{"id":425294,"date":"2023-07-27T13:24:27","date_gmt":"2023-07-27T13:24:27","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=425294"},"modified":"2023-07-27T13:31:23","modified_gmt":"2023-07-27T13:31:23","slug":"crypto-market-outlook-the-trend-of-crypto-events-on-july-27-2023","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-market-outlook-the-trend-of-crypto-events-on-july-27-2023","title":{"rendered":"Crypto Market Outlook \u2013 The Trend of Crypto Events On July 27, 2023"},"content":{"rendered":"
The trend of prices within the crypto market highlights a gradual recovery for most digital assets as of July 27. <\/span>The primary crypto asset is still trading in the red. But some altcoins have recorded a slight gain in their values.<\/span><\/p>\n Subsequently, the crypto market cap surged slightly within 24 hours.\u00a0<\/span>Other major market sectors dropped in their performances. <\/span>As usual, the crypto industry is filled with news and events that impact the direction of the assets today.<\/span><\/p>\n The performance of the digital assets as of July 27 was quite at a slower pace. According to <\/span>CoinMarketCap<\/span><\/a>, the cumulative market cap increased by 0.58% over the past day. At 11:30 EST, the market value sits at $1.182 trillion.<\/span><\/p>\n Additionally, total crypto market volume surged by 22.53% over the past 24 hours, reaching $31.06 billion.<\/span><\/p>\n The market\u2019s Fear and Greed Index now reads 52 out of 100, signifying a NEUTRAL sentiment for investors. <\/span>Below are the trends of some key crypto<\/a> market sectors as of July 27.<\/span><\/p>\n Bitcoin (BTC)<\/span><\/a> is highlighting a negative trend in its performance today. As of 11:35, BTC’s price is hovering around $29,311.21, indicating a decrease of 0.04% over the past 24 hours. Its market now sits at $569.89 billion.<\/span><\/p>\n Surprisingly, Bitcoin recorded a surge of 30.65% in its 24-hour trading volume, taking its value to $13.32 billion. This represents the sales of about 454,549 BTC coins within the past day.<\/span><\/p>\n The primary crypto token dropped 0.19% over the past day in its market dominance which slipped to 48.20%.<\/span><\/p>\n Data from <\/span>CoinMarketCap<\/span><\/a> indicates that BTC slid to become the sixth most trending crypto asset.<\/span><\/p>\n The altcoins have mixed performances within the market today. <\/span>Ethereum (ETH)<\/span><\/a> is still struggling to push through the resistance level at the $1,900 mark.\u00a0<\/span><\/p>\n At 11:45 EST, ETH is trading at $1,869.68, reflecting an increase of 0.48% over the past 24 hours.\u00a0<\/span><\/p>\n The asset boasts a market cap of $225.53 billion and a market dominance of 18.29%. Also, Ethereum\u2019s 24-hour trade volume spiked by 29.48% to reach $5.64 billion, indicating the sales of 3.02 million ETH tokens within the period.<\/span><\/p>\n XRP<\/span><\/a> recorded a surge of 2.48% over the past day, pushing its price to $0.7220. Also, its market cap is gradually building up and has hit $38.02 billion.<\/span><\/p>\n The Ripple native token spiked by 26.98% in 24-hour trade volume, which reached $1.75 billion. This reflects the trading of about 2.45 billion XRP coins within 24 hours.<\/span><\/p>\n As of 12:00 EST, <\/span>Dogecoin (DOGE)<\/span><\/a> boasts a market cap of $11.06 billion following a surge of 0.09% over the past day. Its price now hovers around $0.07878.<\/span><\/p>\n However, DOGE witnessed a staggering decline of 44.97% in trading volume over the past 24 hours, which slipped to $666.11 million.<\/span><\/p>\n Some altcoins recorded an increase over the past 24 hours. Cardano (ADA) surged by <\/span>1.21%<\/span><\/a>, BNB by <\/span>1.05%<\/span><\/a>, Solana (SOL) by <\/span>1.43%<\/span><\/a>, Bitcoin Cash (BCH) by <\/span>2.19%<\/span><\/a>, and Litecoin (LTC) by <\/span>1.09%<\/span><\/a>.<\/span><\/p>\n Also, Tron (TRX), Polygon (MATIC), Polkadot (DOT), and Shiba Inu (SHIB) increased slightly by <\/span>0.79%<\/span><\/a>, <\/span>0.51%<\/span><\/a>, <\/span>0.19%<\/span><\/a>, and <\/span>0.18%<\/span><\/a>, respectively.<\/span><\/p>\n Conversely, Toncoin (TON) plummeted by <\/span>2.62%<\/span><\/a> over the past 24 hours.\u00a0 According to <\/span>CoinMarketCap<\/span><\/a>, Stellar (XLM) emerged as the day’s top gainer following a post of 12.27% increase. The second and third top gainers are XDC Network (XDC) and Chainlink (LINK).<\/span><\/p>\n Conversely, Theta Network (THETA) became the top loser for today, with a drop of 3.57% of its value.<\/span><\/p>\n According to CoinMarketCap, the <\/span>DeFi market<\/span><\/a> cap grew to $48.68 billion as of 12:20 EST. It witnessed a surge of 0.88% over the past 24 hours.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n Also, the market\u2019s trading volume recorded a whopping 23.83% increase over the past 24 hours to reach $2.93 billion.\u00a0<\/span><\/p>\n The DeFi market volume represents about 9.55% of the cumulative crypto market volume over the past day.<\/span><\/p>\n Wrapped Bitcoin (WBTC)<\/span><\/a> is maintaining the top position in the ranking of DeFi tokens with a market cap of $4.73 billion. It shows a slight spike of 0.07% over the past day, with the price at $29,327.29 as of 12:40 EST.\u00a0\u00a0<\/span><\/p>\n WBT’s trading volume surged largely by 35.61% over the past 24 hours, taking the value to $117.17 million. This reflects the trading of 3,994 WBTC tokens within the past day.<\/span><\/p>\n Avalanche (AVAX)<\/span><\/a> is the second top DeFi token with a market cap of $4.57 billion. It witnessed a surge of 0.36% over the past day as the price hovers around $13.23.<\/span><\/p>\n AVAX recorded an increase of 5.63% in its trading volume over the past 24 hours, pushing the value to $114.97 million. It indicates the sales of about 8.68 million AVAX coins within the period.<\/span><\/p>\n Some DeFi coins increased significantly in their price movement over the past 24 hours. Chainlink (LINK) spiked by 6.63%, Synthetix by 6.37%, Kava (KAVA) by 2.21%, Fantom (FTM) by 3.27%, Injective (INJ) by 1.90%, Aave (AAVE) by 1.43%, Lido DAO (LDO) by 1.68%, Internet Computer (ICP) by 1.79%, Rocket Pool (RPL) by 2.57%, and Curve DAO Token (CRV) by 1.05%.<\/span><\/p>\n Also, Uniswap surged slightly by 0.99%, The Graph (GRT) by 0.93%, Tezos (XTZ) by 0.37%,\u00a0<\/span><\/p>\n DeFi tokens that plummeted include Compound (COMP), Theta Network (THETA), Stacks (STX), Maker (MKR), THORChain (RUNE), Convex Finance (CVX), Theta Fuel (TFUEL), and others.<\/span><\/p>\n According to <\/span>CoinMarketCap<\/span><\/a>, POP\/WBNB is today’s top DEX pair gainer. It recorded an increase of 3389.98% in its value.<\/span><\/p>\n Conversely, <\/span>PEPEAI\/WETH<\/span><\/a> emerged as the top DEX loser pair for the day, reflecting a drop of 75.54%.\u00a0<\/span><\/p>\n According to data from CoinMarketCap, the <\/span>stablecoin market<\/span><\/a> cap recorded a slight drop of 0.03% over the past 24 hours, hitting $125.64 billion.\u00a0<\/span><\/p>\n However, the market\u2019s 24-hour trading volume spiked by over 22% to reach $28.65 billion. The stablecoins volume represents about 92.01% of the overall crypto market volume over the past day.\u00a0\u00a0<\/span><\/p>\n Tether (USDT)<\/span><\/a> maintains the first position in the ranking of stablecoins, boasting a market cap of $83.81 billion. It witnessed a surge of 21.86% in its 24-hour trading volume, pushing the value to $21.91 billion.<\/span><\/p>\n Tether\u2019s volume reflects the trading of more than 21.92 billion USDT tokens within the past 24 hours.<\/span><\/p>\n USD Coin (USDC)<\/span><\/a> is the second top stablecoin with a market cap of $26.52 billion. It recorded an increase of 18.32% in its 24-hour trading volume, which climbed to $2.87 billion, indicating the sales of more than 2.87 USDC coins over the past day.\u00a0<\/span><\/p>\n USDT and USDC indicated a significant decline from their pegged values as of July 27. As of 13:30 EST, USDT and USDC highlight a drop of 0.04% and 0.05% respectively.\u00a0<\/span><\/p>\n Other stablecoins that de-pegged from their fiat value today include Dai (DAI), Binance USD (BUSD), USDD, Frax (FRAX), TrueUSD (TUSD), Pax Dollar (USDP), Liquity USD (LUSD), Gemini Dollar (GUSD), Terra ClassicUSD (USTC), USDX [Kava] (USDX), and others.<\/span><\/p>\n According to CoinMarketCap, the trend in the NFT market is quite on the negative part. The \u00a0 <\/span>NFT market<\/span><\/a> cap sits at $2.47 billion as of 12:35 EST.<\/span><\/p>\n It recorded a decline of 29.54% over the past day in the sales volume, with the value slipping to $16.93 million. Also, the market’s total sales decreased significantly by 29.76% over the past 24 hours to reach 40,019.<\/span><\/p>\n Bored Ape Yacht Club (BAYC) remains the leading collection in ranking the NFT with an est. market cap of 322,424 ETH. The NFT plummeted by 56.10% in its 24-hour trading volume, hitting 1,400.33 ETH.\u00a0<\/span><\/p>\n Conversely, BAYC recorded a surge of 1.46% over the past 24 hours in its average price, which rose to 31.12 ETH.\u00a0<\/span><\/p>\n Mutant Ape Yacht Club (MAYC) is ranked second top NFT with an est. market cap of 117,341.86 ETH. Its 24-hour trading volume plummeted by 17.83% to hit 855.93 ETH. Also, MAYC\u2019s average price dipped 0.84% within the past 24 hours to reach 5.7062 ETH.<\/span><\/p>\n Azuki emerged as the third leading NFT in the list of all collections with an est. market cap of 53,390 ETH.\u00a0<\/span><\/p>\n The collection saw a spike of 4.57% in its trade volume over the past day, which climbed to 836.44 ETH. Also, its average price increased by 5.49 over the past day, reaching 5.1756 ETH.<\/span><\/p>\n Below are news and events within the crypto industry as of July 27.<\/span><\/p>\n The United States prosecutors would drop a charge against Sam Bankman-Fried, FTX co-founder. The charge alleges that SBF conspired to make unlawful campaign contributions.<\/span><\/p>\n According to a <\/span>letter<\/span><\/a> to District Court Judge Lewis Kaplan on July 26, US Attorney Damian Williams cited information from The Bahamas to the government.\u00a0<\/span><\/p>\n The Bahama authorities mentioned their disagreement in the extradition of SBF on the given charge. So, the US prosecutors would drop the campaign contributions count on the trial.<\/span><\/p>\n Attorney Williams wrote: \u201c<\/span>The Bahamas did not intend to extradite the defendant on the campaign contributions count. In keeping with its treaty obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.<\/span><\/i>\u201d<\/span><\/p>\n SBF has previously contested the charge because it was made after his extradition agreement from the Bahamas. So, SBF noted that the charge violates the treaty between the two countries.<\/span><\/p>\n Currently, SBF is facing 13 charges, eight of which were unsealed in December, including the one the US prosecutors want to drop. In Feb and March 2023, five more charges were added in superseding indictments.<\/span><\/p>\n Coinbase CEO Brian Armstrong has recommended that American citizens take a more aggressive stand that would introduce regulatory clarity for crypto. The CEO <\/span>urged<\/span><\/a> the citizens to email their representatives to vote \u201cYes\u201d on the Financial Innovation and Technology for the 21 Century Act (FIT21).\u00a0<\/span><\/p>\n Lawmakers voted favor FIT21 and the Blockchain Regulatory Certainty Act on July 26. The bills are geared to provide more clarity for crypto firms, such as creating distinctive jurisdictions for securities and commodities regulators in the US.<\/span><\/p>\n Armstrong took to Twitter to explain that Americans still can convince their representatives to vote \u201cYes\u201d to FIT21, as the voting will continue on July 27. He stated that the bill would be in circulation during the legislative process.\u00a0<\/span><\/p>\n The CEO thinks the present vote on the bill has many implications for the country. It would protect citizens’ participation in digital assets and impact the country’s innovation and national security.\u00a0\u00a0<\/span><\/p>\n Further, the US largest crypto exchange Coinbase declared that the bill could promote job opportunities in the country. This implies that US-based crypto firms that initiate relocation plans to other jurisdictions could change their decision and continue operations within the country.\u00a0<\/span><\/p>\nCurrent Trend of the Digital Asset Market<\/b><\/h2>\n
Bitcoin Market<\/b><\/h3>\n
Market Trend for Major Altcoins<\/b><\/h3>\n
Decentralized Finance (DeFi) Market<\/b><\/h3>\n
Stablecoins Market<\/b><\/h3>\n
NFT Market<\/b><\/h3>\n
Crypto Market News and Events for Today<\/b><\/h2>\n
Prosecutors to Drop a Charge Against Sam Bankman-Fried<\/b><\/h3>\n
Coinbase CEO Told Americans to Urge Reps to Support Crypto Regulatory Clarity Bills<\/b><\/h3>\n