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Crypto Outlook

  

-BTC: $30,302.87

-ETH: $1,928.33

-XRP: $0.7174

-LTC: $94.75

The global crypto market cap is $1.21T, a 0.58% decrease over the last day. The total crypto market volume during the previous 24 hours is $24.67B, which makes a 49.39% decrease.

BTC: BTC price increased by 0.10% and 0.04% over 24 hours and in the past seven days. The asset reached a low and high of $30,089.67 and $30,380.43, respectively.

An analyst anticipates potential challenges for Bitcoin miners due to a surge in the hash rate, which signifies the computational power utilized in cryptocurrency mining reaching unprecedented levels. Factors such as fluctuating electricity expenses and heightened competition among miners are projected to escalate production costs.

According to a report co-authored by JP Morgan analyst Nikolaos Panigirtzoglou, the upcoming Bitcoin halving event scheduled for April/May 2024 could serve as a stress test for Bitcoin miners. This event occurs approximately every four years and halves miners’ rewards, reducing issuance from 6.25 to 3.125 BTC. As a result, miners’ revenue will decrease while Bitcoin’s production cost rises.

The report highlights that while Bitcoin halving historically positively impacts Bitcoin’s price, as the production cost has acted as a price floor, it now presents a significant challenge for miners.

ETH: ETH price decreased by 0.59% and increased by 3.21% over 24 hours and the past seven days. The asset reached a low and high of $1,917.29 and $1,946.02, respectively.

According to a proposal released by cLabs, the Celo community is contemplating significantly enhancing its blockchain infrastructure. The plan involves transitioning from an independent Layer 1 blockchain to an Ethereum Layer 2 solution. This proposal follows extensive research and discussions among core members from both the Celo and Ethereum communities. The primary objective is to capitalize on the capabilities offered by Ethereum’s Layer 2 ecosystem while staying true to the platform’s mission of fostering prosperity for all.

The proposed upgrade presents a comprehensive architectural plan wherein the current Celo blockchain would evolve into an Ethereum Layer 2. Initially, this transformation would be achieved by utilizing the OP Stack.

This approach brings forth several notable advantages, including implementing a decentralized sequencer powered by Celo’s existing validator set running Byzantine Fault Tolerance (BFT) consensus. Additionally, it incorporates an off-chain data availability layer facilitated by EigenLayer and EigenDA, operated by Ethereum node operators and safeguarded by restaked ETH. Such a design allows the platform to maintain its low fees while retaining the crucial characteristic of 1-block finality.

XRP: XRP price decreased by 0.58% and increased by 0.48% over 24 hours and the past seven days. The asset reached a low and high of $0.7053 and $0.731, respectively.

Ripple CEO Brad Garlinghouse expects a protracted process for the U.S. Securities and Exchange Commission (SEC) to appeal Judge Torres’ favorable ruling in the Ripple case.

On July 13, Judge Torres delivered a partial triumph to Ripple Labs in the 2020 case filed by the SEC.

The ruling clarified that the XRP token is not deemed a security in the context of retail sales on digital asset exchanges. However, Judge Torres also concluded that XRP qualifies as a security when sold to institutional investors, meeting the conditions set by the Howey Test.

LTC: LTC price decreased by 0.52% and 2.27% over 24 hours and the past seven days. The asset reached a low and high of $94.16 and $95.63, respectively.

Litecoin currently holds a market capitalization of approximately $6.97 billion, with 73 million LTC in circulation. The market shows a high level of activity and liquidity, with a 24-hour trading volume of around $395 million.

After reaching its yearly high and experiencing a pullback, Litecoin found support in the past week. However, its momentum has not fully recovered due to low trading volatility. Nonetheless, on the weekly scale, the mid-term bullish trend remains intact. Last month, Litecoin started its ascent from $71, overcoming several obstacles and ultimately surpassing the psychological barrier of $100 to achieve a one-year peak of $115 earlier this month.


Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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