Crypto Market Outlook – The Trend of Crypto Events on July 4, 2023

As of July 4, the crypto market outlook is a combination of different performances from digital assets. Though the market is not quite gloomy, some prominent assets could not boast a positive over-tune with their price movement.

The cumulative crypto market cap saw a slight upward climb of 0.62% over the past 24 hours. Bitcoin is celebrating a great feat as the token finally broke the resistance level at the $31,000 region. The primary asset defeated the bears’ forces with increasing volatility.

The price trend for the altcoins is not on an aggressive level as most assets still struggle with the pressures from the bears. But a few of the altcoins made it to the green to post slight reclaims in their value. Similarly, the DeFi, NFT, and stablecoin markets had just miniature changes in their trend as of July 4. 

But the crypto market is sparking with some outstanding news and events sharpening the tune of activities and reactions in the crypto space.

Current Trend Of The Digital Asset Market

After the value reclaimed within the crypto market yesterday, activities seem to have relapsed a little today, July 4. The overall crypto market cap is hovering around $1.214 trillion, with a gain of 0.62 over the past day.

The total crypto market 24-hour trading volume has hit $36.78 billion after a surge of 15.87%. As usual, the stablecoin market recorded the highest trade volume, constituting about 92.35% of the total crypto market 24-hour volume.

There’s no change in the Fear and Greed Index, which indicates the 61 scales, signifying that market sentiment is still Greed. The value of the indicator shows that investors are participating in obtaining increasing profits.

Further, the prevailing Greed sentiment has the potential to move prices upward within the crypto market. Here are the trends of the major market sectors in the crypto industry.

Bitcoin Market

The primary crypto token has proven its stance with price sustainability and consolidation in the crypto market.

Bitcoin gathered a more bullish look to cross the $31,000 mark. The asset is gradually building new support at the $31,020 level, which could sustain the new gain for Bitcoin.

At the time of writing, BTC is trading at around $31,028.92, indicating an increase of 1.26% over the past 24 hours. Its market cap is now at $602.80 billion.

Also, Bitcoin witnessed a spike of 37.49% in its trading volume over the past 24 hours. Impressively, the trade volume rose to $16.18 billion.

However, Bitcoin is yet to reclaim a market dominance that covers half the value of the market. BTC’s dominance over the altcoins is 49.60%, showing an increase of 0.36% over the past day.

Bitcoin currently ranks as the fourth most trending crypto asset, according to CoinMarketCap.

Market Trend for Major Altcoins

As of July 4, the outlook for the altcoins’ market trend is quite on the lower tune. Most altcoins didn’t make it to the green region in the crypto market.

Ethereum saw a downward push over the past day as ETH couldn’t withstand the pressure from the bears. 

However, the price is still at its support level above the $1,900 region. Ether dipped by 0.34% over the past 24 hours, hitting $1,956.86. Its market cap is $235.32 billion, and its market dominance is at 18.70%.

Subsequently, Ethereum’s 24-hour trading volume plummeted by 11.60% to $7 billion. Besides Ethereum, other altcoins that plummeted over the past day include BNB, Solana (SOL), Polkadot (DOT), Litecoin (LTC), Shiba Inu (SHIB), and others.

One of the altcoins that indicates a significant positive performance for today is Polygon (MATIC). At the time of writing, MATIC highlights an increase of 2.28% over the past 24 hours, with the price at $0.7043.

Polygon’s 24-hour trading volume surged by 24.80% to reach $341.75 million. The token boasts a market cap of about $6.56 billion.

Other altcoins with gains over the past day include Tron (TRX), Dogecoin (DOGE), XRP, Cardano (ADA), and others. They rallied by 1.03%, 0.71%, 0.94%, and 0.45%, respectively.

Unus Sed Leo (LEO), which came out as the top loser yesterday, is recreating its stance today with a more bullish appearance. LEO records an increase of 7.16% over the past day as the price hovers around $3.93.

According to data from CoinMarketCap, the top gainer for today is the Global Currency Reserve (GCR), with a surge of 44.19%. Conversely, Flow (FLOW) emerged as the top loser, posting a decrease of 11.64%.

Decentralized Finance (DeFi) Market

The decentralized finance (DeFi) market indicates a positive overall outlook today. The DeFi crypto market cap experienced an increase of 3.00% over the past 24 hours as the value hits $45.86 billion.

The DeFi market 24-hour trading volume is currently at $2.85 billion, following a surge of 3.07%. Also, the DeFi market volume constitutes about 7.82% of the cumulative crypto market volume over the past 24 hours.

Wrapped Bitcoin (WBTC), the top DeFi token, recorded a surge of 1.29% over the past day, with the value at $31,047.90. With a 24-hour trading volume of $144.37 million, WBTC now boasts a market cap of $4.87 billion.

Aave (AAVE) witnessed a price increase of 10.61% to rank as the second top gainer of the day. Similarly, Maker (MKR) became the third top gainer with a surge of 10.52% as the price hits $1,016.30.

Other DeFi tokens with gains include Lido DAO (LDO), Fantom (FTM), curve DAO Token (CRV), Compound (COMP), Frax Share (FXS), etc.

Stablecoins Market

The overall outlook in the stablecoin market as of July 4 shows a slightly positive performance. Most stablecoins are struggling to maintain their anchor on their pegged values.

The stablecoin market boasts a market cap of $127.67 billion, showing an increase of 0.2% over the past day. Further, its 24-hour trading volume surged 13.93%, reaching $34.01 billion.

Tether USDT and USD Coin (USDC) are maintaining the first and second top positions in the ranking of stablecoins, respectively. Their market caps sit at $83.35 billion and $27.64 billion.

While a majority of the stablecoins kept to their pegged value, some coins still witnessed a slight shift. Some of the tokens that de-pegged include Dai (DAI), Binance USD (BUSD), USDD, Frax (FRAX), Tribe (TRIBE), Vai (VAI), and others.

NFT Market

The NFT market has made a little progressive move over the past day.

The total market cap of all the NFTs sits at $2.83 billion. The 24-hour sales volume experienced a spike of 1.41%, with the value hitting $36.6 million. But there’s a drop of over 22% in the total number of sales in the NFT market. The sales number is presently at 54,650.

At the top of the list of NFTs is the Bored Ape Yacht Club (BAYC) with a 24-hour trading volume of 2,860.52 ETH. The BAYC’s volume plummeted by 13,48% over the past day.

Azuki is sitting at the third position among top NFT collections. Its 24-hour trading volume dropped by 10.10% to hit 1,769.94. It boasts an average price of 6.679 ETH, with just 265 collectibles sold so far today.

Mutant Ape Yacht Club (MAYC) ranks as the second top NFT collection with a 24-trade volume of 2,076.74 ETH. MAYC’s trading volume dipped by a whopping 20.61% over the past day.

Crypto Market News And Events For Today

As of July 4, the crypto market is having a reflection of mixed reactions. The crypto industry is bubbling with several news and events contributing to the market’s overall outlook.

Below are some thrilling news and events in the crypto market today.

BlackRock’s Renewed Application Spiked Coinbase Stock

The United States’ largest crypto exchange Coinbase has witnessed a spike in the price of its COIN share. The price rally came after the world’s largest asset manager Blackrock renewed its surveillance document in its application for Bitcoin ETF.

The asset manager amended its filed document and chose Coinbase as the new surveillance partner. This new development triggered about a 12% surge in the value of Coinbase’s stock.

According to the report, BlackRock initiated a renewal to its filing on the spot Bitcoin exchange-traded fund (ETF). The amendment saw the asset manager include new changes with a surveillance-sharing agreement with Coinbase.

Subsequently, Nasdaq noted a spike in Coinbase stock as COIN gave an unusual price movement after Blackrock disclosed the new filing. The application included a detailed agreement made between Nasdaq and Coinbase last month.

According to the details of the agreement, Nasdaq would have access to spot Bitcoin trade data. This means that if BlackRock’s application is approved, Nasdaq would be using the data obtained from Coinbase to monitor the BTC ETF trading.

Following BlackRock’s selection of Coinbase as its surveillance exchange partner, some industry participants believed it was a major step to getting approval.

The US Securities and Exchange Commission (SEC) is the regulator in charge of approving the BTC ETF filings. The SEC had rejected the applications from BlackRock and other firms, stating that the filings were all inadequate.

Bitcoin Witnesses Two Consecutive Green Quarters Since 2021

The primary crypto asset has marked two quarters in green consecutively, ending the first half of 2023 with gains. According to data from CoinGlass, a crypto on-chain data provider, BTC’s latest performance is standing as its first time closing two consecutive green quarters since 2021.

The data revealed that Bitcoin posted a gain of 71.77% and 7.19% for the first and second quarters, respectively. BTC last saw two consecutive green quarters in Q3 and Q4 2021, with respective returns of 25.01% and 5.45%.

With a significant recovery from the bearish trend in the overall crypto market, Bitcoin has been riding on the trend to improve its stance. BTC’s price movement was majorly on the down tune throughout last year.

Bitcoin’s quarterly returns for 2022 were highlighted as -1.465, -56.2%, -2.57%, and -14.75% for Q1, Q2, Q3, and Q4, respectively.

Compared with 2022, Bitcoin also saw positive growth in its monthly returns. While 2022 has four green months and eight negative ones, 2023 only has one negative month for BTC.

The primary token kicked off 2023 with a positive inclination, recording a return of 39.63% in January. Though BTC slid slightly in February, the token still maintained a positive overall gain of 0.03% for the month.

Its returns for March and April hit 22.96% and 2.81%, respectively. However, Bitcoin witnessed a drastic decline in May, the only negative month so far, as it made -6.98%. 

June came with positive vibes, pushing BTC northward with a return of 11.98%. Bitcoin is already showing some tendencies of a positive return this July as the token has hit 1%. But it could still be quite early to ascertain the outcome for the month.

Revolut Discontinues Services On Solana, Cardano, And Polygon For US Customers

The famous UK-based fintech app, Revolut, is planning to halt providing Solana, Cardano, and Polygon to its US users.

Revolut’s new move is coming after the provider Bakkt Holdings Inc. delisted the crypto assets. The delisting was due to the US Securities and Exchange Commission’s classification that placed ADA, MATIC, and SOL as unregistered securities.

The SEC’s regulatory approach influences the services of most crypto platforms and firms as they readjust their operations to remain compliant with the regulator.

Notably, the SEC filed lawsuits against major exchanges Binance and Coinbasein June. The regulator alleged that the exchanges are dealing with unregistered securities. 

Revolut gave its US customers until September 18 to exit their pending trading positions in line with its new decision. The firm would automatically sell all remaining tokens at prevailing crypto market prices before converting the proceeds to USD deposits.

The readjustment in crypto services amid the growing regulatory challenges in the US is not only peculiar to Revolut. The popular US-based trading platform, Robinhood Markets Inc., gave a clear shade of its service changes in June.

Rohinhood disclosed its plans to remove some crypto tokens from its list of services. These include Solana, Polygon, Cardano, and others.

Similarly, eToro, a crypto trading platform based in Israel, halted US customers from opening new positions on some crypto assets. The tokens involved are Dash, Polygon, Algorand, and Decentraland.

EU Data Act Receives The Endorsement Of The EU Lawmakers

The controversial European Data Act has gotten the endorsement of EU lawmakers. Before now, the act was reported to have attracted criticism from the crypto community.

The act is meant to support the increased use of data resources in training algorithms. It would be relevant in updating the EU’s rules on smart contracts, including a kill switch option that enables their safe termination.

Notably, the new inclusion contradicts the fundamental trust proposition in smart contracts. Before now, the European Commission proposed a legislative move for a digital euro. The commission plans to push the asset to become a widely accepted and accessible payment method. 

It mentioned that the procedure would involve people getting digital euros through their banks with adequate request applications. Such a process would simplify the accessibility of digital currency and eliminate issues of cutting citizens from the movement.

Further, the commission proposed the provisions of some aspects that would facilitate the flow of the digital currency. These include free basic digital euro services, offline payments, and user privacy protection.

The crypto industry with Europe as a continent has not seen it all going gloomy. Some crypto-friendly moves favor enthusiasts and investors within the region.

The National Council of Slovakia approved a legislative amendment to reduce personal income tax on profits from selling crypto assets a user held for at least one year. The amended value had a tax of 7% as against the current taxation scale between 19% to 25%.

TON Blockchain Introduces Encrypted On-Chain Messaging Feature

The Open Network (TON) has introduced encrypted messages for on-chain transactions. This new feature would enable its customers to communicate privately with one another.

Before, TON allowed users to include messages in their transactions, but they were completely public without encryption.

The new update on the messaging feature has overturned the previously opened and public status of messages on the platform. It now allows customers to use end-to-end encryption on their messages which only the recipients can read.

The platform is working hard to ensure that the encrypted messaging service is readily available to users. The network maintains a very low fee of about 0.006 Toncoin (TON) per transaction for the new messaging feature.

The core developer at TON, Anatoly Makosov, stated that the encryption of messages is a great introduction to personalizing transactions. 

Makosov said: “When sending Toncoin, Jettons, or NFTs on TON you have always been able to include a text for the recipient such as ‘for coffee’ or ‘happy birthday’, thereby personalizing the interactions. Now this popular feature […] is available with full encryption.”

Also, the developer noted that the new feature would play a vital and relevant role in critical situations. He cited that TON would stand out with its reliability and security in private communication if an apocalypse crashes traditional messenger server.