVA on its platform until the stability of the upgraded network is confirmed.

In May this year, the Kava 13 mainnet update was successfully launched. This upgrade sparked the KAVA network and functionalities with increased speed, scalability, and security. 

Trillions Of Shiba Inu Tokens Could Suffer Sell-Off Risk

Data from Dune Analytics on Voyager’s assets has revealed that the bankrupt firm holds many SHIB coins. Subsequently, the situation could put trillions of Shiba Inu tokens at sell-off risk.

The report indicated that Voyager is holding over two trillion SHIB tokens (2,060,881,606,627) worth $15.7 million. This value shows that Shiba Inu is the fourth largest asset holding of Voyager, representing up to 8.9% of the crypto lender’s assets.

Currently, Bitcoin is the biggest asset holding of Voyager as it makes up 39.1% and is worth about $69 million. Ethereum and USD took the second and third positions, representing 28.9% ($51 million) and 10.6% ($18.6 million).

The defunct crypto lender started selling off its SHIB holdings and other assets at the beginning of 2023. In April, Voyager was holding up to 3.1 trillion Shiba Inu coins. But a comparison of its present SHIB holding shows that the firm has sold more than a trillion SHIB tokens.

Recall that Voyager resumed withdrawals for its customers on June 23. According to data from Wu Blockchain, the platform has recorded a total outflow of $250 million worth of crypto assets since it resumed withdrawals.

Almost a year after its closure and filing for Chapter 11 bankruptcy, Voyager reopened to users for withdrawals. Currently, it has $176 million worth of crypto assets left, as it boasts a 96.15% of Clean Asset ratio.

Pro-XRP Lawyer Reveals How SEC Took Advantage Of Ripple’s Transparency

The popular Pro-XRP attorney and supporter John Deaton exposes how the US Securities and Exchange Commission (SEC) was punning in its lawsuit against Ripple. The lawyer stated that the regulator is taking advantage of Ripple’s transparency.

Deaton’s Twitter post came through a comment to another tweet from @lex_node. The latter posted about the place of KYC in crypto as a relevant part of system security and centralization.

According to the Twitter user, big crypto holders must provide full identification for themselves. Also, they should be mandated to directly or indirectly disclose the total percentages of all their asset holdings or under their control, similar to “13D-style.”

In his reaction, Deaton supported the idea, noting that it could only be possible within “a sane regulatory environment.”

Further, Deaton mentioned that the SEC is using Ripple’s transparency to fight against it. The blockchain company has been open to the implementation of its cryptographic escrow. Also, Ripple Labs released public reports quarterly regarding its XRP sales.

The lawyer maintained that the SEC had used the openness against Ripple and its CEO Brad Garlinghouse. 

Also, Deaton gave an additional and interesting indication concerning the speech from the former director of the SEC’s Corporation Finance division, Hinman, in 2018. The attorney related the speech’s implication to crypto assets on their recent classification as securities by the current SEC Chair Gary Gensler.

Deaton mentioned that Hinman was asked in his speech if he and the SEC knew exactly how many ETH tokens Ethereum founders Vitalik Buterin and Joseph Lubin held in 2018.

Hinman acknowledged that the SEC was aware of that information, though he could not quote the details of the numbers or percentages off-hand.

DeFi Platform Arcadia Losses $455K Through Hack

The crypto space is facing another crypto exploit as the bad actors are coating their approaches in cybercrimes. The decentralized finance (DeFi) platform Arcadia Finance fell victim to a recent hack, losing up to $455,000 worth of crypto assets.

The famous blockchain security firm, PeckShield, reported the attack. The report noted that the hack was caused by a lack of untrusted input validation, triggering fund transfers from darcWETH and darcUSDC vaults.

According to PeckShield, after discovering the Arcadia vulnerability, the attacker drained the funds through Ethereum and Optimism blockchains.

The security firm noted that the code vulnerability lacked a validation mechanism to control unverified inputs. It stated that there’s no reentrancy protection, enabling the attacker to bypass the internal vault health check through instant liquidation.

Through the breach, the attacker moved almost 179 ETH by bridging 148 ETH coins and further swapped 59,000 USDC to Tornado Cash, the famous crypto mixer.

After the exploit, Arcadia saw a whopping 76% drop in its Total Value Locked (TVL) which slid from $605,000 to $145,000, according to DeFiLlama.

On its part, Arcadia Finance has acknowledged the hack and has halted the smart contracts while investigating the situation. Also, it stated that it has contacted the exploiter and is also currently working with security partners and law enforcement for a resolution.

Digital Asset Investment Products Saw $136M Inflows Last Week

Data from the digital asset investment sector by CoinShares revealed significant inflows for investment products last week. According to the report, the products captured a net inflow of $136 million over the past week.

Following the latest inflow data, the cumulative inflows over the past weeks have grown to a staggering $470 million. This impressive feat cancels the total outflow witnessed within the past nine weeks. 

Subsequently, the year-to-date (YTD) flows for digital asset investment products have hit a positive value of $231 million.

Amid the cumulative positive trend for the products, turnover on trades has taken a decelerating motion. The total investment products for the week hit just $1 billion compared to approximately $2.5 billion seen in the last two weeks.

The recent decline in trade could be linked to seasonal effects. This is because both July and August are notable for the dropping trading volumes always seen in the digital asset market.

Bitcoin’s dominance in investors’ interest is undeniable, as the token witnessed a net inflow of $133 million last week. However, short-Bitcoin products have more outflows, totaling to $1.8 million, hitting their eleventh consecutive week of decline.

On its part, Ethereum saw inflows of $2.9 million over the past week, though it could not match the improved investor sentiment. Other altcoins like Polygon, XRP, Solana, Aave, and Litecoin saw inflows, but Cardano and Cosmos had slight outflows.

Insights Into Significant Advancements Of Ethereum’s Major Competitors

Though Ethereum is the founding crypto protocol and blockchain for smart contracts, recent evolutions are changing its stance.

With the introduction of more innovative and technological improvements, several crypto assets have been striving to unseat Ethereum. A recent analysis of developers’ growth and edges has revealed significant advancements for the numerous Ethereum competitors.

Electric Capital posted the insight from Tom Dunleavy, the Messari analyst. According to the data, the Ethereum-based Aztec Protocol is the most welcoming network for developers. The platform bagged about 267% year-on-year (YoY) growth.

The second position went to the newly launched Sui Network, which boasts a developer growth of 159% YoY. TON Blockchain took the third position with a developer growth of 102% YoY.

Amid its ongoing controversial lawsuit that has lasted for over two years, XRP was part of the ranking. The XRPL indicated its relevance for developers within the industry and its reclaiming of momentum for greater feats.

The analytical data from Electric Capital showed that XRPL recorded a total of 135 developers connected to its token, XRP. The YoY growth sits at 9%. In another dimension, Osmosis which has over 1,600 developers, came out with the most active innovators.

The prominent Ethereum’s fierce competitors like Solana and Cardano were not noted in the list of the top 16 protocols recorded in the analysis. The absence of these networks has raised some questions from community members.

Many consider the situation a deliberate boycott of the Cardano despite its boast’s development prowess.

Cardano releases a weekly publication of its ecosystem growth insights, highlighting a significant spike in several aspects. These include the number of published smart contracts, completed transactions, and issued token policies on the network.

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