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The crypto market as of July 24 is gloomy as the bears took control of asset prices. The market cap plummeted over the past day as most assets shed their values.
Bitcoin and many altcoins are in the red as well. Similarly, major market sectors are reflecting the prevailing bearish trend. However, some news and events within the crypto industry are causing notable trend reversals for some assets.
For instance, due to recent news in its ecosystem, Dogecoins has shown a positive performance over the past day.
Current Trend of The Digital Asset Market
As of July 24, the trend in the digital asset markets indicates an increasing decline in asset prices. As of 7:50 EST CoinMarketCap, data shows that the cumulative market dropped by 1.87% in 24 hours, at $1.18 trillion.
But the crypto market’s 24-hour trading volume has hit $30.79 billion following an increase of 37.96%. The Fear and Greed Index now reads 56 out of 100, indicating a NEUTRAL sentiment for the market investors.
Below are the trends of some major market sectors for today.
Bitcoin Market
The bears’ impact affects the primary crypto asset as it recorded more losses in its trend. Bitcoin witnessed a decline of 2.38% over 24 hours hitting $29,191.27. Its market cap slipped further downward to $568.19 billion.
Amid the declining price, Bitcoin posted a massive increase of 71.58% in its 24-hour trading volume, at $13.6 billion. The volume reflects the trading of 468,309 BTC tokens over the past 24 hours.
Bitcoin’s market dominance has hit 48.41%, showing a drop of 0.13% over the past day. According to data from CoinMarketCap, Bitcoin now ranks as the fifth top trending crypto asset in the crypto market.
Market Trend for Major Altcoins
The performances of the altcoins come with some mixed reactions today. But the prevailing bearish trend is more prominent in their prices.
Ethereum (ETH) has struggled to sustain its hold but has slipped into the $1,800 region. At 7:50 EST, ETH trades at around $1,852.11, indicating a drop of 1.24% in 24 hours.
Despite the decline in value, Ethereum recorded a massive surge of 34.85% in its 24-hour trading volume, reaching $5.74 billion. This reflected that more than 3.11 million ETH coins were traded within the past day.
Its market cap is currently at $222.63, and it boasts a market dominance of 18.26%, according to CoinGecko. Meanwhile, the change in the direction of prices in the crypto market created a twist for XRP and BNB.
With over 6% loss within the past 24 hours, XRP’s market cap plummeted drastically to $36.49 billion. At 7:50 EST, XRP has stepped down to become the fifth-largest crypto asset by market cap after losing more than 4 billion over the weekend.
The bears pushed the price of XRP below the $0.7000 level, as it currently trades at $0.6948. Also, its 24-hour trading volume dipped by 3.69%, reaching $1.85 billion.
Though it recorded a drop of 1.50% over the past day, BNB is currently ranked as the fourth-largest crypto asset with a market cap of $36.72 billion. The price hovers around $238.62, and its 24-hour trading volume reached $390.97 million after a surge of 38.34%.
Dogecoin (DOGE) is among the few tokens indicating an impressive crypto market performance. It witnessed a surge of over 7% within the past 24 hours, with the price hitting $0.07685.
The sudden overturn of Dogecoin is linked to the recent playful antic from Elon Musk on social media. The Twitter owner and CEO of Tesla and SpaceX updated “X Đ” as his Twitter location, which stirred the DOGE community and spiked the meme coin’s price.
DOGE is ranked the seventh-largest crypto token with a market cap of $10.76 billion. DOGE has surpassed both Cardano and Solana in the ranking of crypto assets, according to CoinMarketCap.
Its 24-hour trading volume recorded a whopping increase of 257.69% to reach $1.05 billion, indicating massive sales of over 13.64 billion DOGE coins.
Some other altcoins witnessed a decline in their value over the past 24 hours. Toncoin (TON) plummeted by 7.33%, Solana (SOL) by 4.39%, Polkadot (DOT) by 4.21%, Polygon (MATIC) by 3.91%, Litecoin (LTC) by 3.64%, Tron (TRX) by 3.07%, and Cardano (ADA) by 2.50%.
Bitcoin Cash (BCH) and Shiba Inu (SHIB) dipped by 3.66% and 1.32% respectively.
According to CoinMarketCap, Trust Wallet Token (TWT) is the day’s top gainer, with a surge of 6.48%. Dogecoin (DOGE) emerged as the second top gainer of the day.
On the other hand, Pepe (PEPE) is the top loser of the day, with a post of 8.92% decrease.
Decentralized Finance (DeFi) Market
Today’s outlook in the DeFi market shows the bearish trend’s impact on the broader crypto market. A majority of the DeFi tokens are in the red as of today.
According to CoinMarketCao, the DeFi market cap plummeted by 3.41% in 24 hours, currently at $48.06 billion. However, the market’s 24-hour trading volume has reached $2.84 billion following a whopping increase of 51.09%.
Over the past day, the DeFi market volume makes up about 8.81% of the total crypto market volume. With a twist in price performance, Wrapped Bitcoin (WBTC) emerged to claim the first position in the ranking of the DeFi tokens. Its market cap is currently at $4.71 billion.
WBTC decreased by 2.22% over the past 24 hours, pushing its price to $29,235.27. Its 24-hour trading surged by 67.91%, reaching $99.04 million, reflecting the trading of 3,434 WBTC tokens within the past day.
Dai (DAI) is now the second largest DeFi coin with a market cap of $4.58 billion. At 7:50 EST, DAI traded at $0.9986, indicating a drop of 0.10% over the past 24 hours. It recorded an increase of 25.61% in its trading volume, taking the value to $71.28 million.
Avalanche (AVAX) is ranked as the third largest DeFi toke with a market cap of $4.53 billion. Due to the bearish trend, AVAX’s market cap shed more than $2 billion over the past weekend.
At 9:18 EST, AVAX indicated a drop of 3.11% over the past 24 hours, hovering around $13.11. Its 24-hour trading volume is currently at $131.09 million, following a surge of 34.43%.
Internet Computer (ICP) plummeted by 5.13%, Chainlink (LINK) by 4.72%, Lido DAO (LDO) by 4.66%, Uniswap (UNI) by 3.55%, Maker (MKR) by 5.44%, stacks (STX) by 4.31%, Aave (AAVE) by 3.40%, Tezoz (XTZ) by 3.17%, and Theta Network (THETA) by 3.38%.
Also, The Graph (GRT) and Synthetix (SNX) dipped by 1.67% and 0.81% respectively.
The OBAMA/WETH pair merged as the largest DEX pair of the day with an increase of 9999.99%, according to CoinMarketCap. However, the top loser DEX pair of the day was the WFTM/USDC pair, with a decrease of 80.82%.
Stablecoins Market
Just like other market sectors, the stablecoins market highlights the prevailing bearish pattern in the crypto market today.
The stablecoin market cap currently sits at $126.07 billion, following a drop of 0.05% over the past 24 hours.
However, the market’s 24-hour trading volume trend shows a positive turn, with a staggering surge of 50.92%. The value has reached $28.86 billion, representing 88.74% of the total crypto market volume over the past day.
Tether (USDT) currently boasts a market cap of $83.81 billion to retain its position as the top stablecoin. It witnessed a surge of 50.41% in its 24-hour trading volume, taking the value to $22.58 billion and indicating the sales of over 22.58 billion USDT coins over the past day.
USD Coin (USDC) is the second largest stablecoin with a market cap of $26.79 billion. Its 24-hour trading volume is $2.59 billion, following a 42.36% increase.
USDT and USDC are fiercely defending their pegged fiat currency value amid the increasing bearish trend in the crypto market.
Some stablecoins that de-pegged include Dai (DAI), Binance USD (BUSD), TrueUSD (TUSD), USDD, Pax Dollar (USDP), Liquity USD (LUSD), TerraClassic USD (USTC), Frax (FRAX), Gemini Dollar (GUSD), and others.
NFT Market
The NFT market also depicts the prevailing trend in other sectors of the crypto market. Also, the collections added some surprising gains to their performances over 24 hours.
According to CoinMarketCap, the NFT market cap is currently at $2.29 billion. It recorded a total sales volume of $24.52 million which increased by 16.57% over the past 24 hours. However, its total sales plummeted by 16.91% to hit 48,687.
The popular Ethereum-based Bored Ape Yacht Club (BAYC) took the first position in the ranking of NFTs with an est. market cap of 329,602 ETH.
BAYC witnessed a surge of 14.29% in its 24-hour volume, currently at 3,134.32 ETH. Its average price dipped by 2.21% over the past 24 hours to hit 32.31 ETH.
The second top-ranking collection is Azuki, which boasts an est. market cap of 57,099 ETH. It increased by a staggering 269.77% in its 24-hour volume, which sits at $2,087.09 ETH.
Azuki’s current average price witnessed a drop of 9.77% over the past day to reach 4.993 ETH.
Mutant Ape Yacht Club (MAYC) emerged as the third top collection with an est. market cap of 121,588.71 ETH. Its 24-hour volume has reached 1,087.27 ETH, following a decline of 17.20%.
It boasts an average price of 5.974 ETH, which decreased slightly by 0.83% over the past 24 hours.
Crypto Market News and Events For Today
Here are some news and events impacting the crypto market as of July 24.
Ripple CEO Brad Garlinghouse Slams SEC Over Enforcement Action
The CEO of the blockchain company Ripple Labs, Brad Garlinghouse, criticized the US Securities and Exchange Commission (SEC) regarding its attorney’s comments. The SEC’s lawyers disclosed a potential court appeal from the regulator in its lawsuit against Ripple.
Garlinghouse took to Twitter on July 23 to lash out at the SEC over its enforcement actions in crypto regulations. The CEO accused the agency of targeting and hurting retail investors through its approach.
According to Garlinghouse, the SEC’s claim to be the cop of the crypto beat has created a mess and distortion in the crypto space. He maintained that the regulator lacks legal jurisdiction in its operations.
Ripple CEO stated: “Where’s that gotten us? Consumers left holding the bag in bankruptcy court while the SEC holds press conferences.”
The recent slam on the SEC from Garlinghouse came after the regulator’s latest comments about Ripple. The SEC had hinted that it would be appealing the diverted Court’s decision on its case against the blockchain firm.
While commenting on its legal battle with Terraform Labs and its founder, Do Kwon, on July 21, the SEC aired its opinion on the Ripple ruling. It disagreed that XRP sales to retail investors on exchanges are not securities.
The SEC lawyers wrote: “Respectfully, those portions of Ripple were wrongly decided, and this Court should not follow them.”
However, Garlinghouse retorted to the comment calling it absurd to blame a judge who followed the right steps of the law.
FTX Co-Founder Sam Bankman-Fried Agrees To Gag Order For All Witnesses In Lawsuit
The co-founder and former CEO of FTX, Sam Bankman-Fried (SBF), has accepted a gag order in his criminal case. The order prevents SBF from commenting about all third parties that may interfere in his trial.
The request for the gag order was initiated on July 20. This was after the accusation from the US Department of Justice (DOJ) against SBF’s action to publicly discredit a witness Caroline Ellison, who was his former business partner.
The US government noted that SBF attempted to interfere in his trial through an interview with the New York Times.
On his part, SBF’s lawyer firm, Cohen & Gresser LLP, denied the accusation against its client. The attorney accepted the gag order in a filed letter to US District Court Judge Lewis A. Kaplan of New York.
Additionally, SBF’s legal representative requested that the same gag order be issued to all witnesses and parties involved in SBF’s criminal trial.
Notably, a gag order is a legal order which a court issues to restrict the release or publication of information or comments to all unauthorized third parties.
As applicable to SBF, he won’t release any comment or information that would discredit a government’s witness by disclosing confidential content that could impact the jury pool.
US Republican Representative Warren Davidson Calls For CBDC Ban And Criminalization
A Republican Rep in the US Congress, Warren Davidson, has criticized central bank digital currencies (CBDC). He called on Congress to ban CBDCs and criminalize their development, tests, and establishment in the country.
According to his tweet on July 23, Davidson alleged that the Federal Reserve was “building the financial equivalent of the Death Star” due to CBDCs. He reported that the Fed’s action is gradually turning money into a tool of coercion and control.
The Republican Rep outburst is coming after a recent San Francisco Federal Reserve Bank advert. The advert requested the position of a senior crypto architect that would handle a CBDC project.
While responding to a Twitter user’s post, Davidson mentioned that money should provide stability as a store of value. It should never become a programmable tool in the hand of a centralized authority.
Davidson argued: “Sound money should facilitate permission-less peer-to-peer transactions.”
Notably, the Federal Reserve has dived deep into its research on the technology for a possible digital dollar. However, it has yet to disclose its decision to issue any digital currency officially.
Developing a digital US dollar has spiked controversy in the country. This could become one of the major agenda to focus on in the next presidential election in the country.
Elon Musk Playful Antics With DOGE Triggers Price Rally
The owner of Twitter and CEO of SpaceX and Tesla has once again created a spark for the largest meme coin in the industry. Following the billionaire’s playful antics on social media, DOGE witnessed a huge price rally over 24 hours.
Musk changed his Twitter location to “X Đ,” a combination of Twitter’s new logo and the Dogecoin symbol. The update from Musk triggered a remarkable shift in the price of DOGE, with the meme coin reclaiming more value. The DOGE community and enthusiasts are excited over the display from Musk as it created a positive sentiment for the meme coin.
At 8:25 EST, Dogecoin recorded an increase of up to 7% over 24 hours, trading around $0.07685. The enthusiasm around the meme coin led to an of over $1 billion in its market cap.
Further, DOGE overtook Cardano and Solana as its market cap rose to about $10.76 billion. With the massive accumulation, the meme coin ranked as the seventh-largest crypto asset by market cap.
Also, Dogecoin’s 24-hour trading volume spiked by over 257% to hit more than $1.05 billion. This reflected the increased investors’ interest in the leading meme coin over the past 24 hours.
Musk has been a great influencer on the price trend of Dogecoin. He forwarded DOGE as his favorite asset at the Wall Street Journal CEO Council Summit in the second quarter 2023.
The billionaire revealed that he’s intrigued by DOGE’s whimsical character and its potential in the industry.
Coinbase Vs. SEC Lawsuit Gets Confirmed Date For Initial Arguments
The lawsuit between the US Securities and Exchange Commission (SEC) and the US largest crypto exchange Coinbase received a confirmed date for initial arguments.
According to a tweet on July 24 from the Chief Legal Officer at Coinbase, Paul Grewal, New York Judge Katharine Polk Failla approved the joint request from the two parties. The set date would mark the initial hearings from the SEC and Coinbase.
In the initial document submitted by the two parties, they agreed for Coinbase’s motion and opening brief to be set on August 4, 2023. Also, it contained the appointed time for other subsequent supporting documents and responses and the respective length of the documents.
But the two parties are yet to strike a deadline for the SEC’s opposition brief. While Coinbase is proposing 30 days following the opening of its motion and brief, the SEC opted for 60 days.
In the approval, Judge Failla granted Coinbase’s deadline of August 4 for the initial brief, while August 11 is for the supporting documents.
Further, she struck a balance over the disagreement on a date for the SEC’s opposition brief. The judge set the date on or before October 10, 2023, and a response from Coinbase would be on or before October 24.
Russian President Putin Signs Law To Launch Digital Ruble
Russia has advanced its plan to launch its Central bank digital currency (CBDC). According to a published government statement, President Vladimir Putin has signed the introduction of the digital ruble into law.
The statement noted that the digital ruble will officially be implemented from August 1, 2023. There is already a single rule ready for the enforcement of the CBDC.
The digital ruble is developed as a payment and money transfer option but has no attached investment purposes. It would stand as a third form of money, together with cash and non-cash rubles.
Further, article number three is expected to be implemented in August 2024. The article comprises amendments to some Russian federal laws, such as those applicable to bankruptcy and inheritance.
The signed law delegates the central bank of Russia as the principal operator of the new CBDC infrastructure. The bank would solely account for all the stored assets.
In a statement, the Governor of the Bank of Russia, Elvira Nabiullina, noted that there’d be no compulsion over using digital rubles on citizens. Rather, it will be a decision for any individual or business to take personally.
The Nabiullina said: “No one is going to force anyone into the digital ruble […] But we really hope that it will be more convenient and cheaper for both people and businesses, and they will start using it. This is a new opportunity.”
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