Crypto Market Outlook – The Trend of Crypto Events On June 30, 2023

The outlook for the crypto market today, June 30, displays a bullish stance as the first half of the year wraps up. Most crypto assets are in the green as their value soar higher with an aggressive force of recovery.

Following the overturning move from the bulls, the cumulative market cap witnessed a slight rise over the past day. According to data from CoinMarketCap, the general crypto market cap surged by over 2.03%.

Bitcoin has continued with its upward climb with more intensity and determination. The primary crypto asset broke the resistance level at the $30,800 mark as crypto market volatility increased.

Similarly, more of the altcoins are following the positive move. The trend revealed that the majority of the tokens saw a double-digit percentage increase in 24 hours, while a few are in the red.

Some news and events within the crypto market added to the generally positive outlook.

Current Trend Of The Digital Asset Market

Today, June 30, the overall crypto market depicted the bullish trend with a total capitalization of $1.20 trillion. Several activities within the market led to an increase of 2.03% over the past 24 hours.

Also, the 24-hour trading volume of the crypto market has hit $40.42 billion, indicating a whopping surge of 37.08%. Below are the trends of the major sectors of the crypto market as of June 30.

Bitcoin Market

Bitcoin rode with the forces of the bulls and entered the $30,800 region. At the press writing, BTC is trading at $30,818.75, following an increase of 1.21% over the past 24 hours. The primary crypto asset now boasts a market cap of $598.18 billion.

Interestingly, Bitcoin’s bullish trend is accompanied by a whopping 40.27% increase in its 24-hour trading volume. The surge took the value of the trade volume to $18 billion. Additionally, data from CoinMarketCap ranks BTC as the fourth most trending crypto asset for today.

Though Bitcoin’s dominance over the altcoins plummeted by 0.34% over the past day, it still maintains a 50.06% of the crypto market value.

Market Trend For Key Altcoins

The crypto market highlights most altcoins in the green with a significant rise in their prices.

The second-largest crypto asset by market cap, Ethereum, maintained its tabs on the $1,860 region targeting to break the $2,000 resistance level.

ETH has reclaimed some value with an increase of 1.73% over the past 24 hours. The price is currently around $1,887.81, with a market cap of over $227.60 billion.

Further, the increasing market volatility saw Ethereum hitting a 29.06% surge in its 24-hour trading volume. The value of the trade volume has hit about $7.57 billion.

Despite the recent tension surrounding the leading crypto exchange Binance, its native token, BNB, is trading at $240.03, showing a rise of 2.35% over the past 24 hours. 

As the fourth-largest crypto asset by market cap, BNB boasts a value of $37.32 billion. Other altcoins with a 24-hour price include XRP, Cardano (ADA), Litecoin (LTC), Solana (SOL), Dogecoin (DOGE), Polygon (MATIC), Polkadot (DOT), Bitcoin Cash, and others. 

The tokens saw an increase of 1.75%, 7.57%, 17.33%, 7.26%, 4.38%, 4.67%, 3.65%, and 26.57% respectively.

DeFi Market

As of June 30, the decentralized market shows a significant positive performance as most of the tokens followed an upward trend.

The DeFi market soared, depicting an increase of 2.24% in its market cap in the past day. The value of the market cap has hit $47.46 billion.

The 24-hour trading volume in the DeFi market rose by 30.795, with the value reaching $2.91 billion. The DeFi trade volume constitutes about 7.13% of the cumulative crypto market 24-hour trade volume.

Wrapped Bitcoin (WBTC) maintains the top position among the decentralized finance tokens with a market cap of $4.84 billion. WBTC witnessed a slight price surge of 0.61% within the past 24 hours as the value hovers around $30,801.

Some DeFi tokens with positive price trends within the past day include Chainlink (LINK), Avalanche (AVAX), Uniswap (UNI), Aave (AAVE), Compound (COMP), Tezos (XTZ), and others.

Conversely, here are some DeFi tokens the values plummeted over the past 24 hours. Linear Finance (LINA) dipped by 3.03%, Stacks (STX) dropped by 0.16%, DAI by 0.03%, Tribe (TRIBE) by 0.35%, Covalent (CQT) by 1.40%, etc.

Stablecoin Market

The stablecoin market is giving a more calming outlook today as most tokens keep up their pegged value. At the time of writing, the total market cap for stablecoins stands at $127.94 billion, following a drop of 0.2% over the past day.

The 24-hour trading volume soared by a whopping 61.52% reaching $48.09 billion. Also, the stablecoin market constitutes about 91.31% of the total crypto market’s 24-hour volume.

Tether USDT still maintains the top position with a market cap of $83.35 billion, ranking as the world’s third-largest crypto asset. USD Coin (USDC) keeps the second top stablecoin position with a market cap of $27.84 billion.

Some tokens that de-pegged from their equivalent fiat value include TrueUSD (TUSD), TerraClassicUSD (USTC), Frax (FRAX), Stasis Euro (EURS), USDX Kava (USDX), and others.

NFT Market

The outlook in the NFT market indicates a more impressive performance, as most of the collections give a positive outlook. The NFT market experienced a surge of 13.93% in sales volume within the past 24 hours. The value of the sales climbed to $40.39 billion.

Also, the NFT market is currently at $3.43 billion. However, there is a drop of 23.15% in the total number of sales. Azuki NFT is still at the top of the list of NFTs, with a trading volume of $5,161.61 ETH, showing a surge of 45.46% over the past day.

Surprisingly, the famous Bored Ape Yacht Club (BAYC) climbed back as the second top NFT collection. BAYC saw an increase of 99.78% in its 24-hour trade volume that, hit 2.819.28 ETH.

Crypto Market News And Events For Today

The crypto industry is always filled with thrilling news and events. Here are some events that occurred in the crypto market as of June 30.

Binance.US Sees Increasing Crypto Discounts Amid Regulatory Scrutiny

The world’s largest crypto exchange has been under the US Securities and Exchange Commission (SEC) regulatory radar. During a recent interview with Bloomberg, the firm’s co-founder, Yi He, reacted to the exchange’s regulatory compliance.

According to the low-profile co-founder, Binance always maintains a supportive stance toward regulators in the industry despite the different approaches. She mentioned that the overall essence of regulations is to ensure maximum protection for investors.

Yi He stated: “If [regulators] took the time to understand our industry, they would see that if Binance isn’t compliant, then practically no other global trading platform or offshore company is.”

Also, the interview focused on the relationship between Yi He and Binance CEO Changpeng Zhao, which raised the thoughts of a potential conflict of interest in their leadership.

Yi He dispersed any such belief as she reiterated that their operations cover different aspects of the firm. Her work role is with the Binance team in charge of choosing the crypto assets for listing.

Also, Yi He oversees Binance Labs, the firm’s venture capital subsidiary. Her activities have been a significant push to the growth of the BNB Chain and the running of Binance’s institutional customer business and acquisitions.

In its lawsuit against Binance, the SEC alleged that Zhao has ties with market makers and manipulates Binance.US’s trading volumes.

Yi did not comment on the allegations but stated that Binance doesn’t misuse its customers’ funds. Also, it maintained that the exchange never used BNB tokens as its loan collateral.

Further, the co-founder revealed that her less participation in public roles for Binance is due to her limited English Proficiency. 

But she mentioned that her increasing interactions with Western journalists could bring a reinforcement on the idea of Binance being a Chinese firm.

Ethereum Co-Founder Vitalik Buterin Sympathizes With Solana

The Ethereum co-founder Vitalik Buterin said that he feels sorry for some major crypto protocols such as Solana. Buterin announced an open-up session for both crypto and non-crypto queries. 

The co-founder’s statement regarding Solana is coming after the SEC categorized some major cryptocurrencies like Solana (SOl), Polygon (MATIC), and Cardano (ADA) as securities.

In the query session, a user questioned Buterin about his reaction to the recent SEC regulatory stance on crypto. The Ethereum co-founder replied that he sympathized with cryptos like Solana over the regulatory crackdown.

According to Buterin, the affected blockchains don’t have to face such actions. He stated that it wouldn’t be an honorable win for Ethereum if other blockchains were kicked out from crypto exchanges. So, the situation is not even victorious when viewed long-term.

Further, Buterin explained that Ethereum’s real competition is not with other networks within the crypto industry. This is because the second-largest crypto asset by market cap has facilitated impressive expansions even in the centralized world.

The co-founder also wished that all the blockchain networks would receive a fair outcome though the regulatory uncertainty in the space keeps rising.

XRP Whales Accumulate 360M XRP Coins, Is Verdict for Lawsuit Close?

Data from a crypto analyst, Ali Charts, disclosed that XRP whales had maintained a massive accumulation spree recently. Could this new development mean a closing aspect for the Ripple lawsuit?

Many whales have gone on a buying spree as the price of XRP dipped, with Ripple vs. SEC drawing closer to a summary judgment. Ali Charts revealed that XRP whales increased their portfolio with the coins as XRP price plummeted by 12%.

According to the data, about 360 million worth almost $170 million were purchased within 7 days. Ripple’s native token moved into 2023, hovering around the $0.3399 region. Gradually, the sixth-largest crypto asset by market cap recorded a 40% surge pushing the price to $0.47.

XRP even broke the $0.50 resistance level to reach $0.54 amid the long ongoing case with the SEC. But at the time of writing, XRP is trading at around $0.4812. Its 24-hour trading volume indicates a surge of 14.79%, hitting $1 billion.

The Ripple vs. SEC lawsuit is almost closing up as the summary judgment is expected soon. Most crypto enthusiasts believe that the case’s outcome would serve as a regulatory guide and clarity in the industry.

Binance Aids Israel’s Counterterrorism Tactics Against Iran And Hezbollah

The world’s leading crypto exchange is aiding Israel in its counterterrorist fight against Iranian and Hezbollah terrorist groups. The exchange’s Sanctions Investigation Team works with Israel’s Ministry of Defense.

Binance disclosed the collaboration that fights against illegal financial crime and its perpetrators through a recent blog post. The operation tracks terrorist financing activities connected to a notorious Islamic Revolutionary Guard Corp, Quds Force.

Binance uncovered and seized several crypto assets worth millions of dollars stolen by the Quds Force for terrorism financing. The exchange’s Sanctions and Counter-Terrorist Financing investigation team identified the terrorist and halted their activity.

The Israeli National Bureau of Counter-Terror Financing (NBCTF) and the National Cybercrime Unit have appreciated the Binance team for aiding in the fight to promote global security. 

Also, the Binance Sanctions Investigations team revealed its joy in combating the Iranian terrorist group and its illicit financing move. Additionally, Binance mentioned that its team focuses only on sanctioned entities and not on innocent crypto users.

South Korea Passes First Crypto Asset Bill

As of June 30, South Korea passed its first crypto asset bill for the crypto industry. 

The bill, tagged “Virtual Asset User Protection Act,” was passed in the country’s National Assembly amid the regulatory turbulence in the US.

The legislation combines 19 crypto-related bills that aim to scale crypto oversight. Also, it would protect investors from unexpected events such as the Terra-LUNA crisis triggered by Do Kwon, Terra co-founder.

The legislation contains criminal penalties, including using non-public information, unfair practices, and market manipulation. The initial local legislation on digital assets in the country is geared to protect users and prevent illegal crypto transactions.

The bill was previously passed in May by the Political Affairs Committee of the Korean National Assembly. On June 29, the Judicial Committee of the Korean National Assembly also passed the bill. Also, the South Korean Financial Services Commission (FSC) would have regulatory power.

The bill further noted that while FSC would be overseeing crypto operators and custodians, the Bank of Korea would be in charge of probing such crypto entities. 

Also, crypto companies in the country must provide insurance coverage, reserve funds, and maintain adequate records of their operations.

The rules apply to crypto assets like Bitcoin, but the Capital Markets Act would handle assets under the security class. There is a plan for a second phase of preparation of the crypto assets’ regulation before the implementation. 

This later phase will involve negotiation with several relevant agencies like the Ministry of Strategy and Finance, the Ministry of Justice, the Ministry of Science and Technology, and the Bank of Korea.

Also, other parties involved include the prosecution, the police, the Financial Supervisory Service, and the Ministry of Administrative Security.

Spot Bitcoin ETF Filings Are Inadequate, Says SEC

The United States Securities and Exchange Commission (SEC) has reacted to some Spot Bitcoin exchange-traded funds (ETF) filings awaiting its approval. According to a report from The Wall Street Journal, the regulator stated that most applications are inadequate.

The SEC is reacting for the first time today regarding the pile of BTC ETF filings on its desk. The regulator has been bombarded with several applications from asset management companies recently.

One of the notable applicants is the largest global asset management firm, BlackRock, which submitted its filing in mid-June. Others include Fidelity, WisdomTree, ARK Invest, Valkyrie, Invesco, Bitwise, and others.

SEC officials reportedly stated that the BTC ETF filings were inadequate. Moreover, the commission thinks that the recent applications from BlackRock, Fidelity, and others lack clarity and are not comprehensive. 

The SEC stated that the firms failed to mention the spot BTC exchange they are collaborating with for their surveillance sharing agreement. The situation is more like a technicality than an obstruction to the SEC’s approval.

Following the SEC statement, the Bitcoin price trend is reacting negatively. The primary token is seen to have lost some of its reclaimed value at the beginning of the day.

Many crypto enthusiasts are concerned about how the news could impact Bitcoin and the broader crypto market. More delay or uncertainty in getting a decision from the SEC could drastically affect the market.