Crypto Market Outlook – The Trend of Crypto Events On July 5, 2023

There is a bearish trend in the outlook of the crypto market as of July 5. The overall crypto market plummeted by 2.64% over the past day.

Bitcoin has lost its anchor on the $31,000 region as the bulls retracted from the market. The altcoins are not exempted from the downward trend within the broader crypto market. 

Most crypto tokens are left in the red as their values dip. Also, other market sectors are trapped in the gloomy disposition of the crypto market.

Current Trend Of The Digital Asset Market

According to data from CoinMarketCap, the overall crypto market cap has dropped to $1.18 trillion. The cumulative 24-hour trading volume of the market witnessed a whopping decrease of 11.34% as the value slid to $31.84 billion.

The stablecoin market comprised about 89.93% of the total crypto market’s 24-hour trading volume. Interestingly, the Fear and Greed Index scaled up to 63, leaving the market sentiment with more steps at Greed. 

The indicator highlights that crypto investors could still maintain a single-minded focus on getting more profits from the market. Below are the trends of the major market sectors.

Bitcoin Market

Bitcoin is caught in the web of the bears that pushed the overall market activities to the south.

As the crypto market bleeds, the primary crypto asset has once again lost its hold at the $31,000 mark. At the time of writing, the price of Bitcoin is $30,388.13 showing a drop of 2.03% over the past 24 hours.

Subsequently, BTC’s market cap currently resides at $590.06 billion, while its dominance over the altcoins increased by 0.04% to sit at 49.62%. Its 24-hour trading volume dipped by 20.22% to hit $13 billion.

Market Trend for Major Altcoins

The market trend for the altcoins is on the lower side as of July 5. Almost all the altcoins lost their reclaimed value over the past 24 hours.

Ethereum experienced a great downward pull as the token struggled to maintain its support level at the $1,900 region. Currently, ETH is trading at $1.906.97 after dipping by 2.64% over the past 24 hours. Its market cap is $228.67 million.

BNB dipped by 2.52%, XRP by 2.02%, Dogecoin (DOGE) by 3.36%, Cardano (ADA) by 2.92%, Litecoin (LTC) by 4.55%, and Solana (SOL) by 3.42%. Similarly, Polkadot (DOT) decreased by $5.19%, while Polygon (MATIC) dropped by 3.71%. 

Data from CoinMarketCap highlights Enjin Coin (ENJ) as the top gainer for the day with a surge of 0.92%. Compound (COMP) emerged as the top loser, decreasing 11.21% for the day.

DeFi, Stablecoin, And NFT Markets

With the gloomy appearance of the crypto market today, the constituting market sectors reflect the downward trend in most activities.

The DeFi market recorded a market cap of $47.89 billion, indicating a drop of 3.4% over the past day. But its 24-hour trading volume slightly increased by 0.73% to hit $2.800 billion.

The stablecoin market cap plummeted by 0.03%, reaching $127.64 billion. With a decrease of 6.19%, the market’s 24-hour trading volume slid to $29.61 billion.

Subsequently, most stablecoins de-pegged from their fiat currency value during the day’s activities. The NFT market was not left out in the prevailing bearish trend. The current market cap sits at $2.76 billion.

The 24-hour sales volume dipped by a whopping 26.59% to $26.87 million, while the number of sales dropped by 29.64% to hit 49,407. Surprisingly, Azuki reclaimed the first position on the list of NFTs with a trading volume of 2,770.24 ETH following a 58.61% surge.

Crypto Market News And Events For Today

Here are some news and events that shaped the crypto market as of July 5.

Terraport Exploiter Drains Additional 590 Million LUNC

The recently attacked Terraport Finance, the Terra Classic-based platform, witnessed an additional drain of 590 million LUNC tokens. A prominent community member, reXx, took to Twitter to report the incident.

According to reXx, the attacker passed through six different addresses to move the funds worth over $88K. Also, he claimed that the team behind the project, TerraCVita, had shown negligence in handling the situation.

Further, reXx shared the information of the addresses involved in the stolen funds with another community Danny Demi. He stated that he would delete all details of the exploit from his PC and never bait an eye on the issue. Rather, Demi would handle all other sides of the investigation on the attack.

UK Lawmakers Approve Legislation To Seize Crypto

UK lawmakers have deliberated the Economic Crime and Corporate Transparency Bill changes. On July 4, the bill saw its third reading at the UK upper parliament house, also known as the House of Lords.

The government initiated the bill on September 22 as part of its approaches in support to fight against financial crimes on crypto. 

On June 27, the bill underwent reconstruction, proposing the amendment of existing frameworks. The change focused on empowering enforcement authorities to seize and recover crypto assets associated with criminal activities.

But there was no proposal for changes to the bill by the lawmakers. Rather, they referred to the recommended changes as minor amendments.

Valkyrie Uses Coinbase As Surveillance Partner In Another Spot BTC ETF Application

Valkyrie, an asset manager, has submitted another application for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). The refiling indicated that the asset manager is now using the US’s largest crypto exchange Coinbase as its surveillance partner.

The latest application from Valkyrie is coming after the largest global asset manager, BlackRock, and Fidelity, also used Coinbase for the exact purpose.

Through its fresh 19b-4 paper filing, Valkyrie disclosed that its surveillance-sharing agreement has Coinbase as the partner. The exchange is expected to support eliminating market manipulation regarding the asset manager’s operations.

The SEC has stated that most of the former applications on its desk for a spot BTC ETF are inadequate. The applications lacked proper surveillance-sharing agreements.

Subsequently, some applicants, such as BlackRock and Fidelity, have refiled their applications. Valkyrie has now joined the group with the latest refiling. The Tennessee-based firm first filed for a spot BTC ETF in 2021.