Crypto News: Bitcoin Holds $66K, Ripple Seizes the Spotlight

Crypto market cap fell by 1.30%, dropping to $2.47 trillion

• Franklin Templeton's Roger Baston sees potential in a Solana ETF launch, aiming to diversify crypto investments despite ETH ETF's slow start.

• Mt.Gox transferred $3.15B in Bitcoin for creditor repayment, with Bitcoin's price stable before the Fed meeting.

Major Events To Watch

Crypto Fear and Greed Index:

Crypto Fear and Greed Indicator shows market sentiment at 67 (Greed), down from 74 yesterday and 69 last week.

Cryptocurrency values have fallen over the last 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin ($BTC), the leading cryptocurrency, fell below $66,000 early Wednesday, continuing its downward trend.

• Popular altcoins such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Solana ($SOL), and #Litecoin ($LTC) all experienced declines.

• #Ripple ($XRP) saw the largest gain among major cryptocurrencies, up over 8% in 24 hours.

• #AIOZ suffered the largest loss, with a drop of over 8% in the past 24 hours.

• Total crypto market volume in the last 24 hours is $63.37B, a 21.47% decrease.

• DeFi volume stands at $3.47B, making up 5.48% of the total crypto market volume.

• Stablecoin volume is $57.65B, representing 90.97% of the total crypto market volume.

• Bitcoin's dominance is at 54.86%, marking a 0.11% decline over the past day.

Major Worldwide News Update:

• Franklin Templeton’s Roger Baston highlighted Solana (SOL) as a potential candidate for an Exchange-Traded Fund (ETF), emphasizing the firm’s goal to simplify crypto investments. Despite a decline in Ether prices, significant fund flows into Ethereum ETFs occurred, with Franklin Templeton’s EZET attracting $26M. The SEC's exclusion of Solana from its securities list could support a future Solana ETF.

• Mt. Gox has moved 45,511 Bitcoins, worth $3.15 billion, in preparation for creditor payouts. This follows a total transfer of 61,559 BTC since July 5. Bitcoin price remains stable around $66,000, showing minimal movement after recent volatility. Investors are awaiting the FOMC meeting on July 31, with expectations of increased volatility due to options expiring on August 2.

• On July 30, the BlackRock Ether ETF (ETHA) recorded $118M in inflows, bringing total inflows to over $618M. Despite this, Ethereum's price fell 1.21% to $3,274.43. The Grayscale Ethereum ETF (ETHE) experienced $120M in outflows, totaling $1.8B. Analysts predict Ethereum may stay sideways in August but could rally in September with a Fed rate cut.

• XRP surged over 9% to $0.65 and a $36.5 billion market cap following the SEC's amendment to the Binance lawsuit, raising hopes for a quicker resolution of the Ripple case. XRP whale activity has spiked, with 279,400 wallets holding at least 10,000 XRP. Ripple CEO Brad Garlinghouse criticized the SEC’s inconsistent regulatory practices.

• Wemix.fi suspended its lending, borrowing, and liquidation services on July 30 due to issues with its stablecoin, WEMIX$. This follows a drop in Wemix (WEMIX) price to $0.94 after former CEO Jang Hyun-kook sold his shares. Wemix has faced troubles, including misrepresentation claims and tax issues, since its 2022 mainnet launch.

• The US Federal Reserve will announce its fifth interest rate decision for 2024 tonight after a two-day FOMC meeting. Wall Street anticipates the Fed will keep rates between 5.25% and 5.50%. Focus will be on signals regarding a potential rate cut in September. Despite recent inflationary improvements, the Fed seeks greater confidence before lowering rates.

COIN GABBAR Views: How deep can Bitcoin's correction go as it dips below $66K? Is the recent dip merely noise before a Bitcoin bull flag forms? With the US government moving $2 billion in BTC, is the Bitcoin price crash a sign to look towards new crypto ICOs as a safe haven? Meanwhile, could XRP's 9% surge indicate increased odds of a Ripple SEC lawsuit settlement? To get latest news Stay tuned us at coingabbar

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