Crypto Uncertainty Meets U.S. Regulatory Optimism; NFTs Trending Up

Written by BTSE

July 19, 2023

Crypto Market Analysis

Trending Tokens on BTSE:

Asset
Price
24h %
$30,022.11
-0.34%
$1,910.51
0.12%
$0.7984
8.03%
$26.27
-1.08%

 

 

 

 

(as of  3:00 AM UTC, July 19, 2023) 

 

As the business day begins in Asia, Bitcoin (BTC) and Ethereum (ETH) have marked minor declines, with their respective values dropping slightly below the $30K and $1.9K levels. The broader altcoin market also awakens bathed in red while XRP continues its upward trajectory, ascending 5% to $0.77. Bitcoin’s stumble to around the $30K level may reflect a sentiment of uncertainty prevalent in the market. However, these short-term bearish trends should be analyzed in light of potential game-changing regulatory developments in the U.S.

The U.S. Securities and Exchange Commission (SEC) has taken significant strides in acknowledging the impact and potential of cryptocurrencies by accepting the second Bitcoin exchange-traded fund (ETF) application from Valkyrie, following a similar acceptance from BlackRock. This development is anticipated to instill investor optimism, as approval of these Bitcoin ETFs would signify regulatory confidence and herald mainstream acceptance of cryptocurrencies. Additionally, it could unlock a wave of institutional investments, potentially stimulating a bullish market reaction in the medium to long term.

The NFT market, seemingly operating on its own beat, continues to show signs of vitality. Bitcoin’s NFT sales have seen a downturn, yet Ethereum’s NFT sales are making a recovery. According to CoinMarketCap, collections such as the Bored Ape Yacht Club (BAYC) and Opepen Edition are seeing considerable trading volume increases, rising 455.68% to 1,179.37 ETH and 424.82% to 182.16 ETH respectively in the past 24 hours. This indicates a vibrant and evolving marketplace independent of the overall crypto market performance.

 

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