Crypto Market Outlook – The Trend Of Events On June 23

The overall trend in the crypto market indicates a slight drop in the bullish sentiment witnessed over the past 24 hours. As of today, June 23, most crypto assets are in the red compared to their price performance on the last day. 

For the primary crypto asset, the bullish force is quickly wading off. Bitcoin has lost 0.55% of its value in the past 24 hours. However, BTC is still maintaining its recent gains sitting at $30,044.17 as of the time of writing.

The second-largest crypto asset by market cap has also joined the downward trend. ETH lost about 1.66% of its price in the past single day.

Other prominent crypto assets like BNB, XRP, and ADA also witnessed a drop of 3.78%, 3.55%, and 3.25%, respectively. However, the crypto space is bubbling with several other events and developments coming into play. 

There’s a growing interest in Bitcoin from institutional investors, which Forbes reported might create an earthquake in the crypto market. Also, Ripple took a huge leap with XRP while trillions of Shiba Inu tokens shifted into profit amid the recent price rally.

Current Trend Of Digital Asset Market

Usually, the crypto market trend could be influenced by several activities both within and outside the crypto space. The impact could serve as an indicator of investors’ sentiment both on a short and long-term basis.

The broader crypto market is suddenly struggling in the web of the bears as prices for some assets decline. Subsequently, the cumulative crypto market cap is currently sitting at $1.17 trillion after plummeting by 1.08% over the last day.

Decentralized Finance (DeFi) Market

At the time of writing, the DeFi crypto market cap highlights a decline of 32.525 over the past 24 hours. The value is currently at $42.72 billion.

Notably, Wrapped Bitcoin (WBTC) has taken over as the top DeFi token after overthrowing DAI. WBTC now boasts a market cap of $4.71 billion via its 0.14% surge over the past 24 hours

Some DeFi protocols made impressive reclaims over the last day. These include the like of Raydium (RAY), 15.23%; Cream Finance (CREAM), 15.11%; keep Network (KEEP), 12.05%; and others.

Stablecoin Market

The performance of the stablecoins is relatively on the lower level in the crypto market over the last 24 hours. Notably, the tokens are supposed to remain stable in value. However, the 24-hour trading volume of the stablecoins dipped by 40.43% to hit $32,833,861,048. 

According to CoinMarketCap, the volume of all stablecoins currently constitute about 94.60% of the total crypto market 24-hour volume. The overall market cap for the stablecoins is $128.63 billion.

Tether (USDT) and USD Coin (Coin) still maintain the lead as the top first and second stablecoins, respectively by market cap.

USDT’s position at the top of the stablecoin ranking is solidified by its consistency in maintaining its pegged fiat value. Also, it ranks as the third-largest crypto asset with a current market cap of $83.18 billion.

NFT Market

Non-fungible tokens (NFTs) have also witnessed a slight drop in the broader digital asset market. 

According to data from CoinMarketCap, the NFT market saw a drop of 0.45% in its 24-hour trading volume. The value of the trading volume is currently at $31.69 million. 

Also, the market recorded total sales of 60,230 collectibles in the last single day, indicating a 25.71% decrease. Currently, the cumulative market cap is $3.57 billion.

Despite the turns in the crypto market, NFTs still remain an attractive niche for many investors in the digital world. The uniqueness and indivisibility of the tokens contribute to their selling points.

The Ethereum-based Bored Ape Yacht Club (BAYC) still tops the list of NFT collections and comprises 10,000 assets. The collection has a floor price of 37.4 ETH with an estimated market cap of 429,935 ETH.

What Happened In The Crypto Market Today

Amid the recent regulatory crackdown from the US Securities and Exchange Commission, the crypto space is witnessing more developments and initiatives from crypto protocols.

Ripple highlights Using XRP in Payment license

The famous Pro-XRP attorney John Deaton discussed the place of XRP price regarding a recent declaration from Ripple. The blockchain firm behind XRP announced receiving a Major Payments Institution (MPI) license in Singapore.

The license would see the scaling of the On-Demand Liquidity (ODL) solution in Singapore through the operations of Ripple Markets Asia Pacific. Notably, ODL uses XRP for cross-border payments.

However, the disclosure of the new development in the XRP ecosystem had no positive impact on the price of the token. According to Deaton, the license is a significant feat for Ripple as less than 20 firms have such approval in Singapore. 

He noted that Ripple anticipated a positive reaction from XRP, considering its efforts in highlighting the asset. The attorney stated that XRP decided to behave in its usual manner of following Bitcoin and the macro environment. 

Trillions Of SHIB Tokens Became Profitable Amid Price Rally

Shiba Inu made an impressive price surge recently that pushed trillions of the SHIB tokens to reclaim their gains.

According to data from the on-chain analytics site, IntoTheBlock, about 29.9 trillion SHIB tokens become profitable following Shiba Inu’s rally. 

The report noted that the tokens are among the addresses of investors that purchased the coins at a price range of $0.00000700 and $0.00000900.

Shiba Inu’s explosive rise in value took the meme coin four steps upward in CoinMarektCap ranking. With an increase of over 11% in 24 hours, SHIB’s position rose to the 14th top crypto asset. 

Also, Shiba Inu hit an impressive market cap of over $4.72 billion to overtake some tokens like TON, WBTC, and DAI. The recent price rally from SHIB created a boost in the portfolio of most of its investors.

Impending Quake On XRP And Other Assets

A report from Forbes revealed an upcoming quake in the crypto space as more giant investor firms take an interest in Bitcoin, Ethereum, XRP, and others. XRP is believed to be at the epicenter of the increasing market with more possibility of having new players on the investment queue.

According to the report, the demand for crypto assets was sparked by the recent move from BlackRock, the global asset manager. Notably, BlackRock boasts $10 trillion worth of assets under management (AUM) and has signed its interest in Bitcoin Spot ETF. 

Forbes reported potential additional $5 trillion valued entities storming the crypto market. The information is from Lasar Digital, a digital assets subsidiary of a giant banking entity, Nomura.

The firm surveyed professional investors that manage $5 trillion worth of assets. Many respondents indicated an interest in crypto assets such as XRP.

In the survey, 96% of the respondents shows interest in the crypto space as a measure of diversifying their investment portfolio. 82% of the experts picked out BTC, ETH, and XRP as their most preferred digital assets. 

Founder Of Thinking Crypto Podcast Anticipate A Surge For XRP

The founder of the popular platform, Thinking Crypto Podcast, Tony Edward, is keeping a close watch on XRP. In a Twitter post, Edward is optimistic about a potential price rally for XRP, the crypto asset of his interest. 

Edward maintained that both XRP and Ethereum are bound to grow in value once Bitcoin hits its retracement peak. He categorized the duo as promising altcoins currently in the crypto market.

The podcaster anchored his expectation on a favorable ruling by Judge Analisa Torres, the presiding judge over the Ripple vs. SEC lawsuit. The legal battle between Ripple and the US Securities and Exchange Commission has been ongoing since December 2020.

In his prediction, Edward believed XRP and Ethereum would witness a massive price surge as BTC moves to a retracement height of $40,000. He expects that a win for Ripple could catalyze XRP and boost its northward move.

Further, the podcaster planned to gain from his anticipated bullish trend for XRP. He stated that a readjustment in his investment strategy would include accumulating XRP current while waiting for future profits.

FTX Makes More Recovery Moves, Seeks Over $700 Million From New Defendants

In line with its progress on funds recovery, FTX has filed a lawsuit against more firms associated with its trading platform Alameda Research. The 16-count case was filed in the United States Bankruptcy Court for the District of Delaware.

According to the filed document, the defendants include the incubator and investment firm K5 Global, SGN Albany Capital, and Mount Olympus Capital. Also, the co-owners of K5 Global, Michael Kives and Bryan Baum, are included.

The crypto exchange is seeking to recover over $700 million from the defendants. The lawsuit alleged that Alameda transferred more than $700 million to Kives, Baum, and K5 Global. 

The parties involved assumed the deal to be from shell companies Mount Olympus Capital and SGN Albany. The case is seeking the return of the money as the funds moved to Alameda Research ended with SGN Albany. 

Also, funds were transferred from Kives, Baum, and SGN Albany to Mount Olympus Capital. The transfers were completed without the source getting an equivalent value, and so described as avoidable. 

Usually, the US bankruptcy law categorizes an avoidable transaction as one that is reversible under the Bankruptcy Code or other laws.

The suit also revealed that Kives, Baun, and SBF maintained a close relationship. It noted that Baum has a personal bedroom in SBF’s residence in the Bahamas.

Following the implosion of FTX, Kives and Baum were reportedly working behind the scene with SBF save FTX Group. The suit mentioned the motive was to protect their ‘golden goose.’ 

SHIB Team Member Speaks On FUD Surrounding Lead Developer Departure

The lead developer of Shiba Inu, Shytoshi Kusama, hinted about a possible departure from the protocol’s team.  The disclosed information created FUD (fear, doubt, and uncertainty) within the SHIB community.

The Shiba Inu content market specialist, Lucie, took to Twitter to disperse the growing FUD while relating to the importance of accountability. 

Lucie cited the popular tale ‘Whose Job Is It, Anyway?’ that points out the need to always take responsibility and not look to faults or who to blame.

Lucie’s story illustrated the implication of having people that could step up on matters and not depend on others to complete set tasks.  The marketer used Kusama as an example in the story.

Through the post, Lucie laid an analogy for the Shiba Inu community that no one occupies an official position of authority in the ecosystem. The point indicated that the protocol team took it as a responsibility to build and grow the project on its shoulders.

Further, the tale pointed out the accountability issue common in most organizations and teams. It stressed the need for people to develop the spirit of individual responsibility.

Through the post, Lucie indicated the need for people always to take personal initiatives necessary to achieve collective goals.

World Token Summit 2023 Discusses Potential Benefits Of Tokenization For Forensic Analysis

The World Token Summit 2023 had a panel discussion on the economics of tokenization. The event in Dubai saw the participant deliberating on scaling tokenization through forensic analysis and address tracking.

Some participants include the global head of partnership at the Cardano Foundation, Jeremy Firster, and the head of business development at the Ras Al Khaimah Digital Assets Oasis (RAK DAO), Meng Chan Shu. 

Also, Ellis Wang, an official with the executive and advisory team at The Private Office of Sheikh Saeed bin Ahmed Maktoum was part of the panel.

The discussion revolved around some topics on tokenization and the benefits of asset digitalization. Also, the panel x-rayed some challenges associated with the implementation of tokenization.

In his speech, Firster stated that utility creation is a key advantage of tokenization. He noted that the process offers value through a tool for access, fragmentation of assets, and fund distribution. 

The executive mentioned that tokenization is a clear representation of capturing an asset’s digital identity, value, ownership, and history.

On his part, Wang listed transparency and security as the major benefits of tokenization. According to him, the process is facilitated by blockchain technology and so imbues the features of blockchains.

The panel also highlighted that forensic analysis could scale up the adoption of tokenization. The benefit could emanate from the fact that address tracking of large entities is possible, which could play a role in KYC documentation.

Some notable challenges include maintaining Know Your Customer (KYC) and Know Your Transaction, which is necessary to track funds from illegal sources. Also, the issue of increasing emerging technologies could make it hard to keep tags on the latest developments.

Cybersecurity Alerts 100K ChatGPT Logins Leaked On Dark Web

A cybersecurity firm in Singapore alerted the leak of over 100,000 logins to ChatGPT, the famous AI chatbot. The firm noted that the credentials had been traded on the dark web over the past year.

The cybersecurity company, Group-IB, posted the warning in a blog, stating that the compromised logins were tracked on the dark web between June 2022 and May 2023.

According to the intelligence head of the firm, Dmitry Shestakov, the tracked credentials represent the number of logs from stealer-infected devices analyzed by Group-IB.

He mentioned that each log comprises a minimum of one combination of login credentials and passwords for ChatGPT. The data for May 2023 indicated a peak of almost 27,000 ChatGPT-based credentials leaked within the online black markets.

The Asian-Pacific region recorded the largest compromised logins traded in the past year. It had 40% out of the total 100,000 logins discovered. 

Indian-based logins emerged at the top position with more than 12,500 compromised credentials. The United States came sixth with 3,000 logins, and France came seventh but topped for the European region.

Notably, some crypto networks, such as Polygon, have created their own AI Chatbot called Polygon Copilot, pointing out the growing interest of the crypto industry in AI-powered products. 

Polygon unveiled the AI on June 21, saying, “Whether you’re a serious builder, an enthusiast, or a curious user, Polygon Copilot is an AI-powered interface that unlocks a world of interactions, simply by ‘asking.”

With the recent report, users must be careful using these products to avoid compromising the security of their assets.