Overview
Discover the latest news in the cryptocurrency market from the past week. With Congress advancing oversight, Singapore’s crypto recognition, to Worldcoin’s innovative ‘Digital Passport’ World ID, and the Federal Reserve’s interest rate hike hints. Dive into our comprehensive market outlook for valuable insights and stay informed about the ever-evolving crypto landscape!
Fundamental Updates
Let’s delve into the significant developments shaping the crypto market landscape:
- Congress Takes Crypto Regulation Forward: Bipartisan Bill Advances for Clearer Oversight: A significant step for Capitol Hill, the House Financial Services Committee has passed a bipartisan bill aiming to establish a regulatory framework for cryptocurrencies. The bill seeks to define cryptocurrencies as securities or commodities and enhance the Commodity Futures Trading Commission’s (CFTC) oversight while clarifying the Securities and Exchange Commission’s jurisdiction, addressing concerns of perceived overreach.
- Singapore Court: Cryptocurrency Recognized as Trustworthy Property: The High Court of Singapore ruled that cryptocurrency is considered property capable of being held in trust. The landmark decision came during a case involving Bybit and its former employee, Ho Kai Xin, who was ordered to return 4.2 million Tether USDT $1.00 to the exchange.
- Worldcoin Unveils Innovative ‘Digital Passport’ World ID Led by OpenAI CEO Sam Altman: Worldcoin, a cryptocurrency venture spearheaded by OpenAI CEO Sam Altman, has debuted its World ID—a groundbreaking “digital passport” aimed at verifying users as real humans, not AI bots. To obtain a World ID, individuals undergo an in-person iris scan using Worldcoin’s ‘orb’, leading to the creation of their unique World ID.
- Federal Reserve Raises Interest Rates, Hints at No Immediate Plans for Further Hikes: The US Federal Reserve has increased interest rates by 25 basis points, reaching their highest level in 22 years at 5.25-5.5%. Fed Chair Jerome Powell indicated the possibility of additional rate hikes depending on incoming economic data. However, analysts widely believe this might be the last hike in the current tightening cycle.
- Total market capitalization: The total market capitalization of the crypto market is currently around $1.19 trillion. This is down by 2 billion from last week.
- Bitcoin dominance: Bitcoin dominance, which tracks the percentage of the total market capitalization that is held by Bitcoin, is currently at around 48.2%. This is down slightly from last week.
- ETH dominance: ETH dominance, which tracks the percentage of the total market capitalization that is held by Ethereum, is currently at around 19.1%. This is up slightly from last week.
Bitcoin Price Analysis:
Bulls in bitcoin attempted to raise the price above 29,500 once more, but the extended wick on the candlestick indicates that intense selling occurred at higher levels. Selling accelerated, and the price fell below the sturdy support level of $29,000, which had stood firm for several days. The BTC/USDT pair has fallen to a critical level that has to be watched. If the price keeps falling and breaks through $29,000, it will indicate that the bulls have lost hope. The pair might later fall to $28,500 and eventually $28,000.
Bitcoin continues to hover around $30,000, staying close to $29,500 at the moment, maintaining a stable position amidst a prevailing positive sentiment in the market. With growing institutional involvement and increased interest, the market is poised for an optimistic outlook, paving the way for future growth and expansion
DeFi Updates
- Gains Network: GainsNetwork_io, a prominent crypto project, has released its highly anticipated tokenomics plan for Q3 2023.
- Sandbox: In an exciting collaboration, McDonald’s Hong Kong has chosen The Sandbox Game to develop its first web3 experience, McNuggets Land.
- Nexus Mutual: In a strategic move to diversify its holdings, Nexus Mutual has executed a CoW Swap, exchanging 14,390 ETH for rETH. This move allows Nexus Mutual to explore new opportunities within the DeFi ecosystem and potentially benefit from staking rewards.
Bitcoin returns were -1.70% for this week. The Alpha Blue Chip Focused Strategy returns were -2.64% during the same period (21-28 July). The Top Cap Digital Assets Strategy and Arbitrage Opportunities & Balanced Strategy returns were -2.15% and 0.02%, respectively.
