Crypto Market Outlook – The Trend of Crypto Events On July 26, 2023

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As of July 26, the crypto market slightly improved as some assets increased over the past day. Bitcoin and some prominent altcoins are green following the shift in the market trend. But some assets still recorded a drop for today.

Subsequently, the overall crypto market saw a little upward movement. But, the change is not pronounced within the DeFi, stablecoins, and NFT markets.

Current Trend of the Digital Asset Market

According to CoinMarketCap, the cumulative market cap sits at $1.176 trillion as of 10:00 EST, reflecting a slight increase of 0.09% over the past 24 hours.

However, the market’s 24-hour trading volume plummeted 8.02% to hit $25.83 billion. The Fear & Greed Index reading has slipped to 52 out of 100 as of July 26. But it is still indicating a NEUTRAL market sentiment for investors.

Here are the trends of some key sectors in the crypto market for today.

Bitcoin Market

Bitcoin (BTC) is among the tokens indicating a greenish outlook as of July 26. The primary crypto asset is trading at around $29,296.21 as of 10:20 EST. It recorded a surge of 0.19% over the past 24 hours.

Conversely, Bitcoin’s 24-hour trading volume decreased by $13.85%, taking its value to $10.23 billion. This reflects the sales of about 346,704 BTC tokens over the past day.

With a market cap of $569.39 billion, BTC’s market cap increased slightly by 0.06% to reach 48.41%. Bitcoin emerged as the fifth most trending crypto token as of July 26, according to CoinMarketCap.

Market Trend for Major Altcoins

The trend for the altcoins reflects the current shift in market dynamics, as shown in their performances today.

As of 10:40 EST, Ethereum (ETH) has shown a slight surge of 0.09% over the past day, with the price hovering around $1,859.18. Its market cap now sits at $223.39 billion, with a market dominance of 18.29%.

ETH recorded a decline of 29.22% in 24-hour trading volume to reach $4.32 billion. This highlights the sales of 2.32 million ETH coins over the past 24 hours.

XRP still maintains a strong defense as the fourth-largest crypto token with a market cap of $37.03 billion. It is trading at $0.7033 as of 10:50 EST, reflecting an increase of 0.69% over the past 24 hours.

But XRP’s 24-hour trading volume plummeted by 25.19%, taking the value to $1.42 billion. The volume indicates the trading of over 2 billion XRP coins within the period.

Dogecoin (DOGE) increased 2.90% over the past day, with the price reaching $0.07921. It is maintaining its position as the seventh-top crypto asset with a market cap of $11.06 billion.

DOGE’s 24-hour trading volume spiked by 10.18% to hit $1.21 billion, reflecting the trading of over 15.28 billion tokens within the period.

Solana (SOL) is one of the altcoins with significant performance today. SOL increased 5.75% over the past day, pushing its price to $24.56.

It saw a spike of 6.53% in its 24-hour trading volume, which hit $435.69 million, indicating that over 17.8 million SOL coins exchanged hands. Solana now boasts a market cap of $9.91 billion and is ranked the ninth-largest crypto token.

As of 11:02 EST, BNB surged by 0.45%, Polkadot (DOT) by 1.42%, Tron (TRX) by 0.18%, and Shiba Inu (SHIB) by 1.03%.

Also, Polygon (MATIC), Litecoin (LTC), Cardano (ADA), and Bitcoin Cash (BCH) increased by 0.33%, 0.49%, 0.10%, and 0.39%, respectively, over the past day.

On the other hand, Toncoin recorded a decrease of 1.98% over the past day.

According to CoinMarketCap, Compound (COMP) emerged as the day’s top gainer with a surge of 15.60%. Solana (SOL) and Kava (KAVA) became the second and third top gainers.

But the day’s top loser is Lido DAO (LDO), which plummeted by 5.74%.

Decentralized Finance (DeFi) Market

According to CoinMarketCap, the DeFi market cap increased 0.4% over the past 24 hours, taking the value to $48.18 billion.

Similarly, its trading volume spiked by 3.07% over the past 24 hours, pushing the value to $2.31 billion. Over the past day, the DeFi market volume constitutes about 9.01% of the total crypto market volume.

Wrapped Bitcoin (WBTC) takes the lead among other DeFi tokens with a market cap of $4.73 billion. At 11:35 EST, its price hovers around $29,307.80, indicating a surge of 0.34% over the past 24 hours.

WBTC recorded a massive increase of 42.68% in its 24-hour trading volume, which reached $86.19 million. The value shows the trading of 2,941 WBTC coins within the past day.

Avalanche (AVAX) now ranks as the second top DeFi coin, boasting a market cap of $4.58 billion. The token is struggling following a decrease of 0.46% over the past 24 hours, with the price hitting $13.26.

AVAX’s trading volume declined by 11.92% over the past 24 hours, reaching $111.04 million.

Most of the DeFi tokens spiked in price over the past day. Convex Finance (CVX) surged by 10.14%, Compound (COMP) by 15.86%, Kava (KAVA) by 4.77%, Maker (MKR) by 2.99%, Chainlink (LINK) by 1.86%, yearn. finance (YFI) by 4.07%, Uniswap (UNI) by 1.18%, Stacks (STX) by 2.29%, and others.

Some of the coins that declined include Lido DAO (LDO), Synthetix (SNX), Fantom (FTM), Injective (INJ), Rocket Pool (RPL), Conflux (CFX), Terra Classic (LUNC), PancakeSwap (CAKE), and others.

According to CoinMarketCap, GOGGINS/WETH emerged as today’s top DEX pair gainer. It witnessed a surge of 9999.99% in its value.

On the other hand, HVB/USDT became the top DEX loser pair for the day, following a decrease of 70.58%.

Stablecoins Market

According to CoinMarketCap, the stablecoin market cap plummeted by 0.15% over the past 24 hours, reaching $125.70 billion.

Also, the market’s 24-hour trading volume dropped slightly by 0.27%, taking the value to $23.24 billion. The stablecoins volume constitutes about 91.22% of the total crypto market volume over the past 24 hours.

Tether (USDT) is the top stablecoin with a market cap of $83.79 billion. It recorded a drop of 1.00% in its 24-hour trading volume, which slipped to $17.94 billion, indicating the sales of over 17.95 billion USDT coins within the past day.

USD Coin (USDC) still ranks as the second leading stablecoin with a market cap of $26.49 billion. Its 24-hour trading volume rose by 3.18% to hit $2.39 billion, reflecting the trading of more than 2.39 USDC tokens within the period.

Additionally, USDC indicated strong stability within today’s trading hours as it maintains the pegged fiat value.

Some stablecoins that de-pegged today include Tether (USDT), Dai (DAI), Binance USD (BUSD), USDD, TrueUSD (TUSD), Pax Dollar (USDP), Frax (FRAX), Gemini Dollar (GUSD), Liquity USD (LUSD), and others.

NFT Market

According to CoinMarketCap, the NFT market cap has reached $2.55 billion as of 12:30 EST.

The market witnessed an increase of 14.44% over the past 24 hours in the sales volume, taking the value to $22.87 million. But the total number of sales plummeted by 21.22% over the past day to hit 44,496.

As of July 26, the popular Bored Ape Yacht Club (BAYC) is ranked as the top NFT with an est. market cap of 324,822 ETH.

It witnessed a surge of 16.55% in its 24-hour trading volume, pushing the value to 2,973.89 ETH.

However, the BAYC’s average price dipped by 3.88% over the past 24 hours to reach 30.66 ETH.

The second-ranking NFT for the is Mutant Ape Yacht Club (MAYC) with an est. market cap of 119,270.47 ETH. The 24-hour trading volume has reached 998.35 ETH indicating an increase of 16.48% over the past day. Its average price plummeted by 3.72% within the past day to hit 5.7708 ETH.

DeGods became the third top collection for the day, boasting an est. market cap of 76,447.65 ETH. It recorded a staggering increase of over 104% in its trade volume over the past day, with the value hitting 881.49 ETH. The average price dipped by 5.49 over the past 24 hours to reach 8.3159 ETH.

Crypto Market News and Events For Today

Below are news and events impacting the crypto industry as of July 26.

CFTC Charges a Couple Over Crypto Commodity Pool Scheme

The US Commodity Futures Trading Commission (CFTC) has charged a Tennessee husband and wife over a fraudulent crypto investment scheme.

According to a complaint from CFTC on July 24, the couple Michael and Amanda Griffis were using their real estate business connection to deceive people into dumping their savings into a multi-million-dollar investment pool.

The pool tagged “Blessings of God Thru Crypto” has amassed about $6 million from their victims between July 2022 and Jan 2023.

The filed document cited that victims of the pool include mortgage brokers and former clients from the Griffis’ real estate business.

Further, CFTC stated that the defendants convinced over a hundred people into their fraudulent scheme even without any trading or other relevant experience.

The defendants told their pool participants that their investment funds would be channeled to trading crypto futures contracts. But they did not engage in a single trade within the six months of the scheme.

CFTC reported: “The defendants falsely represented that pool funds would be safe and under their control, that pool participants could expect high gains, and that the defendants would use pool funds to trade ‘crypto futures.”

The regulator noted that the defendant misappropriated the funds they gathered from the pool for personal use.

Namibia Signs New Bill for Crypto Exchange Regulation

The Namibia government has reverted its 2017 rule of banning crypto exchange. It recently signed a new law regulating Virtual Asset Service Providers (VASPs) operating in the country.

The regulatory law on VASP was added to the Gazette of the Republic of Namibia on July 21. This came after Namibia’s National Assembly approved the bill on July 6, followed by its signing on July 14 by President Hage Geingob.

The bill is tagged the Namibia Virtual Assets Act 2023 and focuses on assigning a regulatory authority to supervise crypto exchanges in the country.

Also, it aims to protect Namibian customers, eliminate market manipulation, and cut off risks of terrorism financing and money laundering.

The law is the first that concentrates on regulating crypto activities within the country.

Further, the law outlines penalties of 10 million Namibian dollars ($671,000) and 10 years’ imprisonment for defaulting VASPs.

However, the country’s apex bank, the Bank of Namibia, strongly believes that crypto shouldn’t contain a legal tender status in the country.

Deloitte Collaborates with Chainalysis For Enhanced Crypto Law Enforcement

A professional services giant, Deloitte, is in a strategic alliance with the crypto analytics company Chainalysis. The alliance will enhance blockchain-tracking capabilities for its customers.

The partnership between the two giant firms was announced on July 25 during a Chainalysis conference in Washington, DC.

According to the announcement, Chainalysis’ analytics software, blockchain datasets, and training programs would be useful for Deloitte’s customers in their completing certain operations. These include the areas of crypto forensics, investigation, and compliance.

Reacting to the news, a Chainalysis representative noted that the work for the alliance between the pair has been on for some years. It aided some organizations in enhancing the adoption of blockchain technology and will first be introduced in the United States.

In his part, Chainalysis president and chief revenue officer Thomas Stanley revealed that the partnership would benefit their companies’ mutual clients. These include financial institutions, law enforcement agencies, and regulators.

Stanley stated: “We’re starting with a focus on regulators, law enforcement, and financial institutions given where they are at in their adoption of this technology and the unique overlap of our customer base.”

United Kingdom Crime Agency Advertises to Hire Crypto Investigators

The United Kingdom’s National Crime Agency (NCA) scouts for the positions of two blockchain investigators. The employees will become part of its new crypto team in the Complex Financial Crime Team (CFCT) that handles crypto crimes.

According to job specifications, the ideal candidate must be an existing police staff and a certified, accredited financial investigator (AFI). Also, the candidate must have a good knowledge of blockchain analysis, an understanding of the legislation, criminal investigations, etc.

The job deliverables indicate that the new hires will oversee complex investigations related to crypto and virtual assets following the Proceeds of Crime Act (POCA) perspective. The POCA is committed to confiscating and channeling crime funds to community advantage.

The stipulated salary for the position is almost 47,380 British pounds, equivalent to $61,076.37. Also, there are additional civil service benefits schemes for the job.

Crypto Exchange Kucoin Dismisses Rumors of Layoffs, Says There Will Be Personal Adjustments

The Seychelles-based crypto exchange KuCoin has denied rumors of possible mass layoffs. The buzzing information cited that the exchange plans to dismiss about 30% of its workforce, representing almost 300 employees, soon.

KuCoin CEO Jonny Lyu took to Twitter on July 25 to address the layoff rumors, stating that the exchange is still maintaining smooth operations. He revealed that the firm’s report for H1 2023 indicates strong growth in new listings and clients.

Also, the team behind the exchange is noted to be making steady expansion moves. However, the CEO confirmed previous statements regarding personal adjustments on the exchange in line with its broader expansion plan.

According to Lyu, KuCoin would concentrate on its semi-annual employee performance evaluation to make staff cuts. He explained that the process would be part of the exchange’s move to remain dynamic and competitive amid the fast-growing crypto environment.

The explanation from KuCoin seems to be a response to a post from an independent journalist, Wu Blockchain, on July 25. But Wu Blockchain has tweeted a corresponding post, following Lyu’s confirmation that staff cuts are part of KuCoin’s employee performance appraisal.

SEC Appeal Will Amplify XRP’s Victory, Says Ripple CLO

Ripple’s chief legal officer Stuart Alderoty says that an appeal from the US Securities and Exchange Commission (SEC) could consolidate XRP’s win.

According to the CLO, such a move from the regulator will be more favorable for Ripple.

Alderoty revealed his opinions during a recent episode of Chain Reaction, a podcast by TechCrunch on July 26. He reiterated that XRP doesn’t constitute an investment contract in its definition.

The CLO stated that Ripple will continue to defend its stance and token even in an appeal by the securities regulator. He maintained the judge’s ruling on the case was a right move that justly applied the law.

Alderoty said: “We think the judge got that right, and we think that was a faithful application of the law, and I think a court of appeals will not only affirm that but maybe even amplify that to even a greater extent.”

Additionally, the CLO believes the court ruling will confirm to other judicial authorities that the SEC is misguided in its regulatory approach.