Telegram Bot Tokens Gain, U.S Federal Reserve Launches FedNow

BTC and ETH continue trading in a tight range, gaining 0.4% over the last day. BTC continues to ping pong around the $30k level, trading for ~29.8k at writing, while ETH traded at ~$1.9k. BTC has been ranging for an entire month now, as the market needs a catalyst for a break in either direction. On the bullish side, there has been positive regulatory momentum coupled with optimism over the approval of an ETF, yet uncertainty over potential DOJ charges to Binance, crypto’s largest exchange, seems to be weighing on bullish sentiment. Notably, the stablecoin sector has been dropping for 16 consecutive months, hitting its lowest level since August 2021. According to CCData, the market dominance of the stablecoin sector has fallen to 10.5% in June, below an all-time high of 16.6% in December 2022. The lack of stablecoin growth and outperformance among altcoins indicates recent gains likely result from profit-taking outflows among BTC and ETH. Equities are relatively flat from yesterday as investors recalibrate in anticipation of earnings releases and adjust their financial holdings to accommodate an atypical Nasdaq-100 rebalance that will be implemented on Monday.