Crypto Market Holds Steady: Positive Movements, DeFis Rise, and Stablecoin Regulation Looms

The cryptocurrency market maintains a steady course over the past 24 hours, with notable positive movements observed across various sectors. As per recent data, the cumulative crypto market capitalization has reached $3.29 trillion, following a 0.63% increase in value. This growth is partly attributed to expanding DeFi applications and growing institutional interest in the space. Crypto volume has rebounded significantly, currently at $84.98 billion after an initial dip of 18.67%. The crypto Fear & Greed index currently sits neutral at 55 points. 24-hour price movements have seen both Bitcoin ($BTC) and Ethereum ($ETH) record modest gains. Bitcoin has climbed to $105,689.89 (a 0.73% rise), while Ethereum rose by 1.05%, reaching a value of $2,516.87, solidifying its market dominance at 9.2%. Other noteworthy gainers include MSTR, GROK and SWOL, with significant increases of over 500% for the latter two. The DeFi sector has also seen growth, as TVL (total value locked) surged by 1.53% to reach $111454B. The AAVE protocol led the way, boasting a whopping $24.837B in TVL. Meanwhile, NFT sales volume has recorded a significant jump of 9.27%, reaching $17,921,386 over the past 24 hours. Guild of Guardians Heroes continues to lead as the top performer, having sold $3,171,966 worth of NFTs after a 0.94% increase. The stablecoin regulation landscape is changing with the Hong Kong government set to implement the Stablecoin Ordinance in August. The ALEX Lab experienced a $8.3M exploit, but has pledged to compensate affected users through USDC reimbursement. Finally, RabbitAI secured a significant funding round of $5 million to boost their decentralized AI instruments.