Crypto Market Outlook – The Trend of Crypto Events on July 18, 2023

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As of July 18, the crypto market is still under a bearish influence. The crypto market cap has shown a negative trend over the past 24 hours.

Bitcoin lost its gains during the early trading hours of today as it posted a price decline. The primary crypto asset gradually dropped to $29,937.47 at 4:15 EST today.

Most altcoins are part of the downward trend dipping below their support levels. Some of them have recorded significant losses in their value. Moreover, the industry is bubbling with some news and events that impact the overall market trend of today.

Current Trend of The Digital Asset Market

The crypto market outlook for today depicts a struggle among the assets as the bearish trend. The cumulative crypto market cap has slid to $1.203 trillion following a dip of 1.40% over the past day.

But despite the prevailing bearish trend, the market recorded a staggering surge of 39.87% in its trading volume over the past 24 hours. This pushed the value to $36.31 billion. Also, the Fear and Greed Index as of July 18 reads 57 out of 100, indicating NEUTRAL as the market sentiment.

Below are the trends for today’s key sectors of the crypto market.

Bitcoin Market

Though Bitcoin shed some value to dip below the $30,000 level today, the token is fighting to maintain a strong hold on the level.

As of 5:27 EST, BTC is trading at $30,022.35, reflecting a price drop of 0.74% over the past 24 hours. Its market cap is currently at $583.45 billion.

Amid the prevailing downward trend, Bitcoin witnessed a massive surge of 64.84% in its 24-hour trading volume. The volume has hit $14.13 billion, indicating that about 470,972 BTC coins were traded over the past day.

Also, Bitcoin’s dominance over the altcoins saw a slight increase of 0.08%, taking it to 48.56%. According to data from CoinMarketCap, Bitcoin is now ranked as the seventh top trending crypto asset.

Market Trend for Major Altcoins

The altcoins are suffering more from the impact of the bears, as most tokens are in the red.

The second-largest crypto asset by market cap couldn’t sustain its hold on the $1,900 level. Currently, ETH is trading at around $1,899.56 after plummeting by 1.07% over the past 24 hours.

Ethereum now boasts a market cap of $228.26 billion and a market dominance of 18.35%. Also, it witnessed an increase of 61.12% in its 24-hour trading volume, which reached $7.00 billion, reflecting the trading of over 3.6 million ETH tokens.

XRP is among the few altcoins that are trading with a price surge over the past day. It recorded an increase as the price of the token hovers around $0.7423.

XRP has a market cap of $39.00 billion with a market dominance of 3.14%. It saw a whopping decrease of 41.14% in its 24-hour trading volume, which hit $2.40 billion.

Most altcoins plummeted over the past day. Cardano (ADA) dipped by 3.28%, Dogecoin (DOGE) by 2.59%, Solana (SOL) by 6.94%, BNB by 1.58%, Polygon (MATIC) by 4.11%, and Polkadot (DOT) by 1.47%.

While Litecoin (LTC) recorded a slight loss of 0.7%, Shiba Inu plummeted by 1.85%. On the other hand, Tron (TRX) witnessed a slight increase of 0.25% over the past day, with the price hitting $0.07988.

Its 24-hour trading volume is currently at $159.34 million, boasting a market cap of $7.16 billion. According to CoinMarketCap, BitDAO (BIT) is the top gainer for today, with a surge of 7.50%. Chainlink (LINK) bagged the second top gainer with a price rally of 4.68%, and ApeCoin (APE) became the third top gainer with a 3.31% increase.

Conversely, 1inch Network (1INCH) emerged as the top loser for the day, posting a drop of 15.57%.

Decentralized Finance (DeFi) Market

The DeFi market is also caught in the prevailing bearish trend within the crypto market. Most of the tokens post a remarkable loss in value. The DeFi market cap decreased 13.56% over the past 24 hours, hitting $45.47 billion.

The DeFi market’s 24-hour trading volume is currently at $3.02 billion, reflecting a drop of 13.46%. This constitutes up to 9.85% of the overall crypto market volume over the past day.

While Avalanche (AVAX) is maintaining the first position in the ranking of DeFi tokens, AVAX witnessed a drop of 2.74% over the past day. Its price is $13.96, while its market cap is $4.82 billion. AVAX’s 24-hour trading volume dipped slightly by 0.15% to reach $140.68 million.

Wrapped Bitcoin (WBTC) is currently the second largest DeFi token, with a market cap of $4.72 billion. The pressure from the bears pushed the price down to $29,936.05, following a drop of 1.055 over the past 24 hours. WBTC saw an increase of 17.82% in its trading volume over the past 24 hours, taking the value to $96.14 million.

Dai (DAI) now maintains the third position in the ranking of DeFi coins with a market cap of $4.64 billion. With a price drop of 0.06%, DAI is currently trading at $0.9993.

Some DeFi tokens with a drop in their price include Aave (AAVE), Lido DAO (LDO), Maker (MKR), The Graph (GRT), Internet Computer (ICP), Injective (INJ), Rocket Pool (RPL), and Curve DAO Token (CRV).

Others include Conflux (CFX), Kava (KAVA), Theta Network (THETA), Fantom (FTM), Tezos (XTZ), 1inch Network (1INCH), etc.

However, a few DeFi tokens posted a surge over the past 24 hours. These include Chainlink (LINK), which surged by 4.68%, Uniswap (UNI) by 1.22%, Tribe (TRIBE) by 0.43%, Radiant Capital (RDNT) by 0.82%, and others.

According to CoinMarketCap, HIT/WETH trading pair emerged as today’s biggest DEX pair gainer. It posted a gain of 9999.99%. Conversely, today’s top loser DEX pair is GMETA/USDT, following a drop of 93.25%.

Stablecoins Market

As of July 18, the stablecoins market reflects a mixed reaction to the performance of the tokens. The stablecoin market cap is currently at $126.57, indicating a slight decline of 0.13% over the past 24 hours.

Its 24-hour trading volume recorded a massive increase of 20.01%, hitting $32.35 billion. It represents about 90.35% of the total crypto market volume over the past 24 hours.

While maintaining the first position in the list of stablecoins, Tether (USDT) boasts a market cap of $83.52 billion. It witnessed a surge of 15.14% in its 24-hour trading volume, taking the value to $24.99 billion. USDT’s volume reflects that about 24,978,043,519 coins exchanged hands over the past day.

Most stablecoins de-pegged from their fiat currency value as of today. These include Tether (USDT), USD Coin (USDC), Dai (DAI), Binance USD (BUSD), TrueUSD (TUSD), USDD, Pax Dollar (USDP), Gemini Dollar (GUSD), and others.

NFT Market

The non-fungible token (NFT) market got a deep cut due to the increased pressure from the bears as of July 18.

The NFT market cap currently sits at $2.70 billion.

The market recorded a decrease of 8.27% in its sales volume over the past 24 hours, with the value hitting $22.91 million.

Also, the total sales plummeted by 25.44% over the past day, with 54,328 sales.

The popular Bored Ape Yacht Club (BAYC) has retained the lead position in the NFT ranking with an estimated market cap of 358,680 ETH. Its 24-hour volume is 1,179.37 ETH, increasing over 455%.

BAYC’s average price plummeted by 1.94% over the past day to hit 34.69 ETH.

The second top NFT collection is the Dreadfulz, with an estimated market cap of 155.54 ETH. It boasts a 24-hour volume of 866.74 ETH, which dipped slightly by 0.47%.

Dreadfulz recorded a huge drop of 27.61% in its average price over the past 24 hours as the value slid to 78.79 ETH.

Crypto Market News and Events for Today

Here are some news and events within the crypto space as of July 18.

CFTC Commissioner Hints the Dawn of Regulatory Clarity in Crypto Markets

The US Commodities Futures Trading Commission (CFTC) Commissioner Caroline Pham stated that crypto will soon witness regulatory clarity. Pham’s speech came during her appearance in The Close, a Bloomberg Markets program.

The commissioner noted that court decisions on crypto-related issues play a key role in mapping out the desired regulatory trend.

The recent court ruling on the Ripple vs SEC lawsuit has been a significant reference within the crypto industry as Ripple came out victorious.

Many within and outside the industry believe it could set the pace for a clearer regulatory framework. Before now, Commissioner Pham hinted that the courts would be the source of defining assets classified as securities.

In her recent speech, she stated that her forecast came to pass as Judge Torres ruled that XRP is not a security through sales to retail investors on exchanges.

Further, Pham called for a collaborative regulatory approach from other regulators, with the SEC included. She noted that crypto regulations in groups would help to establish a more comprehensive strategy for the industry.

Binance Slashes Employees’ Benefits Amid Its Global Regulatory Challenges

A recent report from The Wall Street Journal revealed that the world’s biggest crypto exchange Binance has cut down some of its employees’ benefits.

These include reimbursements for mobile phone usage, off-station work expenses, fitness, etc. According to the report, Binance stated that business activities had seen a profit drop, prompting more cost management measures.

The firm cited some reasons for the drop, such as prevailing market conditions and a gloomy regulatory climate.

Further, the report noted that Binance CEO Changpeng Zhao (CZ) insisted that the firm maintain its profitability. CZ demanded that the company’s income not be impacted by its ongoing lawsuit with the US Securities and Exchange Commission (SEC).

A notification to staff states: “Considering the current market environment and regulatory climate that has unfortunately led to a decline in profit, we have to be more prudent with our spending.”

Further, the report disclosed that the Binance CEO told some staff that the firm is still in profit amid some regulatory challenges and lawsuits it faces. But he mentioned that the company will embark on more staff layoffs within three to six months.

Additionally, CZ stated the possibility that the firm never repaid the cut-off employees’ benefits.

SEC Accepts Valkyrie Bitcoin ETF Proposal

The US Securities and Exchange Commission (SEC) has accepted the spot Bitcoin ETF filing from Valkyrie. This makes the second application to be accepted by the regulator within a week.

The SEC’s acceptance of the application adds it to the regulator’s docket for a potential rule change. The move will lead to the listing and trading of the ETF under Nasdaq.

Following the acceptance and publication in the Federal Register, 21 days for public comments is open. After the time frame, the SEC would commence its reviewing process for the filing.

Though Valkyrie is the last to file for a spot in Bitcoin ETF, it’s the only one that has indicated a ticker symbol “BRRR” for the fund. The news has created a buzz in the crypto community, with many analysts and enthusiasts excited about the new development.

Before Valkyrie’s acceptance, the SEC approved the spot BTC ETF application from the largest global asset manager BlackRock.

Also, applications from other top firms like WisdomTree, ARK Invest, Invesco, Fidelity Investments, and VanEck have received the hint light.

UK Regulator Imposes Jail Term for Misleading Crypto Memes

The UK’s Financial Conduct Authority (FCA) has announced a strict regulatory approach for crypto advertisement. The regulator is concerned over the increasing trend of crypto memes with scams and high risks for investors.

The FCA is putting measures to protect crypto users and control the unlawful crypto advertising skyrocketing in the market. So, the regulator has laid its enforcement action with a stiff focus on financial influencers (“finfluencers”).

According to FCA, there’s a surge in online circulation of memes from crypto firms. But several people have failed to realize that such circulations constitute promotional rules.

Notably, consumers have been exposed to many financial promotions from inappropriate sources. The FCA noted that strict measures would help to stamp out illicit financial promotions, especially those from the crypto industry.

The FCA warned that financial promotions outside the given regulatory guideline are considered offenses that could lead to a minimum of two years in jail, a fine, or both. Also, the rule applies to promotions that impact the country with sources from within and outside the UK.

Court Orders Ripple and SEC to Choose Settlement Conference Dates

Judge Netburn has recently ordered Ripple and the US Securities and Exchange Commission (SEC) to agree on a possible settlement conference.

The judge stated that the parties could select from three dates the convenient one “if they believe it to be productive at this time.”

A Fox Business journalist, Eleanor Terrett, took to Twitter to share the court document. The judge demanded that the duo consider the court’s busy calendar while choosing the settlement conference. This means that settlement could occur six to eight weeks in advance.

Further, the court warned that it would not condole last-minute requests for a settlement conference from the parties. It stated that they should also not expect to receive adjourned litigation deadlines due to late requests for settlement meetings.

However, the court’s order sparked mixed reactions within the XRP community. Terrett also offered a deeper explanation regarding the court order for Ripple and SEC. The journalist noted that the order doesn’t imply that a settlement would occur within the next 6 – 8 weeks.

Rather, demands that the parties should schedule a settlement conference six to eight weeks before the slated date to match the court’s busy settings.

SEC Chair Gary Gensler Endorses AI for The Agency’s Enforcement Regime

The US Securities and Exchange Commission Chair Gary Gensler has expressed his confidence in using artificial intelligence. The SEC Chair noted that the agency’s staff have more to gain with the increased use of AI.

Gensler explained the information during his speech before the National Press Club on July 17. The appearance marked the first time the SEC Chair spoke after the recent ruling on its case with Ripple.

The SEC Chair also listed some possible utility cases of AI that could benefit the agency in its regulatory duties. These include enforcement measures, surveillance, examination, economic analysis, and disclosure reviews.

Gensler did not give any explanation of how the SEC use AI. However, his speech promoted technology and its positive influence on people through financial markets.

According to the SEC Chair: “AI opens up tremendous opportunities for humanity, from healthcare to science to finance. As machines take on pattern recognition, particularly when done at scale, this can create great efficiencies across the economy.”

Additionally, Gensler talked about the downsides associated with the use of AI systems. He noted that they inculcate bias and deception, could create multiple conflicts of interest, and even invade privacy rights.

Celsius To Spend 96% Proceed of GK8 Sale On Legal Expense

The bankruptcy crypto lending platform Celsius Network requested a court grant regarding its spending budget of funds from the GK8 sale.

On July 17, the defunct firm submitted a filing indicating an agreement from its Series B holders. The detail contains a settlement for the distribution of $25 million realized through the sale of the self-custody platform GK8.

The parties that reached the agreement are the debtors, creditors, and the former consenting Series B preferred holders.

According to the shareholders’ proposal for the funds, legal expenses got an allocation of 424 million. The remaining $1 million was set aside to be shared among the holders.

The document revealed that the settlement agreement came through the holders’ mutual desire to prevent the high litigation costs. Also, it would cut off a lengthy confirmation process and a spike in professional fees.

The court document reads: “The settlement not only unlocks tremendous value for the debtors’ creditors but also affords the debtors and all parties priceless certainty of the way forward. For the reasons set forth herein and the motion, the court should overrule the objections and grant the relief requested in the motion.”

Notably, Celsius Network acquired GK8 for $115 million in 2021. But the crypto lender sold the self-custody firm in 2022 as part of its restructuring move after becoming insolvent.

Reasons Bitcoin’s Price Dipped Below The $30K Mark

The price of the primary crypto asset has been struggling to strike a remarkable surge over the $30,000 resistance. However, certain factors contribute to its frequent slide.

Bitcoin joined other assets to soar last week following the court decision that XRP is not a security through exchange sales. BTC rallied impressively as its price even hit the $31,700 region.

But the price of Bitcoin has plummeted as the token traded as low as $29,683 on July 18, its lower dip since late June.

A Twitter post from Wu Blockchain analyzed BTC price action and the overall trend in the crypto market. It stated that most of the crypto assets are following a V-shaped trend today.

The tokens dipped and later indicated a slight recovery through a V-shaped trend in the market during the trading hours of July 18.

According to the analysis, the crypto market is gradually losing liquidity and will need a small momentum to trigger a massive price movement. Similarly, Cryptoquant, an on-chain analytics company, presented three reasons for the recent BTC price dip.

The firm noted that short-term holders (STHs) had massively disposed of their BTC reserves since April. The action has created more pressure on the price of the primary crypto asset. Secondly, Bitcoin miners also sell off their holdings in preparation for the upcoming BTC halving event 2024.

Lastly, the volatility index reflects a notable drop in BTC market activity since April. This index highlights price volatility, inflow/outflow in the market, and the overall taker ratio (the buyer-seller ratio).