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The Crypto Market Outlook – Trend of Events 3rd August 3, 2023

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The crypto market has many ups and downs; following its global adoption presently, many events are currently going on in the crypto world ecosystem, some of which affect the crypto market negatively or positively; here are just a few of these events.

READ ALSO:India Releases Presidency Notes on Crypto Regulations to Shape Global Crypto Rules

Crypto Lender BlockFi to Refund Investors Amid Bankruptcy Plan 

BlockFi’s reorganization has taken another step forward as the firm revealed that New Jersey’s U.S. bankruptcy court has conditionally approved its disclosure statement.

“Our goal throughout this process has always been to maximize creditor recoveries, and the conditional approval of BlockFi’s Disclosure Statement brings us a step closer to achieving that goal,” said Mark Renzi, Chief restructuring officer of Berkeley Research Group.

According to BlockFi, the Plan offers the best path to return crypto to our investors quickly, and we urge BlockFi’s investors to vote in favor of the Plan.

The lender also stated that if the Bankruptcy Plan is approved, it will continue its efforts to recover funds from other failed firms, Alameda, FTX, 3AC, Emergent, Marex, and Core Scientific.

The proposed bankruptcy plan of BlockFi has been met with criticism from several parties, including FTX, 3AC, and the SEC.

These parties have expressed dissatisfaction with the proposed Plan, claiming that it does not adequately address their claims, does not provide procedural fairness, and is overly broad in its absolution of BlockFi and its leadership, with more than a billion dollars of contested transactions.

Additionally, the liquidator of 3AC stated in early July that they would attempt to recover $220 million of “preferential payments” to BlockFi.

September 11 is the scheduled deadline to vote on the proposed reorganization.

Amid Rising Cyber Threats, Top Crypto-Focused Malware Revealed by Blackberry

BlackBerry, the former smartphone giant, discovered a bunch of new malware families trying to get their hands on computers to mine or steal cryptocurrency.

The report says that the three most vulnerable industries to cyberattacks are financial services, healthcare, and government.

One of the most common financial threats is a commodity malware called RedLine, which has been around for a while and is used to steal cryptocurrency and banking info.

Another common threat is Clop ransomware, a variation of CryptoMix ransomware. It was responsible for a data breach at a fintech bank called Hatch Bank.

Blackberry’s most common malware families include:

  • SmokeLoader: One of the oldest known rogue financial tools, SmokeLoader dates back to 2011. Russian threat actors mainly use it to load crypto miners and other types of malware.
  • Raccoon stealer (RecordBreaker): Another malware family, RecordBreaker, has been used to steal crypto wallet data for a while.
  • Vidar: The Vidar malware family has been used to sell cryptocurrency wallets on the dark web.

Linux was the most heavily targeted operating system, and BlackBerry recommended that organizations apply security patches regularly. Hackers are targeting Linux to gain access to computers and use them to mine cryptocurrencies.

Additionally, a new type of malware, known as Atomic macOS, is targeting macOS users and is primarily used to gain access to keychain credentials, browsers, and crypto-wallets.

The Securities and Exchange Commission (SEC) has adopted rules for disclosing cyberattacks, which include listed crypto firms.

Additionally, OpenAI, the originator of the ChatGPT security protocol and the Dall-e encryption protocol, has announced a cybersecurity grant program of $1 million to improve and measure the effectiveness of artificial intelligence-driven cybersecurity technologies.

OpenAI said in its official announcement that its goal is to “support the development of AI-powered cybersecurity capabilities for the defence community through grants and ongoing support.”

Binance CEO Changpeng Zhao Warns Investors Against Increasing Popular Scan Targeting the Crypto Community

Changpeng “C.Z.” Zhao, CEO of Binance, has warned his followers on X—formerly Twitter—about a sophisticated and increasingly common scam in which fraudulent wallet addresses are created to deceive users during transactions.

The scheme involves generating addresses with the same initial and final characters as the user’s original address and then sending the target dust transactions, which will be reflected in the victim’s transaction history.

The victim’s funds will be transferred to the fraudulent address if an address is copied and pasted from one of these dust transactions.

On August 1, C.Z. reported that a highly experienced crypto operator had inadvertently sent $20 million worth of cryptocurrencies to a dust address, only to observe the error immediately after the transaction and requested that Binance freeze the funds before they reached the scammer.

The scam could have been avoided if the victim had used a blockchain domain like the Ethereum name service.

A blockchain domain is similar to an email address, allowing users to find wallets using regular words instead of a long chain of letters, numbers, etc. Binance users can buy a blockchain domain via the platform.

In addition, security experts do not recommend copying and pasting addresses from apps to transfer money. Also, users should use strong and unique passwords for their crypto accounts and enable 2FA on their apps.

While the user’s quick response saved them from a major security breach, other victims weren’t so lucky.

Responding to a thread from C.Z., another user reported sending $20,000 to a dust address similar to the previous scam pattern.

After contacting Binance support within 20 minutes of the transaction, they were told there was no option to freeze their funds.

After nearly 12 hours, their funds were transferred into a crypto mixer, and there was no way to recover them. Other Coinbase users have also reported similar security issues. It is common for scammers to contact clients using the domain name of the crypto exchange.

Regulatory Uncertainty Forces GameStop to Terminate Its Crypto Wallet Program

On its official website, GameStop announced that it would remove its iOS and Chrome Extension wallets from its platform starting November 1 due to “the regulatory uncertainty in the crypto space.

The company also stated that all clients must have their secret password by October 1 to recover their account in a compatible wallet.

In May of last year, GameStop launched its self-custodial wallet, which allows customers to send and receive crypto assets and non-fungible tokens (NFTs) across decentralized apps without leaving their web browser.

A few months later, GameStop expanded its NFT marketplace to include an Ethereum-based NFT marketplace called Loopring L2.

It’s no secret that digital collectibles have been getting less and less popular in recent years. New marketplaces like Blur have taken off, but the volume of NFT trading is far from that in 2021 or 2022.

September 2022, GameStop partnered with the U.S. branch of the now-defunct cryptocurrency exchange FTX.

They offered digital asset wallets and an NFT trading platform. GameStop also promised to introduce its customers to the FTX.US community and to sell gift cards from the platform in select stores in the U.S.

The partnership ended shortly after the exchange went bankrupt, but GameStop said users would get full refunds.

Hashkey Exchange Awarded Crypto License by Hong Kong Authorities

Hashkey Exchange, part of the Hashkey Group and a crypto asset exchange, has been granted its cryptocurrency license in Hong Kong.

Making Hashkey Exchange the first exchange to be licensed in Hong Kong. This is part of the city’s strategy to become a center for cryptocurrency.

The new crypto rules in Hong Kong will also apply to Hashkey Exchange. The company has announced that it has completed a simplified license upgrade process.

The company plans to broaden its scope of business to include professional investors as well as individual investors.

Intending to provide secure crypto trading and storage services, Hashkey Exchange wants to satisfy the market’s need for a licensed platform.

In the second quarter of 2021, Hashkey Group planned to launch a regulated exchange for individual investors, with a planned $1 billion funding round.

In April of the same year, the company unveiled its asset management platform, designed to serve institutional and individual investors.

Deng Chao, Chief Executive Officer of the Venture Capital arm of Hashkey Group, commented on the new service, stating that it would provide solutions to the challenges posed by digital assets.

This development marks a major milestone in Hong Kong’s efforts to establish itself as a leader in the cryptocurrency market, with the granting of Hashkey Exchange’s first crypto license following the new regulations.

The Crypto Market Outlook Today

As of today, August 3, the global crypto market is 1.16$, indicating a 1.16% decrease over the last 24 hours.

The total market trading volume over the last 24 hours is $32.73 billion, indicating a 17.55% decrease. DeFi is currently trading at a total volume of $2.97 billion.

According to CoinMarketCap DeFi accumulates 9.07% of the total crypto market 24-hour volume.

The volume of all stablecoins is currently $30.72 billion, indicating 93.84% of the total crypto market trading volume over the last 24 hours.

Bitcoin’s dominance is currently at 48.64%, showing a 0.12% increase over the day. At the same time, Ethereum has about 18.90% market dominance.

The Bitcoin Market Outlook

Bitcoin (BTC) has fallen below $29,000 in today’s session, as bulls appear to have given up their positions after Wednesday’s rally.

After reaching a high of $29,098.00 last night, BTC/USD has fallen to an intra-day low of $28.946.51.

The bullish mood surrounding Microstrategy’s latest BTC investment has dissipated. The Relative Strength Index (RSI) has failed to break above a key ceiling of 50 and has bounced off a floor of 42.00.

The index is currently at 42.79 as BTC climbs back above $29,000. The price may consolidate as traders focus on Friday’s nonfarm payrolls report.

Bitcoin, the largest cryptocurrency traded at $29132.96, went down 1.02% in the last 24 hours, according to the crypto data platform CoinMarketCap.

Boasting a market capitalization of $566 billion, which went down 1.42% in the last 24 hours, bitcoin is ranked the top-traded crypto asset.

According to CoinMarketCap, the total trading volume of the bitcoin asset saw a drastic price-down trend of 30.01% in the last 24 hours, bringing the total traded volume to $14.57 billion. Despite the massive price decrease, it is still the second-largest trading asset concerning total market volume.

Major Altcoins Market Trend

As of today, August 3, reports gathered from the crypto data platform CoinMarketCap, show a prevailing bearish trend affecting the prices and trading volumes of the altcoins;

Ethereum (ETH) asset is also affected by the current downtrend in the crypto market, the second largest crypto asset in the crypto market is currently experiencing negative price movement over the last 24 hours, with its total trading volume down 22.89%,  bringing the market volume to over $5.4 billion.

According to CoinMarketCap, the total market capitalization of ETH assets is currently over $220 billion, going down 1.32% over the last 24 hours.

Currently, at 10:23EST, the ETH asset trades at $1.835.49, with a decrease of 1.21% over the last 24 hours.

Binance Coin (BNB) is locked in a neutral channel. A consolidation phase will become a bullish breakout once the market decides how it wants to go.

The key support level is $230, and the resistance level is $260. Market participants are finding it difficult to break these key levels. The most recent daily candle shows that sellers are now dominating the market.

It is not a good sign, especially as momentum is shifting in their favor. If this is the case, the key support level could be under pressure soon. On the daily MACD, there are signs that the price action is weakening.

The MACD is showing a bearish cross with an impending bearish cross. If buyers don’t return, momentum could shift, and the chart could turn bearish again. This would continue the bearish trend that started at the beginning of June.

Reports gathered from CoinMarketCap show that BNB is currently trading at $240.80, going down 1.43% over the last 24 hours. BNB boasts a market capitalization of $37 billion, indicating a 1.42% decrease over the past day.

While its trading volume is $558 million with a decrease of 4.61%, BNB is currently the fourth top traded asset in the crypto market based on market capitalization and the ninth traded asset based on its market volume.

Ripple XRP (XRP) currently trades at $0.6709, going down 3.01% over the past day; unlike a few other altcoins, XRP’s trading volume witnessed a price surge of over 16.01% which is over $1.4 billion in the past 24 hours. XRP currently has a market capitalization of $34.37 billion, which plummeted 3.04% over the past day.

Dogecoin (DOGE) trading volume over the past 24 hours is up 22.45%, which is $404 million; DOGE is expected to be more bullish following the rebrand of the social media platform Twitter to ‘X.’

Analysts expect that Elon Musk’s tweets and other activities on the platform will contribute to the growth of the crypto asset.

As of 10:54EST, the DOGE token trades at $0.07436, going down 1.22% over the last 24 hours. With a market capitalization of $10.4 billion, going down 1.82% over the past day, DOGE is the seventh top-traded crypto asset in the crypto market based on market capitalization.

Cardano (ADA) surprisingly records an increase of 44.78% in its total market volume with $296 million over the past day; ADA currently trades at the price of $0.2961, which went down 2.07% over the past day. The total market capitalization of the ADA token is over $10.369 billion, with a decrease of 2.11%

The Decentralized Finance (DeFi) Market

The DeFi market volume currently sits at $2.95 billion, 9.00% of the total crypto market volume over the past 24 hours. Its market capitalization went down by $20.32%, which is 44.2 billion over the last 24 hours.

Wrapped Bitcoin (WBTC) token has plummeted significantly to 50.32% is $90 million over the last 24 hours. While the WBTC market cap records no change in the last 24 hours, still at $4.7 billion, it’s currently ranked the number one top traded asset in the DeFi market. As of 11:47EST, the WBTC token is traded at $29,243.29, down 0.24% over the last day.

Dai (DAI) also records a significant decrease in the token’s total trading volume, up to 45.99%, bringing the trade volume to $105 million over the past 24 hours.

DAI token is currently ranked the seventeenth top traded asset on the crypto market based on market cap, with its market cap at $4.47 billion, indicating a 0.74% decrease over the past 24 hours.

Avalanche (AVAX), as of 11:55EST, the AVAX token trades at the price of $12.55, decreasing 0.46% over the past day.

AVAX has witnessed a spectacular increase in price over the past day to $117 million indicating an 8.65% increase. The token currently has a market capitalization of $4.3 billion, going down 0.32% over the last 24 hours.

Chainlink (LINK), according to CoinMarketCap, the LINK token has been witnessing an aggressive price downward movement over the last 24 hours. LINK trades at $7.22, down 3.59% over the last 24 hours.

Its market volume also went down 13.11%, bringing the total trading volume to $212 million over the last 24 hours. With a total market cap of $3.87 billion, going down 3.76%

The Stablecoin Market

The stablecoin market has a market capitalization of $125.1 billion, trading at a volume of $29.94 billion, indicating a 21.8% decrease over the last 24 hours.

Tether USD (USDT) is the top-ranking stablecoin in the crypto market, with a market capitalization of $83 billion. USDT recorded a significant decrease in trading volume to $21.543 billion, indicating a 19.11% decrease over the last 24 hours

USD Coin (USDC) is also having a significant decrease in its trading volume to over 22.09%, which is $3.176 billion over the last 24 hours; as of 12:25EST, the USDC market capitalization sits at $26 billion, indicating a 0.27% decrease over the last 24 hours.

Binance USD (BUSD) went down 2.40% over the last 24 hours, bringing its total market capitalization to $3.5 billion, while its market trading volume is down at $1.583 billion, indicating a significant 15.28% decrease.

The Binance stablecoin remains the sixth top-traded asset in the stablecoin market despite its recent plunging price movement, according to the crypto data platform CoinMarketCap.

The NFT Market

The NFT market data gathered from CoinMarketCap shows that the NFT market sales volume over the last 24 hours is up 14.30%, which is over $20 million.

While the total sales over the last 24 hours are down 17.62%, that is a total of 47,814 sales in the NFT market over the last 24 hours. The NFT market cap is over $2.611 billion.

BoredApeYachtClub is currently up 46.77% over the last 24 hours, 2,110.7ETH as of 12:44EST, with an estimated market cap of 309,377ETH. BAYC is currently the top-ranked NFT on the NFT market, currently trading at 29.69ETH

MineablePunks didn’t go up that much over the last 24 hours; it is currently traded at 0.0165ETH.

Over the past 24 hours, MineablePunks went up a little to 1.40%, which is 785.56ETH. Its market cap is currently estimated at 50.59ETH

MutantApeYachtClub has decreased 36.67% in its trading volume over the last 24 hours, over 757ETH; its market capitalization is estimated to be around 111.9k ETH.

Crypto market top gainers & losers today

The crypto market witnesses lots of price volatility, affecting the price negatively or positively. Below is a list of the top crypto tokens which have outperformed the others today in terms of price movement

  • Top Gainers

XDC network (XDC) is up 14.80%

Frax Share (FXS) is up 6.81%

Curve DAO Token (CRV) is up 4.88%

Optimism (O.P.) is up 4.36%

Hedera (HBAR) is up 4.26%

  • Top Losers

Sui (SUI) is down 4.29%

Compound (COMP) is down 3.65%

Rocket Pool (RPL) is down 3.50%

Litecoin (LTC) is down 3.46%

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