Crypto Market Outlook – The Trend of Crypto Events On June 29, 2023

After the downtrend in most assets yesterday, the crypto market is gradually showing signs of recovery today, June 29. The positive sign is reflected in the cumulative crypto market cap, which surged by 0.10% over the past 24 hours.

Bitcoin is pushing upward after its price loss yesterday, regaining its value by 0.96% over the past 24 hours. For the altcoins, the price recovery seems to be slower, as most are still in the red. 

Just a few of the altcoins are indicating signs of price increase over the past 24 hours. These include Solana (SOL), BNB, Polygon (MATIC), Stacks (STX), Lido DAO (LDO), UNUS SED LEO (LEO), Bitcoin Cash (BCH), and others.

Current Trend Of The Digital Asset Market

According to data from CoinMarketCap, the overall crypto market cap sits at $1.171 trillion. The market strived forcefully against the bears yesterday to recover with a 0.10% increase over the past day.

The total crypto market 24-hour trade volume is $29.62 billion after plummeting by 21.48%. Below are the trends in the key sectors of the crypto market for the day.

Bitcoin Market

Following its dip to as low as $30,083 during trading hours on June 28, BTC is gradually reclaiming its value.

At the time of writing, the price of Bitcoin hovers around $30,599.87, indicating a surge of 0.96% over the past 24 hours. Its market cap is currently sitting at $593.62 billion.

With the increasing bullish forces, the price of BTC could break the $31,000 resistance level to bring more unexpected returns for traders. Bitcoin is proving its dominance over the altcoin, which scaled by 0.20% over the past day to hit 50.40%. 

However, Bitcoin witnessed a drop of 26.68% in its 24-hour trading volume, which fell to $12.87 billion. BTC is still retaining its stance as the third most trending crypto asset, according to CoinMarketCap.

Market Trend For Major Altcoins

Though the crypto market has been indicating a slightly positive turn today, some altcoins are not in line with the flow.

Ethereum is among the altcoin that shows sustainable traits in its value. Over the past day, ETH grew by 0.31% as the price hovered around $1,866.86.

ETH is maintaining solid support above the $1,820 market, which is favorable for buyers. But increasing selling pressure could distort the support level and push the price of Ethereum to the south.

Currently, ETH’s market cap is $224.34 while the market dominance slightly surged to hit 18.37%. The 24-hour trade volume for Ethereum plummeted by 23.30%, pushing the value down to $6.27 billion.

XRP, the crypto token of the prominent blockchain company Ripple, is still hovering below the $0.500 price region. At the time of writing, XRP is trading at $0.4723, highlighting a decrease of 0.82% over the past 24 hours. 

However, the token has maintained its position as the sixth-top crypto asset with a market cap of $25 billion. Amid the gloomy outlook of the crypto market, more investors are still sticking with XRP.

The increasing participation in the XRP markets is seen as the 24-hour trade volume that surged by 13.90% to hit $925 million. Other altcoins that witnessed a drop in value today include Litecoin (LTC), Polkadot (DOT), Avalanche (AVAX), Dogecoin (DOGE), OKB, and others. 

The tokens plummeted by 0.67% and 0.30%. 0.28%. 1.29% and 1.41%, respectively, over the past day. Some of the daily gainers include BNB, Cardano (ADA), Polygon (MATIC), Bitcoin Cash (BCH), etc.

Impressively, Solana surged by 12.46% over the past day as the price traded at $18.17. With its bullish indication, SOL emerged as today’s top gainer, according to CoinMarketCap. Conversely, XDC Network (XDC) bagged the top loser for the day.

Decentralized Finance (DeFi) Market

The impact from the bears is still hovering around the DeFi market as most tokens still record a decline in value. As of June 29, the DeFi market saw a decline of 0.34% in its market cap, with the value hitting $46.77 million. 

But the 24-hour trade volume grew to $2.58 billion, showing a spike of 22.71%. Today, the DeFi market volume represents 8.03% of the total crypto market volume. 

Bitcoin Cash (BCH) is still the leading list of DeFi tokens with a market cap of $4.80 billion. BCH’s price is currently around 430,480, showing a surge of about 0.47% over the past 24 hours.

Some of the DeFi tokens that recorded a surge for the day include Aave (AAVE), Maker (MKR), Injective (INJ), and Curve DAO Token (CRV). Compound (COMP) indicated an outstanding performance as the token saw up to a 23.23% increase. The price climbed to $50.36 

Stablecoin Market Trend

The stablecoin market is still highlighting an overall downward tune today.

According to data from CoinMarketCap, the 24-hour trading volume in the stablecoin market is at $29.75 billion after dipping by 5.46%. The market cap is $128.20 billion. The outlook in the stablecoin market shows the bears are still affecting most coins’ stability.

Subsequently, the market witnessed some stablecoins de-peg from fiat currency. Some of the tokens that de-pegged significantly include Tether (USDT), Dai (DAI), TrueUSD (TUSD), Pax Dollar (USDP), TerraClassicUSD (USTC), Frax (FRAX), and others.

On average, USD Coin (USDC) maintained a strong anchor at its peg to $1.00 

NFT Market Trend

The outlook of the NFT market indicates a significant drop in the overall market activities.

According to data from CoinMarketCap, the NFT market saw a huge drop in its sales volume. The 24-hour volume plummeted by 61.97%, with the value sliding to $33.37 million.

Also, the total number of sales dropped by 39.71% over the past 24 hours, with just about 48,443 sales made. The cumulative NFT market cap is currently at $3.36 billion.

Azuki still retains the top position on the list of NFT collections. But this NFT collectibles witnessed a whopping decline of 73.38% in its 24-hour trade volume, which hit 3,579.5 ETH. Azuki’s Average price also plummeted by 2.34% as the value moved to 9.6718 ETH.

Azuki Elementals took the second position with a 24-hour trade volume of 2,463.1 ETH, indicating a drop of 67.92%. The famous Bored Ape Yacht Club (BAYC) is ranking as the fourth top NFT with a 24-hour trade volume of 1.411.17 ETH after decreasing by 52.03%.

Crypto Market News And Events For Today

The crypto market witnessed some events and news that impacted most assets.

Ex-SEC Chair Clayton criticized the current Chair Gensler for his crypto litigation tactics. Also, Ethereum co-founder Joseph Lubin maintains that ETH is a commodity, not a security.

Here are the details and more of the latest news and events related to the crypto industry.

Ethereum Co-Founder Vitalik Buterin Expresses Disappointment Over A Key Crypto Element

The co-founder of Ethereum, Vitalik Buterin,  has expressed disappointment over a major crypto element. Buterin revealed his thought during a Twitter Ask Me Anything (AMA) session.

While answering a question from the crypto enthusiast David Hoffman, Buterin disagreed with some people’s perception of crypto. He expressed disdain for tokenization as the primary breakthrough in crypto.

According to the co-founder, tokenization has contributed some bits to the advancement of crypto. He noted that the process aided the emergence of new economic models and their accessibility in financial transactions. 

However, Buterin maintained that tokenization is still a tiny aspect of the wider scope of crypto technology and its potential. He further argued about the transformative capacity of the technology and its broader potential.

In crypto, tokenization has redefined the landscape of economic models. Also, the technology expanded the playing ground for users as they have wide access to financial instruments.

Usually, tokenization is a process that converts physical assets into digital tokens. The process has offered several benefits, such as increased liquidity, support for fractional ownership of tokens, and provided more investment avenues.

Also, through tokenization, more participants worldwide have joined the financial train of digital activities, which was formerly exclusive to a handful. But Buterin acknowledged that tokenization is just a facet of the overall crypto capacities in the virtual world. 

Ex-SEC Chair Challenges Gary Gensler’s Crypto Litigation Tactics

The former US Securities and Exchange Commission (SEC) Chair Jay Clayton has challenged the present Chair, Gary Gensler, over his crypto litigation tactics.

During a recent CNBC interview, Clayton expressed dissatisfaction with Gensler’s regulatory stance on the crypto industry. Under Gensler’s leadership, the SEC has initiated a crackdown approach on the crypto industry. 

In early June, the regulator filed lawsuits against top crypto exchanges Binance and Coinbase, generating criticism both within and outside the crypto space.

Clayton felt disdain about Gensler’s statement: “If we’re not losing cases, we aren’t suing enough businesses.” According to Clayton, such a remark is a huge deviation of the government’s role from the public’s perception.

Further, Clayton mentioned that Gensler’s enforcement action on crypto is quite misguided. He said it’s quite hurtful to see the government going after cases that they expect to lose.

According to Clayton, regulators should only engage in legal battles when they have the confidence of the courts upholding their claims.

The interview with the former SEC chair has generated many reactions in the crypto community concerning SEC’s recent litigations.  Several comments are building the opinion regarding the right role of the government in crypto regulations.

Also, many call for effective and balanced regulatory measures that provide clarity and support the development of the crypto industry.

In his reaction, the co-founder of the Gemini exchange, Cameron Winklevoss, stated that Gensler’s actions were a display of complete abuse of power.

Pro-XRP Attorney Points Out SEC’s Breach Of Allegiance

The lawyer representing XRP holders in the ongoing lawsuit with the US SEC, John Deaton,   highlighted the SEC’s breach of allegiance. 

Deaton’s reaction is coming after the former SEC’s Chair Jay Clayton criticized SEC Chair Gary Gensler on his regulatory approach.

During an interview with CNBC, Clayton slammed Gensler regarding his crypto regulatory measures. Clayton stated that SEC could only file for lawsuits it expects to pass judicial ruling.

According to Deaton, Clayton’s criticism is a confirmation of what the Federal judge stated about SEC’s lawyers. He mentioned the importance of having a good faith basis in a case before one can apply the law and expect to win.

A Federal judge earlier revealed that SEC lawyers were playing hypocrisy in their ongoing SEC vs. Ripple case through a written order. The judge stated that the SEC counsel lacks faithful allegiance to the law.

Deaton noted that the judge has also mentioned that SEC lawyers are just focused on protecting and facilitating their agenda and failed to follow the law.

Ethereum Co-Founder Joseph Lubin Says ETH Is A Commodity

A co-founder of Ethereum, Joseph Lubin, has reiterated that ETH is a commodity and not a security. Lubin related this thought during a recent interview with Bloomberg.

According to Lubin, some US regulators, including the Securities and Exchange Commission, have incorrectly believed that ETH is security.

The co-founder stated that it’s a foregone conclusion that ETH should be categorized as a security. The classification requires that ETH should be treated just like gold, silver, natural gas, oil, and other physical items.

Further, Lubin reminded all the regulators to stop classifying Ethereum as a security. He noted that some regulators are yet to acknowledge that ETH should enter the commodity list.

Both CFTC and SEC have been displaying controversial positions in their classifications of digital assets. The CFTC’s Chair, Rostin Behman, stated that BTC and ETH are both commodities and not securities in October 2022. 

However, Behman later changed his statement, pointing out Bitcoin as the only digital asset that is a commodity. On his part, the SEC’s Chair, Gary Gensler, seems more indecisive in his position regarding the matter. 

Before now, Gensler highlighted some assets that are not in the class of securities, including Bitcoin and Ethereum. But Gensler later quoted BTC as an asset that is a commodity without giving any remark regarding the status of other crypto tokens.

Shiba Inu, Lead Developer, Says SHIB Is Moving Outside The US

Shytoshi Kusama, the pseudonymous lead developer of Shiba Inu, created a stir in the SHIB community with a cryptic tweet about SHIB’s movement. Following the tweet, the price of SHIB made a progressive recovery in the crypto market.

According to Kusama, SHIB is going somewhere. The developer included a video with pictures of a megapolis and skies and the SHIB image.

The trend of the video shows quick changes between the main objects and a text line moving through it. The text reads: “Something is coming. Actually, we are going somewhere.”

The tweet has raised many questions from the Shiba Inu community and members, giving suggestions as to where SHIB is going. Kusama later dropped a hint to the inquisitive replies and guesses through the Shibarium Tech Telegram channel. 

The developer stated: “Shib is going somewhere outside the USA,” which also sparked more guesses from the SHIB community.

Further, Kusama expressed his excitement about the upcoming launch of Shibarium. However, he gave no detailed information or hint regarding the release of the Shiba Inu Layer 2 network.

Following Kusama’s tweet, Shiba Inu slightly recovered its value. At the time of writing, SHIB is trading at around $0.000007355, with a 0.07% surge over the past 24 hours.

The 24-hour trading volume for the second-largest meme coin by market cap increased by 0.61% to hit $98 million. Its market cap is currently at $4.33 billion, with SHIB ranking as the nineteenth top crypto asset, according to CoinMarketCap.

Cathie Wood’s ARK Amends Bitcoin ETF Application

Cathie Wood’s investment management firm, ARK Invest, is among the companies that are waiting for the SEC’s approval of their Bitcoin ETF applications.

In the latest development, ARK Invest and 21Shares, a crypto asset manager, amended their application documents for a spot BTC ETF.  The amended application now includes the submission of a surveillance-sharing agreement.

A surveillance-sharing agreement demands firms disclose information to regulatory bodies to eliminate the possibility of market manipulations. 

Before now, market manipulations have been a major reason for the SEC rejections of several BTC ETF applications. Also, the regulator noted that the rejected ETF proposals had not included a surveillance agreement. 

The amendment from the investment manager is coming two weeks after the largest global asset manager BlackRock applied for a spot in Bitcoin ETF. 

The latter display of interest in Bitcoin exchange-traded fund (ETF) spiked a wave of reactions in the crypto industry. In its application, BlackRock included the surveillance agreement, standing out as a model for the like of ARK and 21Share to copy.

Both ARK Invest and 21Shares applied for a spot BTC ETF in April, while BlackRock’s applicating came in mid-June. So, even with the amendment of the filings, the firms could receive SEC’s approval before BlackRock.

According to ARK’s filing, the investment manager would enter a surveillance agreement with the Chicago Board Options (CBOE) BZX Exchange tagged “Spot BTC SSA.” 

CBOE is a prominent securities and derivatives market in the US that offers collateralized BTC and ETH futures.