{"id":422655,"date":"2023-07-20T11:12:59","date_gmt":"2023-07-20T11:12:59","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=422655"},"modified":"2023-07-20T12:00:15","modified_gmt":"2023-07-20T12:00:15","slug":"crypto-market-outlook-the-trend-of-crypto-events-on-july-20-2023","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-market-outlook-the-trend-of-crypto-events-on-july-20-2023","title":{"rendered":"Crypto Market Outlook \u2013 The Trend of Crypto Events On July 20, 2023"},"content":{"rendered":"

As of July 20, the crypto market is recovering progressively with increasing impact from the bulls.<\/span><\/p>\n

Bitcoin has reclaimed most of its value with a more aggressive force. Most altcoins are following the upward move to post significant price rallies.<\/span><\/p>\n

The impact has triggered a surge in the cumulative market cap over the past 24 hours. <\/span>Also, other key market sectors are trying to follow the pattern and play in the green for today.<\/span><\/p>\n

Additionally, the crypto industry is filled with several news and events that contribute to its overall outlook for today. <\/span>Keep reading to get the full details below.<\/span><\/p>\n

Current Trend of The Digital Asset Market<\/h2>\n

Today’s market trend reflects an impressive performance from almost all crypto assets.<\/span><\/p>\n

Data from CoinMarketCap shows the cumulative market cap is currently at <\/span>$1.22 trillion<\/span><\/a>. It witnessed an increase of 1.21% over the past day. <\/span>Interestingly, the total crypto market volume saw a massive spike of 23.66%, with the value hitting $39.88 billion.<\/span><\/p>\n

Further, the Fear and Greed Index currently reads 56 out of 100, indicating a NEUTRAL market sentiment. <\/span>Here are the trends of the major crypto market sectors as of July 20.<\/span><\/p>\n

Bitcoin Market<\/h3>\n

Bitcoin indicates a strong bullish disposition to reclaim its hold on the $30,000 region.\u00a0<\/span><\/p>\n

BTC is currently trading at <\/span>$30,397.54<\/span><\/a>, indicating a surge of over 1.35% over the past 24 hours. Similarly, its market cap has grown to $590.62 billion.<\/span><\/p>\n

The primary crypto asset saw a staggering increase of 593.14% in its 24-hour trading volume. The explosive surge pushed the value to $92.47 billion, reflecting the trade of over 3 million BTC tokens over the past day.<\/span><\/p>\n

Despite its recent price rally, Bitcoin\u2019s market dominance is still dropping gradually as the days roll. <\/span>It witnessed a drop of 0.07% in its dominance over the past 24 hours, taking the value to 48.38%.<\/span><\/p>\n

According to <\/span>CoinMarketCap<\/span><\/a>, Bitcoin is currently ranked as the industry’s seventh top trending crypto asset.<\/span><\/p>\n

Market Trend for Major Altcoins<\/h3>\n

Following the positive change in the crypto market, most altcoins are playing in the green with a remarkable price surge.\u00a0<\/span>Still defending its anchor on the $1,900 mark, <\/span>Ethereum<\/span><\/a> advanced further within the price region with increasing volatility.\u00a0<\/span><\/p>\n

ETH is trading at $1,921.02, following an increase of 0.63% over the past 24 hours. Its market cap surged to $230.84 billion while boasting a market dominance of <\/span>18.26%<\/span><\/a>.<\/span><\/p>\n

The second-largest crypto token by market cap recorded a 65.84% in its trading volume over the past 24 hours.\u00a0<\/span>The volume currently sits at $9.43 billion, indicating the trading of over 3 million ETH coins over the past day.<\/span><\/p>\n

XRP<\/span><\/a> had maintained a price rally from the past day, even when some tokens recorded a decline. Its resilience pushed it across the $0.8000 level.\u00a0<\/span><\/p>\n

Currently, XRP is trading at $0.8141, reflecting a surge of 2.95% over the past 24 hours. XRP now boasts a market cap of $42.73 billion following its continuous reclaims.<\/span><\/p>\n

Also, XRP\u2019s 24-hour trading volume surged massively by over 566%, taking the value to $23.05 billion. The volume indicates that over 28.36 billion XRP coins exchanged hands within 24 hours. <\/span>Some altcoins posted significant increases in prices over the past day.\u00a0\u00a0<\/span><\/p>\n

Polygon (MATIC)<\/span><\/a> has seen over 7% surge over the past day, with the price reaching $0.7944. This latest price rally could be linked to the recent upgrade on Polygon 2.0.<\/span><\/p>\n

Cardano (ADA) increased by <\/span>3.32%<\/span><\/a>, Solana by <\/span>3.53%<\/span><\/a>, Tron (TRX) by <\/span>1.40%<\/span><\/a>, Litecoin (LTC) by <\/span>1.28%<\/span><\/a>, Polkadot (DOT) by <\/span>4.41%<\/span><\/a>, Bitcoin Cash (BCH) by <\/span>2.10%<\/span><\/a>, and\u00a0 BNB by <\/span>0.95%<\/span><\/a>.<\/span><\/p>\n

Also, Toncoin (TON), Dogecoin (DOGE), and Shiba Inu (SHIB) surged by <\/span>2.14%<\/span><\/a>, <\/span>5.38%<\/span><\/a>, and <\/span>1.60%<\/span><\/a>, respectively. <\/span>According to <\/span>CoinMarketCap<\/span><\/a>, Stellar (XLM) emerged as the day’s top gainer, with an increase of 21.66% in its value.\u00a0<\/span><\/p>\n

The second and the third top gainers are Chainlink (LINK) and Synthetix (SNX), with surges of 17.38% and 11.42%. <\/span>However, the top loser of the day is Rocket Pool (RPL), with a decline of 3.79% in its value.<\/span><\/p>\n

Decentralized Finance (DeFi) Market<\/h3>\n

The DeFi market is soaring on the wings of the bullish trend in the crypto market, as most tokens reflect massive value gains.\u00a0 <\/span>The <\/span>DeFi market<\/span><\/a> cap recorded a surge of 3.11% over the past 24 hours, taking the value to $50.41 billion.\u00a0<\/span><\/p>\n

Its 24-hour trading volume is currently at $11.77 billion, following a whopping increase of 447.39%.\u00a0<\/span>The DeFi market volume makes up about 25.58% of the overall crypto market volume over the past 24 hours.<\/span><\/p>\n

Avalanche (AVAX)<\/span><\/a> still maintains the first position in the list of DeFi tokens with a market cap of $4.93 billion.\u00a0 <\/span>AVAX saw a surge of 2.23% over the past 24 hours as the price finally crossed the $14 market.<\/span><\/p>\n

AVAX is trading at $14.27. Its 24-hour trading volume is 134.2 million, following an increase of 6.72%. <\/span>The second largest DeFi token is <\/span>Wrapped Bitcoin (WBTC)<\/span><\/a>, with a market cap of $4.78 billion. WBTC is currently trading at $30,243.10, following a slight surge of 0.83% over the past 24 hours.<\/span><\/p>\n

Its 24-hour trading volume increased 10.87%, reaching 86.12 million. The volume reflects the trading of about 2,872 WBTC coins over the past 24 hours.\u00a0<\/span><\/p>\n

Dai (DAI)<\/span><\/a> still retains the third position in the list of DeFi coins with a market cap of $4.61 billion. With a surge of 0.01%, the price of DAI is currently at $0.9999.<\/span><\/p>\n

Some DeFi coins posted a surge in prices over the past day. Chainlink (LINK) increased by 20.33%, Aave (AAVE) by 3.38%, and Synthetix (SNX) surged by 11.34%.<\/span><\/p>\n

Also, Maker (MKR) increased by 5.24%, Tezos (XTZ) by 6.86%, Injective (INJ) by 4.15%, Internet Computer (ICP) by 1.17%, and Compound (COMP) by1.21%.\u00a0<\/span>Other gainers include Theta Network (THETA) by 2.98%, curve DAO Token (CRV) by 1.50%, Uniswap (UNI) by 3.57%, and others.\u00a0<\/span><\/p>\n

Some DeFi tokens that plummeted include Rocket Pool (RPL), 1inch Network (1INCH), Frax Share (FXS), Terra Classic (LUNC), 0x Protocol (ZRX), and others.<\/span><\/p>\n

According to <\/span>CoinMarketCap<\/span><\/a>, MILK\/ADA trading pair emerged as the biggest DEX pair gainer for the day. It recorded an increase of 9999.99%.<\/span><\/p>\n

On the other hand, <\/span>PEPECHAIN2.0\/WBNB<\/span><\/a> is today’s top loser DEX pair, following a decline of 100.00%.<\/span><\/p>\n

Stablecoins Market<\/h3>\n

The outlook of the stablecoins market as of July 20 follows the positive performance within the broader crypto market.\u00a0<\/span><\/p>\n

The <\/span>stablecoin market<\/span><\/a> cap is currently at $126.47, highlighting a slight decrease of 0.05% over the past 24 hours.\u00a0<\/span><\/p>\n

Its 24-hour trading volume witnessed a massive surge of 129.08%, taking the value to $64.11 billion. The cumulative stablecoins volume represents about 139.63% of the total crypto market 24-hour volume.<\/span><\/p>\n

The largest stablecoin <\/span>Tether (USDT)<\/span><\/a>, currently boasts a market cap of $83.80 billion. It witnessed a whopping surge of 143.38% in its 24-hour trading volume, taking the value to $51.86 billion.<\/span><\/p>\n

USDT\u2019s volume reflects the trading of more than 51 billion coins over the past 24 hours.<\/span><\/p>\n

USD Coin (USDC)<\/span><\/a> remains the second-ranked stablecoin with a market cap of $26.96 billion. It recorded an increase of 1.32% in its 24-hour trading volume, which pushed the value to $2.94 billion. <\/span>While some stablecoins maintain stability in their pegged price, some still deviate from their fiat value.\u00a0<\/span><\/p>\n

Some of the tokens that de-pegged Dai (DAI), USDD, Pax Dollar (USDP), Terra ClassicUSD (USTC), Gemini Dollar (GUSD), Frax (FRAX), Liquity USD (LUSD), and others.<\/span><\/p>\n

NFT Market<\/h3>\n

While the outlook in the NFT market is not gloomy, there’s still a slack within some aspects.\u00a0<\/span><\/p>\n

The <\/span>NFT market<\/span><\/a> cap is currently sitting at $2.90 billion.<\/span><\/p>\n

The market\u2019s sales volume recorded a massive surge of 12.64% over the past 24 hours, reaching $21.56 million. Its total sales plummeted by 30.05% over the past 24 hours, hitting 48,541.\u00a0<\/span><\/p>\n

Azuki still maintains its stance as the first top collection in the list of NFTs, with an est market cap of 65,540 ETH. It recorded an increase of 12.89% in its 24-hour volume surge, which reached 1,550.36 ETH.\u00a0<\/span><\/p>\n

Also, its average price is currently at 5.6999ETH, indicating a decrease of 4.54% over the past day. <\/span>Bored Ape Yacht Club (BAYC) emerged as the second top NFT with an estimated market cap of 334,467 ETH.<\/span><\/p>\n

\u00a0It recorded a massive drop of $31.93% in its 24-hour volume, taking the value to 1,176.89 ETH. Its average price has slid to 32.69 ETH following a decline of 3.56% over the past day.<\/span><\/p>\n

Crypto Market News And Events For Today<\/h2>\n

Here are some news and events within the crypto space that impact the market trend as of July 20.<\/span><\/p>\n

Kuwait Bans Crypto Asset Transactions<\/h3>\n

The State of Kuwait has <\/span>banned<\/span><\/a> all transactions that involve the use of crypto assets in the country.<\/span><\/p>\n

Kuwait’s major financial regulator, Capital Markets Authority (CMA), released a circular on July 18 regarding the supervision and issuance of digital assets.<\/span><\/p>\n

According to the statement, the regulator revealed the country\u2019s \u2018absolute prohibition\u2019 on key uses and operations that involves crypto assets. These include mining, investments, and payments for goods and services.<\/span><\/p>\n

According to the circular, the government has banned local regulators from issuing licenses to companies that offer digital asset services as commercial businesses.<\/span><\/p>\n

However, the ban excludes securities and other financial instruments under the regulation of the CMA and the Central Bank of Kuwait.\u00a0<\/span><\/p>\n

Further, the CMA warned the public to be cautious of the numerous associated digital assets. It maintained that cryptocurrencies have no legal status and are neither issued nor supported in the country.<\/span><\/p>\n

XRP Faces Centralized Issue Amid Drop In Regulatory Threats<\/h3>\n

The partial win for Ripple in its case with the US Securities and Exchange Commission (SEC) created a twist for XRP.\u00a0<\/span><\/p>\n

Formerly the sixth-largest crypto by market cap, the XRP Ledger witnessed a spike in its market cap to hit $42 billion. Following the milestone feat, XRP rose in ranking crypto assets as the fourth-largest.<\/span><\/p>\n

Further, XRPL has captured the interest of many firms that opted for partnership following its explosive stance in the industry. Among the major financial institutions currying for the asset is the Bank of America.<\/span><\/p>\n

However, many are skeptical about the centralized nature of XRPL and its implications. XRP ledger depends on a key tradeoff that functions with fewer validators\/key operators compared to other blockchains.<\/span><\/p>\n

The centralized nature is beneficial with increased speed, security, and throughput in processing transactions. <\/span>But it poses the risks of potential influence from prominent players and could trigger single points of failure.<\/span><\/p>\n

Before now, Ripple Labs, the company behind XRP, has been moving to foster partnerships with banks and other financial firms.\u00a0<\/span>The deals are focused on using XRP for cross-border payments through its On-Demand Liquidity (ODL) feature.<\/span><\/p>\n

Also, Ripple is extending its operations to include central bank digital currencies (CBDCs). <\/span>Several crypto experts and investors have criticized Ripple’s partnerships with central banks and financial companies.\u00a0<\/span><\/p>\n

The criticisms highlight that the deals contradict the principles of decentralization for such networks during payments.<\/span><\/p>\n

South Korean Central Bank To Include CBDC In Payment Systems<\/h3>\n

The South Korean central bank has <\/span>released<\/span><\/a> its 2022 Payment and Settlement Systems Report with complete oversight.\u00a0<\/span><\/p>\n

The report from the Bank of Korea revealed the future plan for a central bank digital currency (CBDC). <\/span>Also, it outlines a broader discussion for stablecoin regulation.<\/span><\/p>\n

According to the report, the BOK-Wire+ fast payment system will be upgraded to real-time gross settlement (RTGS). Its implementation will be in 2028, fully adopting the ISO 20022 standard.<\/span><\/p>\n

Also, the bank will scale up oversight of Big Tech payment services and enhance responses to IT operational risks.<\/span><\/p>\n

Already, the BOK has been preparing for the launch of a CBDC. These include investigation of smart contract usage, cross-border payments, and offline payments through near-field communications.<\/span><\/p>\n

The apex bank is working with 14 banks and the Korea Financial Telecommunications and Clearings Institute while verifying the functionalities of its CBDC system.\u00a0<\/span><\/p>\n

It is experimenting with using a zero-knowledge proof protocol for clearing CBDC transactions to enhance privacy.\u00a0<\/span><\/p>\n

SHIB Bags New Listing On Top Korean Exchange Coinone<\/h3>\n

Shiba Inu (SHIB) has achieved a new great feat as it <\/span>secures<\/span><\/a> a new listing on one of the biggest South Korean exchanges, Coinone. This milestone is a step that would create a broader spread for SHIB within the Asian region.<\/span><\/p>\n

Coinone’s move to list SHIB is coming after the meme coin has been successfully listed on other larger Korean exchanges like Bithumb and Upbit early this year.\u00a0<\/span><\/p>\n

Coinone has officially started trading SHIB as of July 19 on its platform. This provides customers the opportunity to trade the SHIB against the Korean won.<\/span><\/p>\n

The highlight of the listing is connected to Coinone\u2019s stance as one of the prominent regional exchanges. It is ranked as the third-largest Korean crypto exchange.<\/span><\/p>\n

According to data from <\/span>CoinMarketCap<\/span><\/a>, Coinone boasts a trading volume of over $64.5 million daily.\u00a0 <\/span>The exchange has operated for over nine years in the industry, adding to the credibility of Shiba Inu\u2019s listing on the platform.<\/span><\/p>\n

Additionally, Coinone\u2019s openness to customers across Asia will serve as an expansion move for SHIB and enhance its popularity within the region.<\/span><\/p>\n

Terra And Do Kwon Seek To US SEC Lawsuit Using XRP Ruling As Precedent<\/h3>\n

Terraform Labs and its former CEO, Do Kwon, are demanding the dismissal of the lawsuit from the US Securities and Exchange Commission (SEC). They cited the recent ruling by Judge Analisa Torres on XRP as a precedent.<\/span><\/p>\n

The lawyers for Terraform Labs and Kwon <\/span>filed<\/span><\/a> a supportive supplemental authority on the motion for dismissing the lawsuit by the SEC.<\/span><\/p>\n

\u00a0This follows the grant from the presiding Judge Jed Rakoff to the plaintiff and defendants to file a notice of supplemental authority for potential dismissal of the case.<\/span><\/p>\n

The lawyers for the defendants, that are from Dentons, a top law firm, claimed that the ruling on Ripple vs. SEC case directly impacted the defendants’ motion for the lawsuit dismissal.\u00a0<\/span><\/p>\n

The regulator alleged that LUNA, UST, MIA, wLUNA, and mAssets are securities. But the XRP’s case confirms the SEC’s legal insufficiency in proving its claim that all crypto tokens except Bitcoin are securities.<\/span><\/p>\n

Additionally, the regulator classified institutional sales of digital assets as securities, while programmatic sales are not securities in terms of investment contracts.<\/span><\/p>\n

British Government Rejects Handling Crypto As Gambling<\/h3>\n

The British government has <\/span>rejected<\/span><\/a> the proposal from lawmakers to treat crypto assets as gambling.<\/span><\/p>\n

A report revealed that British lawmakers requested crypto regulators in the region, just like gambling, in a House of Commons Committee on May 17.<\/span><\/p>\n

The Treasury Committee argued that crypto investment follows the same principle of “same risk, same regulatory approach.” <\/span>However, a response on July 20 from the UK financial services minister Andrew Griffith indicated a rejection of the proposal.<\/span><\/p>\n

\u00a0It stated that the HM Treasury rejects the Committee\u2019s recommendation on regulating retail trades and investment activity in unbacked crypto as gambling.<\/span><\/p>\n

The response from the government highlighted that such a regulatory approach could utterly oppose the set standards by European Union and other Global regulators.\u00a0<\/span><\/p>\n

The government that the recommendations could create a lack of clarity and overlap of mandates between the Gambling Commission and financial regulators.<\/span><\/p>\n

Further, the British government revealed its ongoing efforts and worked to create a robust regulatory framework for its crypto industry. Its proposed regulatory legislation is already before the parliament and was debated in June.<\/span><\/p>\n

The government added: \u201c<\/span>HM Treasury and the FCA will work with the industry to ensure crypto firms are made fully aware of the standards required for approval at the FSMA gateway. Further communications will be provided in due course to ensure standards for approval are clearly available to crypto firms operating in the UK<\/span>.\u201d<\/span><\/p><\/blockquote>\n

Notably, the UK Gaming Act of 2005 governs all forms of gambling within the region. This oversees business activities such as bingo halls, betting shops, casinos, lotteries, and online bookmakers to check compulsive gambling.<\/span><\/p>\n

XRP Community Slams Republican For Calling Token A Security<\/h3>\n

The United States House Republican Jane Adams reportedly tweeted, referring to XRP as a security. The post has triggered fierce reactions from some XRP community.<\/span><\/p>\n

The prominent Pro-XRP attorney John Deaton <\/span>dug out<\/span><\/a> the post from Republican Adams through his response. Notably, Adams based her tweet on the institutional sales section of Judge Torres’ ruling on the Ripple vs. SEC lawsuit that places.<\/span><\/p>\n

Deaton stated that Jane Adams needs a good interpreter for more clarity. He mentioned that people have to literally read Judge Torres\u2019 decision to grab the information that XRP is not a security.<\/span><\/p>\n

However, the circumstantial sales of any underlying asset would define the existence of an investment contract.<\/span><\/p>\n

The lawyer illustrated Bitcoin sales as a security in the Shavers case in 2013, which doesn’t make BTC security. Ripple’s move on XRP in a securities transaction to institutions will not turn XRP into a security.\u00a0<\/span><\/p>\n

Another prominent lawyer, Bill Morgan, explained more to Jane Adams. Mogan mentioned that XRP sales to institutions are securities as they contain investment contracts highlighted in Torres Doctrine. But XRP as a crypto asset is not security.<\/span><\/p>\n

The attorney maintained that the situations are different and understanding each part is vital.<\/span><\/p>\n

Bitcoin Options Expiry Gets Close<\/h3>\n

The upcoming BTC options expiry on July 21 could be aiding the token\u2019s resistance at the $30,000 mark. Such a situation could create a dominant position for the bears over the Bitcoin markets.<\/span><\/p>\n

The information comes after recent data revealed that three out of the last four Bitcoin options expiries created a shift in the token\u2019s price.<\/span><\/p>\n

Daan Crypto Trades, a prominent crypto trader, took to Twitter to highlight a decline in Open Interest (OI). This drop implies that long and short positions have witnessed multiple liquidations, causing traders to lose trust.<\/span><\/p>\n

Bitcoin recorded a massive surge of over 21% between June 14 to June 21. However, the primary crypto asset was surrounded by strong reactions after the weekly 8:00 AM UTC options expiry.<\/span><\/p>\n

Hence, traders are expected to be cautious regarding the coming expiry this week.<\/span><\/p>\n

Related<\/strong><\/h3>\n