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This Week’s Summary

• The cryptocurrency market looks set to end the week at a total market capitalization of $1,180 trillion.
• Bitcoin decreased by nearly 0.7% to around $30,400.
• Ethereum moved down by nearly 3% to reach around $1,840.
• XRP lost over 4% in value this week.
• Almost all altcoins have been trading in the red, with very few exceptions.
• The DeFi sector decreased the total value of protocols (TVL) to around $46 billion.

Cryptocurrency Trends for the Week of July 3-9, 2023: Market Analysis and Performance

The cryptocurrency market has held tightly to its recent gains, despite a slight dip in performance this week. Most assets went on a short roller-coaster ride, ending the week on a downtrend. Nevertheless, the losses appear to be insignificant for most. Even the market capitalization decreased, but only by around $14 billion.

Bitcoin has become the apple of discord in a tug-of-war between The U.S. Securities and Exchange Commission (SEC) and BlackRock. The American institution rejected all recent BTC ETF filings as “inadequate.”

Nevertheless, the multi-national investment company responded by immediately filing for one anyway. This back and forth saw Bitcoin’s value seesaw between $29,500 and $31,500 in less than a week. Recently, the king of cryptocurrencies has been seen trading comfortably a little above $30,000.

Ethereum lost two weeks’ worth of gains in only a few days. The second crypto in command saw its dreams of conquering the $2,000 level vanish in the wind. Following a poor trading period, ETH has struggled to remain above $1,800.

Altcoins & DeFi

Most altcoins have been trading in the red, although very few have registered disappointing results. For instance, Litecoin moved down by 12% and Bitcoin Cash by 9%. Elsewhere, BNB lost 5%, XRP dropped by 4%, while Cardano and Dogecoin decreased by 2%.

On the other hand, some altcoins appear set to end the week on a high. Solana moved up by 13%, TRON by 4%, and Polygon by 3%. Meanwhile, Avalanche increased by 7% and Shiba Inu by 2%.

The Metaverse sector has been in the same boat as the rest of the crypto market, with most projects seen trading in the red. For instance, ICP moved down by 2%, Decentraland by 5%, and Axie Infinity by 7%. Meanwhile, ApeCoin dropped by 9%, Theta Network by 3%, and Stacks and The Sandbox by 6%.

The DeFi sector lost nearly $1.5 billion from the total value in locked protocols (TVL), now at $46.86 billion.

What’s in the News?

• The United States Department of Homeland Security (DHS) has recovered over $300,000 from the 2016 Bitfinex hack. The money will go back to Recovery Right Tokens (RRTs) holders.
• Nearly 13% of all Litecoin (LTC) hasn’t been moved in years.

Next Week’s Crypto Market Forecast

The cryptocurrency market appears to have become the battlefield between U.S. institutions cracking down on crypto and multi-national companies seeking to expand access to cryptocurrencies. So far, the market has been holding its own, defying abrupt impositions from the authorities. This newfound stability has allowed assets like Bitcoin to be over 80% up this year. Moreover, it should enable further positive developments in the months to come.

About the Author

Born and raised in Romania, and currently living in Spain, the author discovered a knack for writing from a tender age, and even won some minor awards for fiction that didn't pay much.

Iulian became a content writer in 2011, and he is still doing it to some degree of success today. He is currently specialized in cryptocurrencies, technology, online marketing, and social media. In his free time, Iulian likes reading, traveling, and watching sports. His dream is to see Bitcoin reach $100,000 just so he can tell his friends “I told you so!”

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