There are weak changes in the crypto market with a slight drop in the capitalisation of 0.13% to $1.173 trillion. Bitcoin loses 0.4%, and Ethereum loses 0.2%, mainly due to lower risk appetite in equity markets. The top altcoins are multidirectional, ranging from a 0.65% decline (BNB) to a 1% gain (Solana).
Bitcoin volatility remains well below average and lower than most equities. There remains a delicate balance of range-bound moves with slightly higher downside risks as BTCUSD falls further behind its 50-day average.
Medium-term speculators are likely waiting for the end of the consolidation to enter the activity in case of a move out of the recent range. The movement could become one-sided, with a break above $30.1K or below $28.9K.
News Background
The SEC has informed the Southern District of New York court that it will appeal the partial loss in its ongoing litigation with Ripple. The agency will file an interlocutory appeal of Judge Analisa Torres' ruling and seek to continue the case on a summary judgment basis. The regulator cited the ongoing litigation against Terraform Labs, where the judge rejected Torres' approach.
The launch of PayPal's stablecoin has caused "deep concern" in the US Congress. Maxine Waters, a US House of Representatives member, pointed to the lack of a regulatory framework for such assets.
The Block notes that the total capitalisation of stablecoins has been declining for more than a year. However, many positive things are happening in the industry for the stablecoin cryptocurrency space. Tier 1 blockchain developer Aptos has entered a multi-year partnership with Microsoft to implement Web3 solutions. The Aptos token (APT) jumped 7%.
