Crypto Outlook

-BTC: $29,763.51

-ETH: $1,872.33

-XRP: $0.7298

-LTC: $92.47

The global crypto market cap is $1.19T, a 0.19% decrease over the last day. The total crypto market volume over the previous 24 hours is $23.97B, which makes a 4.15% increase.

BTC: BTC price decreased by 0.52% and 1.85% over 24 hours and in the past seven days. The asset reached a low and high of $29,716.98 and $30,330.64, respectively.

According to a report by Wu Blockchain, UniSat Wallet, the leading service provider for Bitcoin Ordinals and brc-20, is currently raising funds at a valuation of $50 million. Some investors have already been confirmed, but there are rumors that OKX has yet to participate in the current funding round despite collaborating with UniSat Wallet in its early stages. Interestingly, OKX has introduced a similar product of its own. Meanwhile, Binance Labs is actively engaging in discussions with UniSat Wallet but has yet to decide on investment.

Dune dashboard data reveals that UniSat Wallet is significant in the current Bitcoin Ordinals trading market, accounting for approximately 10% to 20% of the transaction volume and total transaction amount. The platform boasts around 60,000 independent users. In comparison, in the OKX Ordinals trading market, UniSat Wallet’s influence is slightly lower, accounting for approximately 5% to 10% of the transaction amount. However, it still maintains a more prominent transaction volume in this market.

ETH: ETH price decreased by 0.12% and 3.00% over 24 hours and in the past seven days. The asset reached a low and high of $1,869.24 and $1,904.48, respectively.

IntoTheBlock’s data reveals that Ethereum experienced a notable surge in inflows to centralized exchanges over the last two months. The analytics platform identified $383 million worth of ETH deposited into these exchanges during this period. What’s particularly interesting is that a substantial portion of these inflows originated from a single address and were executed in a single transaction. This deposit can be traced back to an old wallet that accumulated a significant amount of 61,216 ETH during the Ethereum Initial Coin Offering (ICO).

Remarkably, this particular pre-mine wallet had remained inactive for a remarkable eight years, with its holdings of Ether tokens, valued at over $116 million, untouched. However, on Wednesday, July 19, this previously dormant address suddenly became active, and its entire stash of Ether tokens was transferred to another address associated with the Kraken exchange.

Further data from Whale Alert indicates that numerous whales have been actively transferring substantial amounts of Ether tokens to various crypto exchanges in the past week. One notable instance involved over 200,000 Ether tokens being transferred to Coinbase in separate transactions within this specific timeframe.

XRP: XRP price decreased by 0.57% and 3.16% over 24 hours and in the past seven days. The asset reached a low and high of $0.7269 and $0.7506, respectively.

Ever since the groundbreaking ruling in the Ripple vs. Securities Exchange Commission (SEC) case, where XRP tokens were declared not to be securities, all eyes have been on the possibility of the SEC appealing the decision. Recently, in a filing against Terraform Labs and its CEO Do Kwon, the SEC hinted at their disapproval of the Ripple ruling, suggesting they might consider an appeal.

However, the XRP holders’ attorney, John Deaton, has a different perspective on the potential appeal. Taking to Twitter on July 23, Deaton expressed optimism and reassured XRP holders that an SEC appeal wouldn’t lead to disaster for XRP and XRPHolders.

Deaton’s positive outlook is rooted in the understanding that any appeal process would be difficult and time-consuming. The decision by the 2nd Circuit court, if an appeal were to proceed, is not expected until a distant two years from now. This extended timeline gives ample breathing room for XRP holders to navigate through any legal developments that may arise.

LTC: LTC price decreased by 0.07% and 0.85% over 24 hours and in the past seven days. The asset reached a low and high of $92.18 anit’s3.48, respectively.

With Litecoin’s highly-anticipated halving merely two weeks away, traders are closely monitoring the potential impact on LTC’s price, and some are expressing concerns about whether the scarcity effect will be strong enough to sustain its value above the $90 level.

On a positive note, Litecoin has exhibited an impressive 31% growth throughout the year, particularly during a significant rally from June 29 to July 2, where the price soared by 34% and reached a remarkable 14-month high of $115. However, a cautionary signal has emerged from the derivatives market, hinting at a possible sharp correction soon.

Analyzing historical data, it becomes evident that whenever Litecoin futures’ open interest plummeted below the $500 million mark in the past, substantial price drops of 38% or more ensued. This historical pattern is casting a shadow of concern on the current scenario.

Interestingly, during the recent surge in Litecoin futures’ aggregate open interest, which surged from $300 million on June 29 to $615 million on July 2, there was a noticeable increase in demand for leveraged futures contracts. This development adds an intriguing layer to the overall market dynamics and could shape Litecoin’s future trajectory.

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