WMA: Bitcoin Retains $30,000 Despite SEC-BlackRock Scuffle, Altcoins Take a Dip

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This Week’s Summary

• The crypto market ends the week at a total market capitalization of $1,180 trillion.
• Bitcoin decreased by nearly 0.7% to around $30,400.
• Ethereum is down by nearly 3% to reach around $1,840.
• XRP lost over 4% in value this week.
• Almost all altcoins are trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $46 billion.

Crypto Trends 3 – 9 July 2023: Market Analysis and Performance

The crypto market hangs tightly to its recent gains, despite a slight dip in performance this week. Most assets went on a short rollercoaster ride, ending the week on a downtrend. Nevertheless, the losses are insignificant for most. Even the market capitalization decreased, but only by around $14 billion.

Bitcoin has become the apple of discord in a tug-war between The U.S. Securities and Exchange Commission (SEC) and BlackRock. The American institution rejected all recent BTC ETF filings as “inadequate.” Nevertheless, the multi-national investment company responded by immediately filing for one anyway. This back and forth saw Bitcoin’s value seesaw between $29,500 and $31,500 in less than a week. Currently, the king of cryptocurrencies is trading comfortably a little above $30k.

Ethereum lost two weeks’ worth of gains in only a few days. The second crypto in command saw its dreams of conquering the $2,000 level vanish in the wind. Following a poor trading period, ETH struggles to remain above $1,800.

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Altcoins & DeFi

Most altcoins are trading in the red, although very few register disappointing results. For instance, Litecoin is down by 12% and Bitcoin Cash by 9%. Elsewhere, BNB lost 5%, XRP dropped by 4%, while Cardano and Dogecoin decreased by 2%.

On the other hand, some altcoins are ending the week on a high. Solana is up by 13%, TRON by 4%, and Polygon by 3%. Meanwhile, Avalanche increased by 7% and Shiba Inu by 2%.

The Metaverse sector shares the same sentiment as the rest of the crypto market, with most projects trading in the red. For instance, ICP is down by 2%, Decentraland by 5%, and Axie Infinity by 7%. Meanwhile, ApeCoin dropped by 9%, Theta Network by 3%, and Stacks and The Sandbox by 6%.

The DeFi sector lost nearly $1.5 billion from the total value in locked protocols (TVL), now at $46.86 billion.

Crypto Market Analysis – What’s in the News?

• The United States Department of Homeland Security (DHS) has recovered over $300,000 from the 2016 Bitfinex hack. The money will go back to Recovery Right Tokens (RRTs) holders.
• Nearly 13% of all Litecoin (LTC) hasn’t been moved in years.

Next Week’s Crypto Market Forecast

Btc

Bitcoin

$27.443
price

0.6218%
price change

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The crypto market has become the battlefield between U.S. institutions cracking down on crypto and multi-national companies seeking to expand access to cryptocurrencies. So far, the market is holding its own, defying abrupt impositions from the authorities. This newfound stability has allowed assets like Bitcoin to be over 80% up this year. Moreover, it should enable further positive developments in the months to come.