Crypto Market Outlook – The Trend Of Crypto Events On June 28, 2023

As of June 28, the overall crypto market outlook depicts a gloomy situation. The tune is slowing down as the bears build more momentum.

The market is gradually shedding off some of the value in the past day’s activities. The cumulative crypto market cap slightly declined over the past 24 hours.

Bitcoin is slowly sliding down as the bullish force keeps retracting. At the time of writing, BTC has reduced by 0.45% over the past 24 hours. 

The downward trend in today’s market has spread across several crypto tokens. Most of the altcoins are also in the red, giving a more bearish outlook to the broader crypto market.

A few of the assets are still showing resilience despite the declining pattern in the market. For Bitcoin Cash, its last-day price action indicates an increase of 3.75%.

Interestingly, the market is flooded with news revealing some events occurring within the crypto community.

Crypto Asset Market Trend

As of today, June 28, the cumulative crypto market has dipped to $1.17 trillion. However, the total crypto market volume experienced a surge of 6.65% over the past 24 hours as the value hit $37.7 billion.

Here are some of the market trends for the major sectors of the crypto asset.

Bitcoin Market

During yesterday’s trading hours, the primary crypto token crossed $30,700 as the buying pressure increased.

As of today, June 28, the demand for the asset is slowly wading off and is taking the value of Bitcoin to the south. But BTC is still fighting to keep its anchor within the $30,000 region.

At the time of writing, the price of BTC is hovering around $30,300.15, indicating a drop of 0.45% over the past day. The 24-hour trading volume increased by 20.20%, hitting $17.37 billion.

With a market cap of $588.07 billion, Bitcoin still maintains a more than 50% market dominance. Currently, BTC is ranked as the third most trending crypto asset, after PEPE and KEKE tokens.

Market Trend For Major Altcoins

The bearish trend creeping into the crypto market also captures most altcoins, with most of the assets trading in the red.

Ethereum is facing a downward push as the price of ETH is currently at $1,861.95. The second-largest crypto asset by market cap lost more than 1.12% over the past 24 hours.

Similarly, ETH’s 24-hour trade volume dipped by 5.27%, reaching $7.944 billion. Ethereum’s market cap is $223.60 billion, with a market dominance of 18.41%.

Just a few altcoins witnessed a surge over the past 24 hours. These include the likes of Stellar XLM, which rose by 6.07% over the last day as it trades around $0.1007.

Some of the altcoins that declined in price in the past day include BNB, Cardano (ADA), XRP, Polygon (MATIC), Polkadot (DOT), Solana (SOL), and others. Their respective losses in value are 2.33%, 2.96%, 0.89%, 4.88%, 2.11%, and 3.42%.

According to CoinMarketCap, Stellar (XLM) is ranking third on the list of top gainers as of June 28, after Compound (COMP) and VeChain (VET). However, Optimism (OP) emerged as the top loser for the day.

DeFi Market

The DeFi market is not an exception to the bearing trend in the broader crypto market today, as most of the tokens are in the red. The general DeFi market records a 2.95% decline in the cumulative market cap, which currently sits at $46.28 billion.

Also, the total trading volume for DeFi coins dropped by 16.18% to hit $2.09 billion. The DeFi market volume constitutes about 6.23% of the total crypto market 24-hour volume.

Bitcoin Cash still maintains the lead in the list of DeFi tokens though it dipped by 1.35% in the past day. One of the DeFi coins that indicated a thrilling performance for the day is Ellipsis (EPS).

According to data from CoinMarketCap, Ellipsis surged by a whopping 529.93% over the past 24 hours with a trading price of $0.1614.  Its market cap is currently at $116.83 million, with a 24-hour trading volume of $295K.

Stablecoin Market Trend

The outlook of the stablecoin market gives a downward performance of the tokens. The overall stablecoin market cap is $128.17 billion, indicating a decrease of 0.26% over the past day.  

Also, the 24-hour trading volume of the stablecoins is currently $32.46 billion, following a decrease of 4.94%. Most of the stablecoins were seen to be pegging from their fiat-backed value during some of the trading hours. 

These include Tether (USDT), Binance USD (BUSD), TrueUSD (TUSD), Dai (DAI), Pax Dollar (USDP), Gemini Dollar (GUSD), and others. Tether (USDT), USD Coin (USDC), and Dai (DAI) are the respective three top stablecoins according to CoinMarketCap ranking.

NFT Market Trend

The NFT market outlook for today displays an element of surprise with the ranking of the top collections. 

The famous Bored Ape Yacht Club (BAYC) collectibles have gradually gone down the list to take the fifth position. BAYC witnessed a drop of 1.98% in its average price, which is now 36.37 ETH.

Azuki still maintains the first position on the ranking of NFTs. It recorded an increase of 178.40% in its trade volume, which hit 13,446.36 ETH. Azuki Elemental Beans, Azuki Elementals, and Beanz took the second, third, and fourth top positions respectively.

The sales volume in the NFT market surged by 23.87% to reach $85.15 million. However, its total number of sales is 61,654, indicating a drop of 23.29% over the past day. The cumulative market cap for the NFT market is currently at $3.39 billion as of June 28.

Crypto Market News And Events For Today

Amid the strict regulatory approach in the US, Kraken records a surge in trading volume, outperforming other CEXs. Also, Dogecoin investors’ lawsuit against Musk and Tesla gets a twist.

Here are the details of some latest news and events in the crypto space.

WW2 Supply Chain Model Could Become The New Mining Strategy For Bitcoin

Bitcoin miners are looking for methods to enhance their mining efficiency while waiting for the 2024 Bitcoin halving.

According to a report from HashRateIndex, miners now compare the recent mining difficulties with those seen during the halving epoch of 2016-2020. 

Following their discoveries, the miners are proposing a shift to the WW2 supply chain logistics as a possible solution. A mathematician, George Dantzig, created the Simplex Method inWW2. The method involves a supply chain optimization algorithm.

Bitcoin miners believe that the method would be beneficial in solving the challenges seen with complex optimization. An example of the application of the method is shown in Balmy mining, a hypothetical venture which handles operational problems such as power costs and capacities.

The miners used the venture to analyze the power and capacities of the crypto-mining rig model. This process is just similar to a linear programming decision model. 

The venture could optimize a model’s mining income by back-testing the optimal power setting across the fleet. But the miners would also have to adapt to the volatility of hash-price and readjust their operations to fit in.

With the application of the WW2 supply chain model, miners understood a comprehensive efficiency analysis in coping with the changes in the BTC price of hash-price.

Also, it serves as a measure for the miners to ensure optimal returns from their mining activities while focusing on the upcoming 2024 Bitcoin halving.

Stellar (XLM) Maintains An Upward Move Amid The Bearish Trend In The Broader Market

The broader crypto market is experiencing a correction today, but Stellar XLM continues its bullish trend. 

Stellar is a P2P DeFi platform that provides seamless connectivity of global financial systems. It links financial institutions and payment providers, which offers its users seamless operations on the network.

Its native token, XLM, has been maintaining an upward tick over the past 7 days though most assets struggle to keep their value.

Currently, Stellar takes the third position on the list of top gainers for the day, according to data from CoinMarketCap. Also, the token recorded an over 22% increase in its seven-day price action.

Stellar XLM has been scaling up its value as it rides with the bullish force that hit the crypto market over the past few days. Its impressive growth indicated a more than 24% surge over the past 14 days.

Similarly, its trading volume is not left out with the increasing price trend. XLM saw a more than 316% surge in its trading volume within a 24-hour that signifies the growing demand for the token.

The spark in the activity for XLM skyrocketed the trade volume to over $200 million from its previous level of below $60 million. At the time of writing, XLM’s 24-hour trade volume is currently at $221 million.

Trading at around $0.1022, XLM broke the critical resistance level at the $0.1000 region. It has regained support at $0.10200 and may reach the $0105 mark with a continuous bullish impact.

Part of the contributory factors to the recent bullish trend from Stellar could be Coinbase’s integration with Stellar.org. On June 23, the US largest crypto exchange Coinbase integrated USDC stablecoin on Stellar.

The integration allows Coinbase users to deposit or withdraw USDC through the Stellar network.

Twist In Dogecoin Lawsuit As Plaintiffs Demand The Dismissal Of Musk And Tesla Counsel

The CEO of Tesla, Elon Musk, is currently facing a class action lawsuit from Dogecoin investors.

According to case documents, the attorneys for the plaintiffs alleged that Musk and Tesla deceived Dogecoin investors, leading to a massive loss in their investments.

A report from Reuters revealed that attorney Evan Spencer from Evan Spencer Law is the lead of the lawyers for the plaintiffs. 

The plaintiffs’ lawyers accused the billionaire of manipulating DOGE market prices with his numerous promotional antics. But Musk later disposed of his DOGE holdings at a profit after the price surged.

In a twist of the case, the plaintiff’s lawyers demand the dismissal of Musk and Tesla’s counsel. The lead attorney Spencer requested that the legal team for the defendants, which include Allison Huebert and Quinn Emmanuel, should not be allowed to represent them in the lawsuit.

Musk’s engagement with Dogecoin is not based on a one-off incident. Over the years, the popular billionaire has shown a deep commitment to the global largest meme coin by market cap.

Musk had featured several public endorsements and influences for Dogecoin, which brought spikes in the token’s value. Using his Twitter page which boasts over 145 million followers, Musk created frequent discussion and promotions for DOGE.

Musk’s tweets on Dogecoin always come in diverse forms; some are funny memes, while some are direct acknowledgments of the crypto asset. 

An instance of Musk’s post is when he mentioned that Dogecoin is ‘the people’s crypto.’ The plaintiffs’ lawyer Spencer alleged that Musk’s promotional activities on Twitter for Dogecoin could differ from Tesla’s best interest.

 In the lawyer’s opinion, Tesla could turn against Musk, creating a conflict of interest that could disorient the legal counsel in representing the defendants without partiality.

InQubeta (QUBE) Presale Witnesses A Spike Amid BlackRock’s Daring Move On BTC ETF

The world’s largest asset manager BlackRock took a daring move to engage in a spot Bitcoin ETF. 

The application from the manager, which boasts over $9 billion in AUM, is among the recent ones waiting for their operational license.

Blackrock is partnering with Coinbase, the US largest crypto exchange, in its focus on BTC ETF. This move from the asset manager is drawing more attention to the crypto industry and could trigger optimism in the space.

Once the US Securities and Exchange Commission (SEC) approves the application for BlackRock, it could serve as a growth catalyst for both Bitcoin and the broader crypto market. 

This is partly because BlackRock is one of the reputable firms that could influence the trend of most market operations. In a positive trend from BlackRock’s move, InQuebeta is making impressive waves as a special AI project.

The AI-powered crypto funding platform is gradually raising a strong community with its unique and attractive presence in the industry. InQubeta offers investors the opportunity to engage with AI giants and enjoy the revolutionary move in the ecosystem. 

The crypto project is creating more excitement for investors to participate and reap more returns in the future through its presale. The presale has seen rising support from investors and has an entry amount of $50, creating room for all levels of participation. 

Also, it allows investors to purchase QUBE coins using Bitcoin, USDT, ETH, BNB, and other crypto assets. The uniqueness of InQubeta is seen in its design as an AI-based crypto project.

This AI project is redefining the crypto space with enhanced transparency, security, and trust. Also, InQubeta provides a special crowdfunding approach through the use of fractionalized NFTs. 

Investors could engage in funding rounds through InQubeta’s NFT marketplace and get NFTs that represent their ownership stakes in funded projects.

Kraken Outperforms Other US CEXs Amid Tough Regulations

The regulatory tension in the United States has been soaring, with most centralized crypto exchanges (CEXs) standing at the edge. 

The pressure is gradually lowering crypto liquidity from exchanges operating within the US jurisdiction. The likes of Binance and Coinbase have seen lawsuits from the US Securities and Exchange Commission (SEC) in early June.

But the story seems different for Kraken, the US’s second-largest crypto exchange. According to a report from a crypto data provider, Kaiko, Kraken stands as the only CEX to record a surge in its year-to-date (YTD) market depth.

Market depth measures an exchange’s ability to absorb relatively large market orders and show no remarkable impact on the asset’s price. It represents the availability of liquidity on a platform.

Kraken takes the lead in the US market, outperforming its competitors. The activity is also prominent through the measure of the supply of Bitcoin on the exchanges.

Bitcoin on Kraken indicated a continuous rising pattern through May and June. But on Coinbase, BTC dropped steeply in May and formed a plateau in June.

Also, Kraken witnessed an increase in its trading volume in the European market. The market share rose from 33% at the start of the year to 54% as of June 28.

Kaiko further indicated that the surge for Kraken is an off-shoot from Binance and Coinbase. Notably, the SEC’s regulatory crackdown on Binance and Coinbase diverted many trading activities to the Kraken exchange.

EDX Markets Changes Plans On Using Paxos As Custodian

The newly launched crypto exchange EDX Markets has reportedly changed its plans to use Paxos as a custodian.

According to a report from Bloomberg, EDX Markets has canceled its partnership with the blockchain company Paxos. The previous plan was to have Paxos as the exchange’s crypto custodian, offering its users direct access to the platform.

Paxos revealed that EDX shifted to a non-custodial offering during its launch. But the blockchain firm still mentioned its support to the exchange, hoping to aid EDX’s customers as its user-base increases in the future.

EDX Markets was launched on June 20 and provides trading services for just four crypto assets, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). 

The new exchange is backed by some financial giants like Citadel Securities, Paradigm, Fidelity Digital Assets, Charles Schwab, Sequoia Capital, and others.