Crypto Market Outlook – The Trend of Crypto Events On July 25, 2023

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As of July 25, the crypto market still reflects the prevailing bearish trend from the previous day. The overall crypto market cap dropped over the past 24 hours. Bitcoin also dropped in its value over the past day.

The altcoins indicated a mixed outcome in their performance for today. While some recorded a slight upward move, some are in the red. The performance trends in other sectors of the crypto market are not quite impressive due to the bearish pressure.

Moreover, the industry is filled with lots of news and events that investors must know about as they influence the price trend of most assets.

Current Trend of the Digital Asset Market

Data from CoinMarketCap indicates that the cumulative crypto cap has hit $1.17 trillion as of 6:10 EST. This shows a decrease of 1.29% over the past day. But the market’s 24-hour trading volume surged by 29.48% to reach $33.47 billion.

The Fear and Greed Index is currently reading 52, indicating a NEUTRAL market sentiment. But the value dropped significantly from the previous day, which could mean a decline in the investors’ bullish engagement within the market.

Below are the performances within the major sectors of the crypto market.

Bitcoin Market

At 6:30 EST, Bitcoin is trading at $29,192.93, indicating a drop of 0.50% over the past 24 hours. Its market cap has hit $567.48 billion. BTC increased by 4.91% in its 24-hour trading volume, at $12.87 billion, reflecting the sales of about 431,310 BTC tokens.

Bitcoin’s market dominance dipped by 0.10% over the past 24 hours to reach 48.42%. CoinMarketCap data also shows that BTC is ranked the third most trend crypto asset, after Worldcoin (WLD) and XRP.

Market Trend for Major Altcoins

As of July 25, the altcoins indicate a mixed performance amid the decline in the broader crypto market.

Though Ethereum (ETH) is still below the $1,900 mark, it showed a slight increase in value. At 10:30 EST, ETH is trading at around $1,857.28, following a surge of 0.70% over the past 24 hours.

Ethereum witnessed a decrease of 22.88% in its 24-hour trading volume, hitting $4.77 billion. The volume reflects the trading of about 2.56 million ETH tokens within the past day.

Also, the second-largest crypto assets now boast a market cap of 223.25 billion and a market dominance of 18.29%.

XRP has indicated a more positive outcome in its performance over the past day. At 10:42 EST, XRP moved above BNB to become the fourth-largest crypto asset with a market cap of $36.85 billion.

It increased by 1.18% over the past 24 hours, pushing the price to $0.6997. However, XRP volume plummeted by 6.88% over the past day at $1.90 billion. With a market cap of $36.46 billion, BNB has slipped to the fifth position in the ranking of crypto assets, according to CoinMarketCap.

The Binance native coin declined by 0.42% over the past 24 hours, pushing the price to $236.99. Also, BNB’s trading volume dipped by 7.48% to hit $387.1 million.

At 10:50 EST, Dogecoin remains the seventh-largest crypto token with a market cap of $10.74 billion. The meme coin recorded a slight increase of 0.83%, with the price hovering around $0.7660.

DOGE price dropped by 9.70% in its 24-hour trading volume, taking the value to $1.12 billion. This signifies the sales of more than 14.59 DOGRE coins over the past day.

Cardano (ADA) and Solana (SOL) are now the eighth and ninth-ranked crypto assets. They posted a respective decline of 0.04% and 0.23% over the past 24 hours.

Also, some altcoins plummeted over the past day. Bitcoin Cash (BCH) dropped by 1.74%, Polygon (MATIC) by 0.27%, and Polkadot (DOT) by 0.12%.

However, some assets witnessed an upward movement within the past day. Toncoin (TON) surged by 2.55%, Shiba Inu (SHIB) by 0.86%, and Litecoin (LTC) by 0.50%.

Data from CoinMarketCap highlights XDC Network (XDC) as the day’s top gainer, with a surge of 13.24%. Maker (MKR) and Theta Network emerged as the second and third top gainers. On the other hand, Casper (CSPR) became the day’s top loser with a drop of 5.12%.

Decentralized Finance (DeFi) Market

The DeFi market outlook also displays the bears’ impact today, July 25. According to CoinMarketCao, the DeFi market cap recorded a slight surge of 0.24% over the past day, reaching $47.97 billion.

The market’s trading volume plummeted by over 18% to hit $2.28 billion. This represents about 8.25% of today’s cumulative crypto market 24-hour volume.

Wrapped Bitcoin (WBTC) ranks the top DeFi token with a market cap of $4.71 billion. It posted a slight increase of 0.51% over the past 24 hours, with the trading price at $29,221.34.

Also, WBTC’s trading volume saw a huge drop of 41.94% over the past 24 hours, taking the value to $60.92 million. It reflects the trading of 2,081 WBTC tokens within the period.

Following a change in performance, Avalanche (AVAX) rose to become the second-largest DeFi coin with a market cap of $4.60 billion. It posted an increase of 2.47% over the past day as the value hits $13.31 at 11:27 EST.

The 24-hour trading volume of AVAX is $126.41 million, following a decrease of 10.52%. This shows that about 9.47 million AVAX coins exchanged hands over the past 24 hours.

Dai (DAI) sits in the third position in the ranking of DeFi tokens by CoinMarketCap, with a market cap of $4.57 billion. It recorded a decline of 0.05%, pushing the price to $0.9992. However, Dai’s 24-hour trading volume surged by 4.85% to reach $74.34 million.

Some DeFi coins witnessed a significant uptick over the past day. Maker (MKR) spiked by 8.39%, Lido DAO (LDO) by 6.79%, Theta Network (THETA) by 4.49%, Gnosis (GNO) by 2.22%, Theta Fuel (TFUEL) by 8.63%, Terra Classic by 1.99%, Aave (AAVE) by 1.40%, Stacks (STX) by 0.34%, Rocket Pool (RPL) by 0.39%, and others.

Some DeFi tokens that plummeted include Chainlink (LINK), Uniswap (UNI), The Graph (GRT), Tezos (XTZ), Internet Computer (ICP), Synthetix (SNX), Fantom (FTM), etc.

According to data from CoinMarketCap, Kite/WETH emerged as the biggest DEX pair of the day, with a gain of 9,074.80%. Conversely, today’s top loser DEX pair is WAZ/WETH, reflecting a drop of 93.65%.

Stablecoins Market

As of July 25, the stablecoins market is not left out in the declining trend within the crypto market. According to CoinMarketCap, the stablecoin market cap dipped slightly by 0.08% over the past 24 hours at $125.89 billion.

The market’s trading volume witnessed a whopping decline of 27.17% over the past day, with the value hitting $23.61 billion. This represents about 90.49% of the overall 24-hour trade volume of the crypto market.

Tether (USDT) is still maintaining its position as the top-ranking stablecoin with a market cap of $83.80 billion. The token’s 24-hour trading volume plummeted by a staggering 27.59% to reach $18.31 billion. This reflects the trading of more than 18.29 billion USDT tokens within the period.

The second top stablecoin USD Coin (USDC), boasts a market cap of $26.79 billion as of 12:00 EST. It witnessed a drop of 19.94% in its 24-hour trading volume, with the value reaching $2.37 billion.

Tether USDT, USD Coin (USDC), Binance USD (BUSD), and a few others tried to maintain their pegged fiat values despite the prevailing bearish trend in the market.

However, some stablecoins de-pegged from the fiat currency value within today’s trading hours. These include Dai (DAI), Liquity USD (LUSD), Pax Dollar (USDP), TrusUSD (TUSD), Frax (FRAX), USDD, Gemini Dollar (GUSD), etc.

NFT Market

The outlook of the NFT market as of July 25 highlights the deep downward trend in the crypto market. The negative performances of some major collections displayed a more pronounced impact on the market.

According to CoinMarketCap, the NFT market cap hit $2.31 billion at 12:10 EST. The market’s total sales volume plummeted by 31.84% over the past 24 hours, reaching $18.48 million. Similarly, the NFT market decreased by 27.33% in total sales over the past day, recording just 44,273 sales.

Bored Ape Yacht Club (BAYC) emerged as the top collection with an est. market cap of 327.883 ETH. The NFT recorded a decline of 36.03% in its 24-hour volume, which sits at 2,139.96 ETH. Also, BAYC’s average price dipped by 3.10% over the past 24 hours to hit 31.47 ETH.

With a 24-hour trade volume of 1,149.03 ETH, the Ethereum-based Azuki sits as the second top NFT for today. It witnessed a huge drop of 49.70% in its trade volume. However, Azuki’s average price surged by 1.94% over the past day to reach 5.0842 ETH. It boasts an est. market cap of 55,300 ETH.

Mutant Ape Yacht Club (MAYC) emerged as the third top collection in the list of NFTs with an est. market cap of 120,262.06 ETH. It saw a decrease of 23.88% in its 24-hour trade volume, which slipped to 852.36 ETH. MAYC’s average price has hit 5.9606 ETH following a slight increase of 0.81% over the past 24 hours.

Crypto Market News and Events for Today

Below are some news and events in the crypto industry as of July 25.

Binance and CEO CZ Seek Dismissal of CFTC Case

The global leading crypto exchange Binance and its CEO Changpeng Zhao (CZ) seek the dismissal of a lawsuit from the US Commodities Futures Trading Commission (CFTC).

According to a filed document on July 24 to an Illinois District Court, several Binance entities, CZ, and Samuel Lim, the former Chief Compliance Officer, laid out a plan to file two different motions for the dismissal of the CFTC case before July 27.

The document disclosed that the company’s foreign entities and CZ would jointly file for Motion to Dismiss the Complaint. On the other hand, Lim will be filing a separate Motion to Dismiss the Complaint and will combine parts of the filed motion by CZ and Binance entities.

Additionally, the exchange seeks permission to surpass a 15-page limit on the brief for supporting its motion. While requesting a 50-page brief, Binance cited the complex nature of the CFTC’s lawsuit against it.

Recall that in March, the CFTC filed a lawsuit against Binance, accusing the crypto exchange of not completing registration with the commission.

It alleged that the exchange violated US laws by conducting several crypto transactions for US-based users. According to CFTC, Binance claimed to have blocked US residents on its platform but hideously permitted their activities since 2019.

XRP Emerged as The Top Traded Altcoin of The Year

Ripple’s victory over its case with the US Securities and Exchange Commission (SEC) brought a massive breakthrough to its native token XRP.

From an asset under the scrutiny of regulators at the beginning of 2023, XRP emerged as the most traded crypto token of the year. XRP soared on the favorable court ruling for Ripple to hit a milestone with massive engagement from many investors and traders.

According to data from Kaiko, XRP’s trade volume surged to $150 billion through several transactions to highlight its stance as the top-traded altcoin of 2023. The performances of other prominent altcoins are far below the height of the performance of the blockchain firm’s native coin.

Solana (SOL), Dogecoin (DOGE), Binance Coin (BNB), and Polygon (MATIC) bagged the second, third, fourth, and fifth positions, respectively. However, their transaction volume falls between $50 and $100 billion annually.

Regarding prices, the altcoins have posted impressive outcomes more than the primary crypto asset Bitcoin. XRP witnessed a surge of over 52% in its price since mid-June.

Pro-XRP Lawyer’s Twitter Account Compromised, Now Promotes Fake XRP Giveaways

A hacker recently compromised the Twitter account of pro-XRP attorney Jeremy Hogan. After getting access to his account, the attacker now promotes fake XRP giveaways to users from the account. Hogan is yet to recover his Twitter account as of 5:00 EST on July 25.

Some lawyers, such as Jesse Hynes, founder of Seedstarter, and James Filan, took to Twitter to reveal the situation. Also, the attorneys warned users to be careful about fake promotional giveaways from hackers of the account.

Notably, the promotional adverts from the compromised account are focused on free XRP to users in celebration of recent Ripple’s win over its case with the SEC. It attached a link that leads to a fake Ripple website.

Further, another prominent XRP lawyer, John Deaton, helped share the news about the hacking of Hogan’s Twitter account. Deaton had witnessed a similar hack on his account in the past.

As such, Deaton gave some tips to the XRP community on how it could halt the attacker from further use of Hogan’s account.

The attorney wrote: “This is what to do please. It took me way too long to get control of my account back. https://t.co/3edT6kNNqj.”

SEC Accuses Binance.US And CZ of ‘Wash Trading’ – A Mirage Crypto Trading Process

The United States Securities and Exchange Commission (SEC) has accused Binance.US, the American branch of Binance Int’l., of engaging in a mirage of crypto trading.

According to a report from WSJ on July 24, SEC claims that over 70% of the trade volume on Biannce.US is manipulated by Sigma Chain’s accounts.

Further, the regulator reported that Binance CEO Changpeng Zhao (CZ) is aware that wash trading covers the entire process.

Wash trading allows traders or firms to deceptively manipulate trading volumes in the financial markets. It involves the repeated buying and selling of some crypto tokens to present an outlook of increased market activity.

A previous report from WSJ revealed that the Swiss trading firm Sigma Chain is under the influence of CZ. The allegation over the mirage trading process could have a remarkable impact on Binance, considering the existing lawsuits with the SEC and CFTC. Also, the crypto exchange is currently planning to file motions for the dismissal of its case with CFTC.

Reacting to the accusation, a BiannceUS spokesperson denied such activities on the American branch of the exchange. The person stated that neither BinanceUS nor CZ has ever engaged in or supported wash trading.

Deribit’s BTC Volatility Index Reach Historic Lows

A recent report disclosed that Deribit’s Bitcoin volatility index has hit its lowest point in years. The dip indicates that BTC could have no price turbulence soon.

The report came from a crypto derivatives analytics platform, Greeks Live, noting that the volatility index for BTC and Ether dipped to a multi-year low of 37%. Also, the DVOL algorithm noted that the recorded implied volatility level is the lowest in the history of crypto.

According to Greek Live, prevailing low liquidity strongly depressed implied volatility (IV) levels for BTC. This means that derivatives traders have lost confidence in seeing major moves in crypto markets in the short term. Also, there could be an extension of the absence of volatility.

It noted the fact that the overall volatility of crypto assets has been plummeting gradually over time. Hence, the implication is forceful pressure on the implied volatility of crypto to maintain new lows continually.

DVOL stands for the Deribit Implied Volatility Index. The index analyzes options activity and highlights the expected volatility for a crypto asset for the next 30 days. This means that the index can show investors’ expectations of turbulence over a crypto’s price.

Binance to Launch New Office in Japan In August

The world’s largest crypto exchange is preparing to open its new office in Japan in August. A statement from COINOTAG confirms the new move from the crypto exchange. In November 2022, Binance acquired a Japanese trading platform Sakura Exchange Bitcoin (SEBC).

According to the exchange, its acquisition was of a 100% Japanese registered crypto exchange service provider. It aligns with its preparation to extend its operation within the country.

Japan has indicated its interest in supporting the Web3 industry in the country. In an announcement, Japanese Prime Minister Fumio Kishida spoke on the possibility of getting a transformation on the internet and the social stance of the country through Web3.

Kishida’s statement was on the first day of the WebX conference in Tokyo. He talked about the importance of the event in capturing industry stakeholders in the country,

Further, Kishida pointed out the role of Web3 in driving innovative improvements in different industries. Changpeng Zhao (CZ), Binance CEO, announced the same day the upcoming launch of its operations in August this year.

Crypto Platform Robinhood Makes a Move to the UK, Appoints Local CEO

The prominent crypto-friendly trading platform Robinhood is consolidating its plans to launch in the United Kingdom.

According to data from the Financial Conduct Authority, the firm has appointed Jordan Sinclair, a former Barclays executive, as its new CEO for the UK branch. The approval of authority for the appointment of Sinclair as CEO of Robinhood’s UK office was on July 18.

Before moving to the crypto trading platform, Sinclair worked for over a year as a managing director at a European fintech, Freetrade. Also, he was a director of group strategy at the financial company Barclays and Wells Fargo as a corporate banker.

Reportedly, Robinhood is expected to start its operation in the UK before the end of the year.

There have been rumors of Robinhood expansion to the UK since 2019, but it has witnessed several delays. The trading platform pushed harder on its plans by acquiring a British crypto company, Ziglu, in April 2022.

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