Market Overview
The past week has been a rollercoaster for the cryptocurrency markets, marked by notable declines across various sectors:
- DeFi Market Cap: Fell by 9%, now standing at $82 billion.
- NFT Market Cap: Experienced a significant drop of 21.5%, reaching $24.5 billion.
- Gaming Market Cap: Decreased by 22%, now at $13.8 billion.
- Global Crypto Market Cap: Dropped by 9%, totaling $2 trillion.
- U.S. Spot Bitcoin ETFs: Despite market volatility, these ETFs saw a cumulative net inflow of $238.4 million, highlighting continued institutional interest.
Current Crypto Prices
– Bitcoin (BTC):$59,998.53
– Ethereum (ETH):$3,188.95
– Tether (USDT): $1.00
– Binance Coin (BNB):$535.10
– Cardano (ADA):$0.4294
– Solana (SOL): $145.02
DeFi & Crypto News
Perpetual DEX Volumes
Perpetual decentralized exchanges (DEXs) have seen substantial growth. GMX_IO volumes surged by 300%, while dYdX saw a 94% increase. This trend underscores the rising popularity and usage of DEX platforms in the DeFi space.
Lido’s Revenue Leadership
Lido emerged as the top revenue generator this week. Although Ethereum accrued nearly twice as much revenue as other protocols, it trailed Lido by a narrow margin of $690,000.
zkSync’s Elastic Chain
zkSync has launched the Elastic Chain, an infinitely extensible network of interoperable ZK rollups designed to enhance user experience and scalability within the blockchain ecosystem.
Regulatory Spotlight on Binance in Nigeria
The Central Bank of Nigeria has accused Binance of operating without proper licensing, raising significant regulatory concerns and impacting Binance’s operations in the region.
Aave V3 on Aptos Mainnet
The Aptos Foundation proposed deploying Aave V3 on the Aptos mainnet, marking Aave’s first expansion to a non-EVM blockchain. This move could significantly broaden Aave’s ecosystem and user base.
pStake Finance’s Liquid Staking Testnet
pStake Finance’s Liquid Staking Testnet on Babylon Chain is gaining traction, with a growing number of crypto users showing interest in joining the testnet.
Arbitrum DAO’s Staking Proposal
Arbitrum DAO has proposed launching ARB staking, with plans to allocate 50% of the surplus sequencer fees to reward ARB stakers. This initiative aims to boost participation and increase token utility.
German Government’s BTC Movements
The German government transferred 3,000 BTC ($174M), with 1,300 BTC ($75.5M) sent to exchanges like Bitstamp, Coinbase, and Kraken. The government currently holds 40,359 BTC, valued at $2.33 billion.
Insights from CryptoQuant
The founder of CryptoQuant noted that government Bitcoin sales represent only 4% of the capital inflows for 2023, suggesting these sales have had a limited impact on the market.
Privacy Advocacy Win
Vitalik Buterin celebrated the failure of the EU’s “chat control” proposal, marking a significant victory for privacy advocates.
Legal Developments
The U.S. government agreed to release Samourai Wallet developer William Lonergan Hill on bail, a notable development in the ongoing legal case.
Investor Protection
Bitfinex announced plans to reimburse investors for the failed Hilton Hotel project in El Salvador, addressing concerns about investor protection and trust.
Alpha of the Week
Vela V2 Launch
$VELA V2 is set to launch on July 8, featuring upgraded tokenomics, a new trading competition, and additional features to enhance user engagement.
Lido’s Legal Action
The Lido community is voting on a proposal to designate an entity to handle a pending class action lawsuit against Lido DAO.
Aptos Unlock
$64 million worth of APT will be unlocked on July 12, representing approximately 2.5% of its circulating supply, potentially impacting market dynamics.
Legislative Developments
The U.S. House is scheduled to vote on overturning President Biden’s veto of the SAB 121 crypto bill this week, a crucial event for regulatory clarity.
Ethereum ETF Launch
ETF analysts anticipate the launch of spot ETH ETFs either next week or the week after, which could significantly influence market trends.
XAI Unlock
$65 million in XAI will be unlocked on July 9, accounting for 71% of its circulating supply, which may affect its market performance.
Jupiter’s Supply Reduction
Jupiter’s proposal for a 30% supply reduction is set to go live this month, alongside the U.S. CPI data release on July 11, which could impact overall market sentiment.
Stay updated with Bestla VC for more insights and developments in the crypto and blockchain space.
