Crypto Market Outlook – The Trend of Crypto Events On July 28, 2023

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The crypto market outlook as of July 28 indicates increasing pressure from the bears. Bitcoin and most altcoins have dipped within the past few trading hours. The overall crypto market cap has also declined over the past 24 hours.

Also, the increasing bearish trend affects other key sectors of the market. Some news and events in the crypto industry as of July 28 may have contributed to the general appearance of the market.

Find more details below.

Current Trend of the Digital Asset Market

As of 9:30 EST, the overall market cap reflects a drop of 0.68% over the past 24 hours, according to CoinMarketCap. The value has slipped to $1.18 trillion.

Similarly, the total crypto market volume plummeted by 14.03% over the past 24 hours to hit $26.19 billion. The Fear and Greed Index dropped to 51 against 52 the previous day. However, the market sentiment is still indicating NEUTRAL for investors.

Here are the trends of some major crypto market sectors as of July 28.

Bitcoin Market

The trend for Bitcoin (BTC) is in a downward trend today. As of 9:40 EST, BTC is trading at around $29,225.65, following a drop of 1.08% over the past 24 hours. The primary crypto asset now boasts a market cap of $568.18 billion.

Bitcoin’s 24-hour trading volume surprisingly plummeted by 15.26% to reach $11.25 billion. This reflects the trading of about 383,566 BTC coins within the past day.

Bitcoin’s market dominance dipped by 0.03% over the past 24 hours to hit 48.19%. According to CoinMarketCap, Bitcoin is ranked as the eighth most trending crypto asset.

Market Trend for Major Altcoins

A majority of the altcoins saw a drop in their prices. Ethereum (ETH) has not moved closer to its target of $1,900.

At 10:15 EST, ETH is trading at $1,875.17, following a slight surge of 0.10% over the past 24 hours. The second-largest crypto asset now has a market cap of $226.83 billion and a market dominance of 18.38%.

Ethereum declined by 28.60% in its 24-hour trade volume, taking its value to $4.05 billion. This reflects trading more than 2.16 million ETH tokens within the past day.

As of 10:30, XRP is trading at $0.7163, following an increase of 0.26% over the past 24 hours. While still maintaining its stance as the fourth-largest crypto asset, its market cap now sits at $37.72 billion.

XRP dropped 10.41% in its 24-hour trade volume, pushing the value to $1.44 billion. The volume indicates the sales of over 2.03 billion XRP tokens within the last 24 hours.

As of 10:35 EST, Shiba Inu (SHIB) reclaimed 5.19% in its value over the past day. SHIB’s price has reached the $0.00000800 level, hovering around $0.000008205.

SHIB recorded a staggering increase of 71.63% in its 24-hour trading volume, which has reached $135.0 million. This indicates the trading of over 16 trillion SHIB coins within the past day.

Surprisingly, the increasing price rally and massive trading attention have spiked SHIB’s market cap to over $4.82 billion. The meme coin has stepped upward in the CMC ranking of crypto assets to become the 14th-largest crypto token as of July 28.

The sudden positive performance from SHIB could be linked to the latest news regarding the launch of the Shibarium-Ethereum bridge for public testing. The bridge allows users to transfer tokens between the two networks.

Cardano (ADA) has finally overtaken Dogecoin to reclaim the position of the seventh-largest with a market cap of $10.92 billion. It recorded a surge of 1.36% over the past day to push its price to $0.3122.

However, its 24-hour trading volume decreased by 19.61% to reach $160.69 million. The value reflects the sales of 512.04 million ADA coins within the given period.

Dogecoin (DOGE) dipped by about 1.48% over the past 24 hours, costing $0.07739. Its market cap now sits at $10.86 billion.

DOGE saw a decline of 33.45% in its trading volume over the past 24 hours, with the value reaching $442.21 million. This reflects the trading of over 5.67 billion DOGE tokens within the past day.

Some of the altcoins surged over the past 24 hours. Tron (TRX) increased by 2.05%, BNB by 0.68%, Litecoin (LTC) by 1.20%, Polkadot (DOT) by 0.57%, and Bitcoin Cash (BCH) by 0.39%.

On the other hand, Toncoin (TON), Solana (SOL), and Polygon (MATIC) plummeted by 4.09%, 0.28%, and 0.81%, respectively.

According to CoinMarketCap, Bone ShibaSwap (BONE) emerged as the day’s top gainer, reflecting a surge of 7.97%. Immutable (IMX) and Internet Computer (ICP) became the second and third top gainers.

Conversely, the top loser for today is XDC Network, posting a decrease of 4.48%.

Decentralized Finance (DeFi) Market

CoinMarketCap said the DeFi market cap increased 0.66% over the past 24 hours. At 11:55 EST, the value is at $49.04 billion.

But the market’s 24-hour trading volume dipped hugely by 27.2%, taking the value to $2.14 billion. The DeFi market volume made up 9.52% of the total crypto market volume over the past 24 hours.

Wrapped Bitcoin (WBTC) is still in the first position in the list of DeFi tokens, with a market cap of $4.75 billion. At 12:02 EST, it recorded a surge of 0.26% over the past 24 hours, pushing the price to $29,414.50.

Conversely, WBTC’s trading volume plummeted 6.78% over the past 24 hours to hit $108.37 million. The value shows the trading of 3,685 WBTC tokens within the past day.

As of 12:05 EST, Avalanche (AVAX) is trading at around $13.19, following a decline of 0.15% over the past 24 hours. It emerged as the second largest DeFi token with a market cap of $4.56 billion.

AVAX’s 24-hour trading volume dipped by a staggering 26.17%, reaching $85.65 million. The value reflects the trading of over 6.48 million AVAX tokens over the past 24 hours.

With a market cap of $4.54 billion, Dai (DAI) ranks as the third top DeFi token. Its 24-hour trading volume dipped by 13.28% to hit $78.45 million, reflecting the sales of over 78.44 million DAI coins within the past day.

Amid the overbearing downward trend, a few DeFi tokens have surged within 24 hours. Internet Computer (ICP) spiked by 5.33%, Tezos (XTZ) by 1.10%, Fantom (FTM) by 1.29%, UniSwap (UNI) by 1.94%, Frax Share (FXS) by 3.99%, PancakeSwap (CAKE) by 1.11%, Aave (AAVE) by 0.97%, Convex Finance (CVX) by 2.77%, Injective (INJ) by 0.20%, 1inch Network (1INCH) by 1.30%, Compound (COMP) by 0.38%, and others.

Some DeFi coins that declined include Chainlink (LINK), Theta Network (THETA), Kava (KAVA), Lido DAO (LDO), Maker (MKR), Rocket Pool (RPL), Curve DAO Token (CRV), The Graph (GRT), THORChain (RUNE), Synthetix (SNX), etc.

EMGS/WBNB emerged as the top DEX pair gainer for today, according to CoinMarketCap. It witnessed an increase of 9999.99% in its value. On the other hand, CBK/USDT is today’s top DEX loser pair, following a decrease of 71.38% in its value.

Stablecoins Market

According to CoinMarketCap, the stablecoin market has slipped to $125.58 billion following a decrease of 0.14% over the past 24 hours.

Also, its 24-hour trading volume plummeted by 13.26%, pushing the value to $24.96 billion. The stablecoins volume constitutes about 93.24% of the overall crypto market volume over the past 24 hours.

Tether (USDT) is strong, standing at the lead in the list of stablecoins with a market cap of $83.81 billion. Its 24-hour trading volume dipped by 16.23% to reach $18.33 billion.

The volume indicates that over 18.34 billion USDT tokens have exchanged hands within 24 hours. Also, USDT’s price has fluctuated significantly throughout today’s trading hours, reflecting that it de-pegged from its fiat currency value.

With over $26.50 billion as its market cap, USD Coin (USDC) is the second top stablecoin. It saw a drop of 1.54% in its 24-hour trading volume, as the value slid to $2.78 billion, reflecting the sales of over 2.78 USDC tokens over the past day.

As of 12:50 EST, USDC maintains a strong hold on its pegged fiat value of $1. Some stablecoins that de-pegged from their fiat value today include Dai (DAI), Binance USD (BUSD), USDD, Frax (FRAX), TrueUSD (TUSD), Pax Dollar (USDP), Gemini Dollar (GUSD), Terra ClassicUSD (USTC), USDX [Kava] (USDX), Vai (VAI) etc.

NFT Market

According to CoinMarketCap, the NFT market cap is $2.69 billion as of 12:53 EST.

The market highlights a drop of 1.56% over the past 24 hours in the sales volume, pushing the value to $17.17 million. Similarly, its total number of sales plummeted by 15.75% over the past 24 hours to hit 43,920,

Bored Ape Yacht Club (BAYC) maintains its stance as the top collection in the list of NFTs. It boasts an est. market cap of 321,640 ETH.

BAYC recorded an increase of 15.98% in its 24-hour trading volume, pushing the value to 1,204.96 ETH. Also, its average price surged by 6.32% over the past 24 hours to reach 33.47 ETH. Mutant Ape Yacht Club (MAYC) emerged as the second top NFT with an est. market cap of 115,617.79 ETH.

The collection saw a whopping 39.77% spike in its 24-hour trading volume, which rose to 882.26 ETH. But its average price dropped slightly by 0.43% within the past day, hitting 5.7664 ETH.

Crypto Market News and Events for Today

Here are some news and events in the crypto space as of July 28, impacting the overall market trend.

Republican Leader Criticizes White House for Lack of Bipartisan Agreement On Stablecoin Bill

Republican leadership has criticized the Biden administration for not exhibiting a sense of urgency in stablecoin regulation.

According to Patrick McHenry, Chair of the US House of Financial Services Committee, the government lacks bipartisan agreement on a stablecoin bill. McHenry stated his view during the July 27 hearing regarding the version of the Clarity for Payment Stablecoins Act H.R. 4766.

The committee Chair noted that a consideration of the Act for markup wasn’t through negotiation between him and ranking member Maxine Waters.

Further, McHenry argued that the White House doesn’t have the same sense of urgency as lawmakers, as seen through the committee’s close bond on a bipartisan solution.

McHenry stated: “A few small, but nonetheless important, provisions stood between us and a deal. It was the White House’s unwillingness to compromise that has once again brought that negotiation to a halt.”

Conversely, Rep Waters blames McHenry for lacking bipartisan agreement on the stablecoin bill. Waters mentioned the ‘impatience of Republican leadership’ while alleging the legislation has limited oversight.

The House committee has been considering the stablecoin bill, among other legislations. The lawmakers voted in favor of two major bills on July 26 to introduce regulatory clarity in the industry. These are the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.

Grayscale Urges for A Simultaneous Approval of All Bitcoin ETFs By SEC

Grayscale Investments has urged the US Securities and Exchange Commission (SEC) to approve all the applications of spot Bitcoin ETFs on its desk at the same. The investment firm noted that such action prevents favoritism and undue leverage among the applying companies.

According to a post by the Chief Legal Officer at Grayscale, Craig Salm, the company’s legal team has sent a letter to the SEC making the plea. The letter highlighted eight pending spot Bitcoin ETFs that include Grayscales’.

Grayscale argues that the SEC should not be biased in its approval to avoid a play of winners and losers. Rather, the regulator should maintain an orderly and fair approach to its decision.

Further, the letter urged the SEC to follow the pattern of its approvals for Bitcoin Futures ETFs for the spot BTC ETFs. They claimed the two fund types are connected inextricably.

Additionally, Grayscale maintained that surveillance sharing agreements (SSAs) between the spot ETF providers and Coinbase may not be favorable. It stated such a move could deter them from meeting the set standards by the SEC.

Top Reasons for The Downtrend in Crypto Market Today

The crypto market is highlighting a downward trend at 5:00 EST on July 28, with the cumulative market cap has hit an approximate value of $1.18 trillion.

The market has shed more than the reclaimed value from Bitcoin and other prominent altcoins within the past 24 hours.

One of the notable influencers in the crypto market is the FOMC announcement. It recently declared a spike of 25 bps on the policy rate and federal funds rate after the July policy meeting.

The news has created more tension in crypto as most assets, including BTC, are reacting negatively. With a fierce battle between the bulls and bears, Bitcoin now struggles to defend the critical support/resistance level at $29,100.

Ethereum is not left in the combat as uncertainty on a possible rally builds. Though ETH recorded an over 44% increase on YTD, its recent price trend brings hesitation to several investors.

According to on-chain data from Santiment, there’s been about a 10K surge in Bitcoin supply on exchanges over the past 24 hours. Such an increase in supply reflects a bearish signal.

Also, a prominent crypto influencer and trader, Michael van de Poppe, indicated an optimistic trend for BTC in his tweet. According to the expert, Bitcoin’s price could pass through a classic move within the weekend.

The trend would first take the primary crypto asset down to the support level at $28,300 as a retesting process. Then, Bitcoin will trigger a more bullish rebound to cross the $31K mark afterward.

SEC Introduces Cyberattack Disclosure Rules for Crypto Firms

The United States Securities and Exchange Commission (SEC) has introduced a new rule that demands disclosure of all major cybersecurity incidents.

According to the new rule, public firms in the US have a maximum of four days to report such attacks on the systems. The SEC stated that all reports are mandated except for cases where the disclosure poses potential risks to national security or public safety.

Further, the rules require periodic updates of a registrant’s policies and processes related to identifying and managing cybersecurity risks. Also, it will entail periodic reports on previously disclosed incidents of cyberattacks.

The securities regulator claims that the new rule adoption aims to help investors through enhanced cybersecurity risk management measures in the industry.

The SEC Chair Gary Gensler stated: “Through helping to ensure that companies disclose material cybersecurity information, today’s rules will benefit investors, companies, and the markets connecting them.”

The rules apply to all publicly listed firms in the United States. Within the crypto industry, such companies include Coinbase (COIN), Riot Blockchain (RIOT), Marathon Digital (MARA), Hive Digital Technologies (HIVE), and others.

Shibarium-Ethereum Bridge Goes Live for Testing

A bridge between Ethereum and the Shiba Inu layer 2 solution Shibarium is up for user testing. The developer team revealed that the bridge will facilitate transfers of tokens between the two blockchains.

Update from a Shiba Inu team member LUCIE gave more updates on the connectivity as disclosed by Shiba Inu lead developer Shytoshi Kusama. The developer stated that the kick-off of the bridge will enable the transfers of testnet ether tokens to Shibarium.

Further, Kusama noted that each token transfer could take a maximum of 30 minutes. But the real assets are still not supported on the bridge as of July 28.

Shibarium is expected to be launched in August and will use the tokens within the Shiba Inu ecosystem. These include SHIB, BONE, TREAT, and LEASH, which will facilitate applications developed on the blockchain.

Additionally, the decentralized organization run and governed by the Shiba Inu community, SHIB DoggyDAO, will support Shibarium after its launch.

FTX and Genesis Reach In-Principle Agreement For Bankruptcy Case Settlement

Bankrupt crypto exchange FTX and crypto lender Genesis have struck a settlement plan over the claims from FTX in its bankruptcy case.

The legal counsels for both companies sent a letter to bankruptcy Judge Sean Lane on July 27, stating their consent for a resolution. Howbeit, the agreement was in principle and lacked details on settlement terms.

While under court supervision, both bankrupt firms initiated moves of recovery of funds from creditors. The settlement aims the resolve the claims by FTX against Genesis debtors and vice versa. Also, it would further trash out pending motions to the claims.

Both parties requested that the court adjourn impending deadlines on current motions and due briefs, allowing them enough time to finalize terms.

The letter cited: “The Parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX Debtors against the Debtors in these Chapter 11 Cases and the claims asserted by the Genesis Debtors against the FTX Debtors in the FTX Chapter 11 Cases.”

Before now, FTX alleged that Genesis, owned by Digital Currency Group, owes the exchange $4 billion. But a letter FTX sent to Judge Lane earlier this month reduced the amount to $2 billion.

Crypto.com Gets Regulatory Approval from The Dutch Central Bank

A leading cryptocurrency platform, Crypto.com, has bagged approval from the Netherlands’ central bank, De Nederlandsche Bank (DNB).

The approval complies with the country’s Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and comes after a thorough review of Crypto.com’s business and compliance procedures.

Crypto.com can now function as a provider of cryptocurrency services official in the Netherlands. This is a remarkable step for the crypto exchange in highlighting its commitment to operate within regulatory guidelines.

Reacting to the new development, the CEO of Crypto.com, Kris Marszalek, mentioned it’s a significant milestone in the exchange’s feats. This reflects the firm’s commitment to compliance.

Marszalek said: “Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com.”

The Dutch approval is part of numerous regulatory licenses secured by Crypto.com globally. Others include a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services from the Monetary Authority of Singapore, a registration license from the UK’s Financial Conduct Authority, etc.