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What happened in the crypto market – current events today

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what happened on the crypto market

What happened on the crypto market today? The CAR authorities launched the sale of national cryptocurrency; there is information in the media about the investigation of US regulators against Kraken; analysts predict the change of leader in the Stablecoin market — these and other news in our review the morning of July 27

What happened on the crypto market today: events that are important to consider. 

Want to know what happened on the crypto market during the day while you were busy? Bitcoin (BTC), according to the resource CoinMarketCap, began Wednesday with a small correction. The cryptocurrency is trading at $21,180. The minimum bitcoin value in 24 hours was fixed at $20,776; the maximum – at a height of $21,266.

The second most capitalized cryptocurrency, Ethereum, also started the day with a slight correction. As of the time of writing this news, the coin is trading at $1,438.

In the top 10 most capitalized cryptocurrencies, Binance Coin (+3.88%) had the best results in 24 hours. The only coin to lose in value during the day was Cardano ( 0.711%). During the week, all cryptocurrencies, except for a few of the stablecoins, were losing in value. Solana (-20%) posted the biggest losses.

In the top 100 most capitalized cryptocurrencies, the best result for the day was recorded for Monero (+8.2%), for the week – for BitDAO (+5.6%). Radix (-4.9%) was the most actively losing in price over the last 24 hours. Arweave (-21.2%) had the highest weekly losses.

The popular crypto exchange Kraken has been under investigation by the U.S. Treasury Department since 2019. This was reported by The New York Times.

According to the publication, the crypto-exchange violated U.S. sanctions laws. We are talking about giving users from Iran, Cuba, and Syria access to trade in digital assets. The New York Times writes that Kraken faces a fine for violating the law.

The Central African Republic (CAR) has launched a public sale of its central bank digital currency (CBDC), Sango Coin. Information about it appeared on the official website of the project.

The sale of Sango Coin was launched on July 25, 2022. A total of 200 million coins have been allocated for the sale. The initial value of CBDC CAR is set at $0.10. Against the background of the completion of sales, representatives of the initiative expect a growth in the value of tokens to be $0.45.

The minimum purchase volume of Sango Coin is $100 in bitcoin, Ethereum, Binance Coin, Tether, USD Coin, Binance USD or DAI cryptocurrency.

Recall that in April 2022 the CAR authorities were the second in the world, after El Salvador, to legalize bitcoin. A few months later – in early July, local regulators launched Sango Coin. The release of the national cryptocurrency was broadcast online.

In the fall of 2022, the most capitalized Stablecoin could be USD Coin, which Circle is responsible for issuing. These are the conclusions reached by analysts at Arcane Research.

The authors of the study believe that USD Coin could surpass its main competitor, Tether, in October. This, in their opinion, is indicated by the growth rate of Circle’s stablecoin capitalization on the background of the rival’s falling indicators.

Previously, experts called USD Coin the best stablecoin on the market. According to our interlocutors, the token surpasses Tether regarding security because its issuer regularly reports on the security of coins. Recall, earlier the U.S. authorities, according to the media, postponed the regulation of stablecoin until September. 

Now you know What happened on the crypto market and you can use this information to make good investment decisions. 


Cryptocurrency

Bitcoin Stalls, Altcoins Move: This Week’s Top Gainers and Losers (Weekend Watch)

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Although it went through some volatility in the past seven days, bitcoin’s price actually stands at the same spot as it did last Sunday.

Many altcoins have produced bigger moves, as ETH has bounced above $2,000 once again, while DOGE is close to breaking below $0.17.

BTC Stalls at $84K

As the chart on the bottom of this article will show, BTC’s price stood at $84,000 last Sunday before it headed south on Monday and later on Tuesday. The weekly bottom came at just over $81,000 at the time as traders were preparing for the conclusion of the FOMC meeting on Wednesday.

Once it became known that the Fed will not change the interest rates again, BTC faced some volatility but ultimately shot up to a multi-week peak of over $87,000 during Thursday morning’s Asian trading session.

However, this was short-lived, and the bears pushed the asset south later on Thursday and Friday. The biggest drop at the time came with a slide to $83,000. Nevertheless, BTC managed to defend that level and has returned to just over $84,000, as mentioned above. The weekend has been quite dull, with little to no movements.

Its market cap has remained still at $1.670 trillion, while its dominance over the alts has been reduced this week to 58.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Above $2K

The market moves over the past day have been lacking, so we will focus on the weekly performances. Ethereum is actually up by over 4%, which has helped it jump past the coveted $2,000 mark. Tron and Toncoin have popped up as the top gainers from the larger-cap alts, surging by 9% and 6.5%, respectively.

UNI, APT, KBT, AAVE, GT, and HYPE lead the way from the mid-cap alts. In contrast, Pi Network’s PI token has plummeted by over 32% since last Sunday to $1.

Solana, Cardnao, and Dogecoin are also in the red from the larger-cap alts, with losses of up to 4%.

The total crypto market cap is essentially at the same spot as yesterday at $2.870 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Cryptocurrency charts by TradingView.

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Cryptocurrency

Good News for Ripple (XRP) and Cardano (ADA) Investors: Details

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TL;DR

  • Although both ADA and XRP are down on a weekly scale, their performance could reverse in the short term, as suggested by a popular metric that has flashed a buy signal.
  • Interestingly, the projects behind both assets have been linked in the past and are expected to announce a joint venture soon.

ada_v_xrp_cb

The metric in question, brought by popular crypto analyst Ali Martinez, is the TD Sequential, which showcases whether an asset has reached an exhaustion point in either direction.

For XRP, the indicator has flashed a buy signal on the 4-hour chart, which could suggest “the start of a short-term rebound,” said Martinez.

Ripple’s cross-border token experienced a sharp and brief uptick earlier this week when company CEO Brad Garlinghouse announced a victory in the legal case against the SEC. XRP went from $2.3 to $2.6 within an hour or so but failed to keep the momentum up and has retraced to under $2.4 now.

The same indicator posted a similar buy signal when it came down to ADA, according to the 4-hour chart, showing that a rebound could be on the horizon.

ADA has struggled in the past month or so, losing over 10% of its value and currently struggling to remain above $0.7. Previously, Martinez said the asset could skyrocket to $2, but it has to close above $1.2 on the daily chart, which seems like a distant dream now.

XRP and ADA have been linked on numerous occasions in the past several months. US President Trump mentioned them, alongside SOL, ETH, and BTC, in regard to the suggested strategic crypto reserve in the country.

Additionally, Charles Hoskinson and Ripple execs have been exchanging kind words since the US elections, hinting on multiple occasions about a potential collaboration between the two parties. However, nothing official has been made public yet.

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Cryptocurrency

Ripple News Today

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Woes of insider trading, some technical warnings for XRP’s price, amid a number of other interesting developments for Ripple – news that you can’t miss.

Was there XRP insider trading prior to CEO announement of SEC victory?

According to a recent research by Santiment, large XRP wallets inccreased their holdings by around 6.5% in the two months leading up to the announcement that the SEC had dropped its appeal against the company.

In addition to that, this period also saw a sixfold increase in unique wallet activity on the Ripple network, which contrasts wit user outflows on other blockchains.

However, it’s a stretch to say that there was insider trading, because the news was widely anticipated as some experts even said that it was priced in ever since Donald Trump won the elections in November last year.

Time to short XRP?

Some are of the opinion that the XRP token might as well be overvalued, given that a lot of the catalysts for a positive price move have already happened, begging the question if it’s time to short it.

Ripple essentially “won” the lawsuit against the US Securities and Exchange Commission, although they still have to pay a hefty fine and they’ve stated that they will be contesting that. However, the Commission won’t carry the motion further, which is good enough.

At the same time, hightened social media activity around XRP has prompted some analysts to believe that it might be a good opportunity for contrarian investors to consider shorting the cryptocurrency.

XRP price to drop by 50%?

Ali Martinez, a well-known crypto analyst with hundreds of thousnads of followers on X, recently posted a controversial take on the XRP price, predicting a substantial crash.

According to him, the recent pump and dump in XRP has essentially created a very popular technical pattern known as head-and-shoulders. If it plays out, this could result in a 50% dump in the asset’s price, driving it down toward $1.25.

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