Crypto Market Update: Bitcoin and Ethereum Swim Against the Current
The crypto world has experienced a unique shift as Bitcoin and Ethereum(Ether), two of the biggest names in the blockchain industry, saw gains amidst a market downturn. Bitcoin marked an increase of 0.5%, moving up to $26,442, while Ether enjoyed a 0.46% increment to reach $1,724. The rise in these leading cryptocurrencies offers a glimmer of hope amidst a challenging environment.
This upward movement in Bitcoin and Ether happened in spite of major turmoil in the crypto market, largely a result of the U.S. Securities and Exchange Commission’s (SEC) recent legal actions against Binance and Coinbase. These lawsuits have driven a low-risk appetite among crypto investors. However, Mike Brusov, co-founder of crypto intelligence firm Cindicator, suggests this might eventually lead to a much-needed revamping of the SEC, potentially making room for a more crypto-friendly administration.
Several notable cryptocurrency exchanges like Bakkt, Robinhood, and eToro responded to the SEC’s lawsuits by delisting certain tokens such as Polygon, Solana, and Cardano. The ADA token of Cardano suffered the most, falling 2.36% to $0.26. On the other hand, the XRP token showed resilience and increased by 0.95% to $0.48, thanks to positive momentum spurred by the release of internal SEC documents.
While Ethereum’s non-fungible token (NFT) sales saw a drop of 19.8%, falling to $10.51 million, Bitcoin’s 24-hour NFT sales witnessed a robust rise of 49.52%, hitting $2.19 million. This was majorly attributed to the phenomenal surge of $FRAM BRC-20 NFTs.
Notably, the mainstream industry is increasingly integrating NFTs into their operations. Global apparel giant, Nike, hinted at an upcoming NFT collection through a teaser video for their “ultimate Sneakerhunt” in the massively popular online game, Fortnite. Such actions are only expected to strengthen the foothold of blockchain and crypto in traditional sectors.
Despite the optimistic signs, the total crypto market capitalization fell by 0.33% to $1.07 trillion and market volume shrunk by 1.2% to $19.92 billion. The U.S. dollar index saw a minor rise of 0.24% to 102.5 points, with the markets now waiting for the Federal Reserve’s decision on interest rates set for July 26.
In conclusion, the crypto world remains unpredictable, with Bitcoin and Ether managing to swim against the current in this volatile sea. The SEC’s actions are reshaping the landscape, yet the enduring resilience and innovative spirit of the crypto market offer hope for continued growth in the blockchain and cryptocurrency industry.
