Cryptocurrency prices continued to be in the red on July 20. The global cryptocurrency market cap was $1.23 trillion, a 4.34 percent decrease over the previous day, while the total crypto market volume over the last 24 hours was $57.25 billion, making a 16.38 percent increase.
The volume of all stable coins was $47.23 billion – 82.49 percent of the total crypto market 24-hour volume. Bitcoin’s price was $31,413.42, and its dominance is currently 46.79 percent, an increase of 0.63 percent over the day.
Days after Jackson Palmer, Ethereum co-founder, slammed the cryptocurrency industry in a series of tweets, another crypto entrepreneur and co-founder of Ethereum, Anthony Di Lorio, said he is “quitting” the industry. The reason being personal safety concerns, among other things, Bloomberg reported. The 48-year-old Canadian has owned a security team after 2017. Di Lorio told the crypto industry has a risk profile he is too enthused about, adding: He doesn’t feel necessarily safe in this space. If he was focused on more significant problems, he thought he’d be safer.
Significant cryptocurrencies were grieving on Tuesday. All the top 100 digital tokens were exchanging in the red at 9.30 hours IST, highlighting the dark in the crypto market. Binance Coin, Ethereum, Dogecoin, Ripple, Polkadot tanked 8-13 percent.
The global crypto market cap dived to $1.19 trillion, a 7.48 percent decrease over the last day. On the other hand, the total crypto market volume during the previous 24 hours was $62.12 billion, increasing by 27.76 percent. The retreat begins amid a broader risk-off atmosphere that’s also seen US equities decline due to worries of slackening growth and a constant spread of the delta variant of Covid-19.
The Treasury and Finance of the Turkish Ministry declared that a draft bill to construct a legal framework for crypto assets is willing for discussion. This comes soon after El Salvador legalized Bitcoin, and Paraguay has also displayed a keen interest in acting so.
Deputy Minister Sakir Ercan Gül declared that the crypto bill would be given to the Grand National Assembly of Turkey at the next legislative year, October 2021.
Zebpay Trade Desk said that the goal of a friendly approach to regulation is decisive, as doing so would make the country an engaging investment source for leading crypto exchanges across the world.
“Bitcoin has become a beating this week, as it dropped under $31,000 on Monday evening,” it added. “The most anticipated general explanation is of the Grayscale Bitcoin Trust, which on Sunday marked a 16,000-BTC unlocking event, which a day later negatively affected the market.”
The Central bank of Turkey had beforehand banned cryptocurrencies as a medium of exchange and prevented banks from implementing deposit and withdrawal assistance to crypto exchanges. The current legal framework is also anticipated to put various protective measures, like security clearance and collateralizing, in the square. As a result, Polygon Network (MATIC) has enjoyed more than 100x from the year’s commencement to its new all-time high (ATH of $2.7). MATIC has been in the accumulation period for months. After breaking out, it zoomed through previous highs in more elongated time frames and looked unstoppable until the bearish inclination on Bitcoin (BTC) started in May.
MATIC has been forming a descending channel on shorter time frames, a temporary bearish model, while the long-term picture continues bullish. MATIC holds a strong support zone. It has below the EMA20 while the RSI indicator is in the oversold territory. It means that there are no signs of a breakout from the course for now.
Once BTC begins to regain lost impulse, MATIC will hopefully start to its uptrend towards its ATH. MATIC is in a strengthening phase after an aggressive pump, and consequently, it could be another marketing opportunity for investors who desired out on the window earlier.