Crypto Market Recap: Prolonged Consolidation, Shorted Altcoins, and Regulatory Scrutiny

With Bitcoin (BTC) and Ethereum (ETH) seemingly stuck in consolidation after recent gains, the crypto market presents a mixed picture today July 17, 2023. The trend of consolidation for these premier assets is offset by major activity in the altcoin market, as the BNB Token faces a heavy shorting according to the perpetual futures data. The funding rates have slipped to their most negative in nearly three months, indicating an intense bearish outlook from traders.

Aave, a decentralized finance protocol, has made headlines today by launching its GHO stablecoin on the Ethereum Mainnet. The addition represents another expansion of the DeFi ecosystem on Ethereum. This was, however, overshadowed by some regulatory developments. G20’s body has issued nine regulatory recommendations meant to rein in the cryptocurrency industry, indicating intensifying scrutiny worldwide.

Bitcoin Price Today

Bitcoin Price Today

Bitcoin is currently trading at $30,293, a -0.6% in the past 24 hours. Ethereum is trading at $1,933, down -1,5% in the past 24 hours.

Top 3 Crypto Gainers and Losers

• Gainers:
  • KAS (+13.9%)
  • GALA (+5.7%)
  • XDC (+4.7%)
• Losers:
  • LDO (-8.6%)
  • BIT (-7.4%)
  • COMP (-6.1%)

The bearish sentiment in the altcoin market is fueled, in part, by the drastic shift in the BNB Token futures. Traders are heavy on shorts, expecting the token’s price to drop significantly. The climate around Binance’s token has worsened due to high-profile staff exits and pending legal issues.