Crypto Market Outlook – The Trend of Crypto Events On July 13, 2023

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The trend in the crypto market as of July 13 reflects the reappearance of the bears. Most assets have lost their reclaimed value from yesterday.

The overall crypto market cap dropped 1.13% over the past 24 hours. Though Bitcoin is still defending its stance around the $30,000 region, the token shed some value over the past.

Also, most altcoins are playing in the red today due to the market sentiment. The DeFi, stablecoins, and NFT markets are included in the downward tune of the crypto market.

Current Trend Of The Digital Asset Market

According to data from CoinMarketCap, the cumulative crypto market cap has hit $1.184 trillion, following a massive drop of 1.13% over the past day.

Conversely, the total crypto market 24-hour trading volume trend reflected a positive increase of 16.10%. The volume has climbed to $30.57 billion at the time of writing.

The Fear and Greed Index increased slightly to 58 out of 100, keeping the market sentiment at NEUTRAL. Below are the trends of some key sectors of the crypto market as of July 13.

Bitcoin Market

The reappearance of the bears is creating more tension for the primary asset as it pushes harder to defend its support at the $30,000 mark.

At the time of writing, Bitcoin is trading at $30,384.61 after plummeting by 1.40% over the past 24 hours. Its market cap has gradually slid to $590.31 billion.

Amid its price decline, Bitcoin witnessed a surge of 20.90% in its 24-hour trading volume, taking the volume to $14.47 billion. The value indicated that about 476,200 BTC tokens were traded within the past 24 hours.

With a drop in its price value and market cap, Bitcoin’s dominance over the altcoins also dipped by 0.11% to 49.88%. According to data from CoinMarketCap, Bitcoin has scaled to become the second most trending crypto asset after Pepe.

Market Trend for Major Altcoins

The overall bearish trend in the crypto market pushed most altcoins to significant price losses over the past day. The second-largest crypto asset by market cap has failed once again on its price rally that could break the resistance market at $1,900.

Ethereum plummeted by 1.22% over the past day, costing $1,871.56. Its market cap has dropped to $224.97 billion, and its dominance is currently at 18.35%.

However, ETH’s 24-hour trading volume saw an impressive surge of 17.17%, hitting $6.07 billion. This highlights that about 3,247,207 ETH coins were traded within the past 24 hours. At the time of writing, most altcoins recorded a drop in prices over the past 24 hours.

BNB dipped by 2.11%, XRP by 1.07%, Cardano (ADA) by 2.41%, Solana (SOL) by 1.32%, Dogecoin (DOGE) by 0.96%, and Shiba Inu by 1.41%. Also, Polygon (MATIC) and Polkadot (DOT) plummeted by 1.94% and 1.60%, respectively, over the past day.

Conversely, Litecoin (LTC) pulled out a surprise with a price rally after its decline yesterday. LTC surged by 3.44% at the time of writing as the price hit $100.37.

Litecoin boasts an increase of 34.73% in its 24-hour trading volume, with the value reaching $685.4 million. Its market cap is currently at $7.37 billion. Similarly, Bitcoin Cash (BCH) and Tron (TRX) saw a slight increase of 0.34% and 0.30%, respectively, over the past 24 hours.

According to CoinMarketcap, Wrapped Bitcoin (WBTC) emerged as the day’s top gainer, with a surge of 18.58%. Compound (COMP) and Litecoin (LTC) took second and third positions in today’s top gainers list, respectively.

However, Kava (KAVA) posted a decrease of 10.91% to become the top loser of the day.

Decentralized Finance (DeFi) Market

The decentralized finance (DeFi) market reflects the decline in the broader crypto market. Data from CoinMarketCap indicates that the DeFi market cap is currently at $44.21 billion, following a slight drop of 0.87% over the past day.

Similarly, the market’s 24-hour trading volume plummeted by 0.76% to hit $2.01 billion. Over the past day, the DeFi market volume constitutes approximately 6.74% of the total crypto market volume. The performances of most DeFi tokens brought a split of a twist in the ranking.

Wrapped Bitcoin (WBTC) recovered massively over the past day to take over the first position in the list of DeFi tokens. WBTC has surged by 19.01% at the time of writing, as the price hit $30,435.

Its market cap is currently at $4.80 billion, and its 24-hour trading volume is 103.57 million, increasing over 26%. Also, WBTC became the top gainer of the day, according to CoinMarketCap.

Dai (DAI) is the second top DeFi token by market cap. DAI has a market cap of $4.65 billion and highlights a slight surge of 0.02% over the past 24 hours.

Avalanche (AVAX) is now occupying the third position in the list of DeFi tokens with a market cap of $4.53 billion. AVAX witnessed a drop of 1.34% over the past day, taking the token’s price to $13.07.

Some DeFi tokens with a price rally over the past day include Compound (COMP), Chainlink (LINK), Aave (AAVE), Lido DAO (LDO), The Graph (GRT), Fantom (FTM), Theta Network (THETA), Oasis Network (ROSE), and others.

Stablecoins Market

Stablecoins are trying to defend the stability attached to their functionality. However, there are still some slight defects in the de-pegged value of some coins as of July 13.

The stablecoins market cap is currently at $126.60 billion, showing a dip of 0.18% over the past 24 hours.

Conversely, the stablecoins’ 24-hour trading volume increased by 15.84%, taking the value to $27.64 billion. The stablecoin market volume represents about 90.52% of the total crypto market volume over the past 24 hours.

Tether USDT boasts a market cap of over $83.37 billion to maintain its position as the leading stablecoin. Its 24-hour trading volume surged by 18.05%, taking the value to $20.65 billion.

USD Coin (USDC) is still the second largest stablecoin with a market cap of $27.22 billion. It recorded a trading volume of $2.61 billion which increased by 14.44% over the 24 hours. Surprisingly, USDT and USDC de-pegged from their fiat value at the time of writing.

Other stablecoins that de-pegged include Binance USD (BUSD), TrueUSD (TUSD), USDD, Pax Dollar (USDP), Gemini Dollar (GUSD), Frax (FRAX), TerraClassic USD (USTC), Liquity USD (LUSD), Tribe (TRIBE), etc.

NFT Market

The outlook within the NFT market as of July 13 is quite frowzy. The NFT market cap is currently at $2.55 billion.

The market witnessed a whopping drop of 19.55% in its sales volume over the past 24 hours. At the time of writing, the total sales volume is $16.34 million.

Similarly, the number of sales plummeted by 13.04% over the past day, totaling 63,119. The ranking of the NFT collections highlights a twist over the past 24 hours.

The Dreadfulz has emerged as the top NFT with a 24-hour trading volume of 905.38 ETH, though the volume plummeted slightly by 0.05%. Its average price is 113.17, indicating a drop of 0.05% over the past day.

MinablePunks has become the second top NFT, boasting a 24-hour trading volume of 791.77 ETH. The volume witnessed a spike of 1.57%. But its average price plummeted massively by 49.22% over the past day to hit 131.96 ETH.

Azuki saw an increase of 42.93% in its 24-hour trading volume to emerge as the third top NFT. Its volume is currently at 501.35 ETH. However, its average price dipped by 5.38% over the past 24 hours to reach 7.0612 ETH.

Crypto Market News And Events For Today

Below are some news and events within the crypto market as of July 13.

BNB Chain Set To Undergo ZhangHeng Upgrade

The Binance’s BNB Beacon Chain mainnet is set for an update that would roll in a new feature for the blockchain. It is a hard fork that would facilitate a halt in producing new blocks at certain conditions.

On July 12, BNB Chain released a statement regarding the ZhangHeng upgrade. It noted that the upgrade will be at block height 328,088,888 and take place on July 19.

The hard fork is expected to introduce Binance Evolution Proposal BEP-255, which aims to perform on-chain asset reconciliation.

Also, the largest crypto exchange Binance plans to use the update to mitigate damage from possible exploits through cross-chain bridges, such as the BNB Smart Chain exploit on Oct 2022.

BEP-255 is expected to be a solution to maintaining enhanced security after the last year’s bridge exploitation incident.

According to a GitHub post on BEP-255, maintaining the security of assets on the BNB Beacon Chain is necessary. Also, it stressed the need for improving cross-chain security that includes BEP171.

Binance stated the benefit of tracking user balance changes in each block with the BEP-255. Also, it helps in the reconciliation of balance to highlight potential issues.

The exchange explained: “When there are reconciliation errors, the blockchain will panic and stop producing new blocks.”

Such changes would affect downstream services like bridges, deposits, and exchange withdrawals. However, the overall aim of the deviation in actions is to create strong protection for both the chain and its users.

It will need a hard fork and a solution to the reconciliation error to take the blockchain online. Further, the upcoming upgrade will fix a bug tagged “Rogue Key Attacks.” This usually allows an unauthorized production of a valid aggregate signature for a transaction rather than the true owner of the private keys.

A resolution to this problem would have all existing vote addresses cleared once the hard fork hits its required height. So, validators would manually re-add vote addresses on the chain.

Arrakis Finance Integrates OKX Web3 Wallet

The Uniswap V3 LP automated management protocol Arrakis Finance has integrated OKX Web3 wallet. The project’s official website bears information regarding the integration.

By connecting their OKX Web3 wallet to Arrakis Finance, users partake of the entrusting liquidity management and sharing fee income. The integration creates a great experience for customers that desire efficient liquidity management solutions.

The collaboration clearly indicates the growing interoperability within the DeFi space. It combines the functionalities of the two parties to present a strong frontier that would spur users in their activities.

Users can now advance in profitability by providing liquidity, sharing income, and optimizing their portfolios. Also, users enjoy the improved approach to managing their assets via expanded accessibility and usability in the DeFi ecosystem.

Arrakis Finance has proven its stance with its functionalities which cut across serving as an automated execution engine for Ethereum smart contracts. Users and project players could provide liquidity directly via Arrakis Vaults to receive ERC-20 LP tokens as rewards.

The protocol is a major liquidity contributor to Uniswap V3, using diverse approaches to amass income for its liquidity providers.

On its part, OKX Web wallet has distinguished itself through comprehensive heterogeneous multi-chain support. Also, it boasts several features like earning coins, wallets, DEX, DApp discovery, and NFT marketplace.

The wallet provides a thrilling user-friendly experience with the availability of more than 60 public chains, robust apps, plugins, and websites.

Telegram Wallet Bot Support In-App Payment in BTC And Others

Telegram messenger has advanced its operation to become more crypto-friendly by including a new payment option.

The Telegram bot Wallet has currently rolled out a crypto payment solution based on The Open Network (TON) blockchain. The wallet is notable for enabling users to buy and sell crypto tokens such as Bitcoin.

The new in-app service allows crypto payment transactions between retail businesses and users. The payment service can be completed directly via the Telegram interface.

On July 13, Wallet announced the new crypto payment option, stating that the payment feature is available immediately in all countries that support the wallet service.

The list of jurisdictions supported by Wallet Pay excludes the United States and all countries blacklisted by the Financial Action Task Force, Wallet’s spokesperson revealed. Some countries Wallet Pay doesn’t operate include Iran, North Korea, and Myanmar.

Since some countries of Wallet bot’s operation ban the use of crypto for payments, the wallet service placed compliance responsibility on local businesses.

The Wallet reporter said: “Businesses should decide if they are allowed to do business within their jurisdiction before applying to make use of Wallet Pay.”

Some of the jurisdictions that ban residents from using crypto in payment for products and services include Indonesia, Russia, Vietnam, Egypt, Iran, and others.

Data from Statista indicated that Russia is the second-largest country in Telegram downloads after India. But Russia banned the local use of crypto assets for payments in 2020.

Polygon Proposes The Upgrade Of MATIC To A Multipurpose Token

Polygon, an Ethereum layer 2 development network, has proposed the upgrade of its native token MATIC. The upgrade is expected to spur MATIC into a multipurpose token to validate multiple chains in the crypto space.

The Polygon community will still vote for the proposal for approval. If it becomes approved, MATIC’s upgrade will bring its renaming to POL. Further, POL is extended to all Polygon protocols such as zkEVM, Polygon PoS, and Supernets.

The upgrade aims to enable users of Polygon-based protocols to scale. Also, it would support thousands of Polygon chains without compromising security.

POL’s utility would include encouraging and rewarding validators for greater performance. Also, the success of the upgrade will cause the redesigned network architecture to bring in some unique and strategic features. These include infinite scalability and non-frictional experience between any two different protocols.

POL staking will introduce three separate incentive streams for validators: transaction fees, protocol rewards, and additional rewards.

Besides validating multiple chains, validators will have multiple tasks to complete on a single chain. These include participating in data committees and zero-knowledge proof generation.

FTX Uses $400M For Acquiring European Branch

The implosion crypto exchange FTX spent almost $400 million on acquiring Swiss firm Digital Assets AG (DAAG), which became FTX Europe. The legal team handling the return of FTX investor funds through court actions revealed the information.

The acquisition of DAAG was part of FTX’s moves to launch a branch in Europe. However, the plaintiffs demanded a refund of the money used for the acquisition by Sam Bankman-Fried (SBF) and his accomplices.

The complaint, filed on July 12 in the US Bankruptcy Court for the District of Delaware, was for avoidance and recovery of transfers.

According to the plaintiffs, SBF acquired DAAG for $376 million via Alameda Research though the firm had limited business. Also, they alleged that the DAAG paraded only a business plan but lacked intellectual property for operation. SBF and his associates wanted to gain access to EU regulators by owning a local firm.

In a claw of web overturn, DAAG assisted FTX in bagging an operating license in Cyprus and purchasing another local company for 2 million euro (worth $2.2 million). But FTX was continually remitting millions of dollars to DAAG as IT and consulting services payments.

The plaintiffs are striving for the defendants to return at least part of the funds. The defendants include DAAG’s co-founders and former top executives.

The filed document listed some counts, with claims regarding the transfers in the DAAG deal. It alleged that the acquisition has “the intent to hinder, delay, or defraud present or future creditors.”

Ripple Vs. SEC Lawsuit; Legal Expert Highlights Major Facts That Could Make SEC Lose

The final ruling on the SEC vs. LBRY case has sparked several reactions from legal experts within the crypto community.

Notably, the judge failed to touch on the secondary sales of the crypto assets or the Major Questions Doctrine. Rather, he focused on enjoining further violations and issuing a penalty for default. The absence of clarity on the judgment has cited several discussions on the implication of the ongoing Ripple vs. SEC lawsuit.

Bill Morgan, a prominent crypto lawyer, questioned whether Ripple could call up the Major Questions Doctrine before Judge Torres delivered her final decision.

In response, former SEC attorney Marc Fagel stated there’s no relation between the Major Questions Doctrine and SEC enforcement actions on the Ripple case. He explained that the SEC was simply charging on the violation of existing law, so it takes the court to determine if the law was violated or not.

According to Fagel, the authority to enforce securities laws lies on the shoulders of the SEC. He cited that the major point on which the SEC could lose the case is if the regulator could not prove that the law was violated.

Further, Mogan maintained that the Major Questions Doctrine was coming up on the grounds of the SEC’s position that all crypto assets are securities. The regulator didn’t take the time to conduct specific case-by-case testing of the Howey principles.

Meanwhile, the Ripple Vs. SEC case has ended in favor of the crypto company. As soon as Judge Torres released the summary judgment, XRP price skyrocketed above $0.8, with trading volume spiking over 1000%.

US Government Moves Thousands of BTC To 101 Addresses

The United States government has transferred up to 9,825 BTC tokens from three separate wallets reported holding seized crypto funds. The moved assets are worth about $297 million, in line with current market prices.

The transferred funds are connected to Silk Road, the notorious online black market that closed in 2013. Data from Spot-on-chain, a blockchain data provider, revealed that the BTC transfers were completed via two different transactions.

The first transaction involved the transfer of 8.200 BTC coins worth $248 million to a new wallet address. Later, the tokens were shared equally among 101 other recipient addresses, each receiving 79.2 BTC coins.

The second transaction involved the transfer of 1,625 BTC worth $49.24 million into two new wallets. One wallet received 1,117.73 BTC coins worth $33.87 million, while the other got 506.55 BTC worth $15.34 million.

All involved wallets are yet to initiate any further funds transfer.