Crypto News: FOMC Steady Rates Trigger Crypto Market Slide

Crypto market cap fell by 3.10%, falling to $2.40 trillion

• Fed Chair Powell hints at September rate cut, contingent on favorable inflation, keeping current rates steady.

• US SEC Chair Gary Gensler has issued a crucial warning about the rise of AI and cryptocurrency fraud in the market.

Major Events To Watch

Crypto Fear and Greed Index:

Crypto Fear and Greed Indicator shows market sentiment at 52 Greed, down from 61 yesterday and 68 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.

• Major altcoins like #Ethereum ($ETH), #XRP ($XRP), #Solana ($SOL), and #Cardano ($ADA) all saw declines.

• #Akash Network ($AKT) experienced the biggest gain, rising over 7.42% in the last 24 hours.

• #Dogwifhat ($WIF) had the largest loss, dropping more than 11% in the past 24 hours.

• Total crypto market volume for the past 24 hours is $76.27 billion, marking a 21.29% increase.

• DeFi volume stands at $3.89 billion, representing 5.10% of the total crypto market volume.

• Stablecoin volume is $70.36 billion, making up 92.25% of the total crypto market volume.

• Bitcoin’s dominance is at 54.92%, with a 0.10% increase over the day.

Major Worldwide News Update:

• The Federal Reserve has kept interest rates unchanged, maintaining the 5.25%-5.5% range, but is considering a rate cut in September based on future inflation data. Fed Chair Jerome Powell emphasized that decisions will be data-driven and nonpolitical, with a 50 bps cut currently unlikely. Markets await further economic indicators.

• SEC Chair Gary Gensler has issued a warning about the risks of AI and crypto fraud, urging caution as AI tools become more prevalent. He emphasized protecting investments from scams that exploit AI technology. In response, major AI firms have formed the Coalition for Secure AI (CoSAI) to enhance security measures amid rising concerns about AI-related fraud.

• Donald Trump has launched limited-edition Bitcoin-themed sneakers as part of his 2024 presidential campaign, reflecting his shift towards a pro-crypto stance. The “Crypto President” sneakers come in two versions, with Trump promoting a national Bitcoin reserve if elected. This move aligns with his ambition for the US to become a global crypto superpower.

• While BlackRock executives are hesitant about pursuing crypto ETFs, VanEck's Head of Digital Assets, Matthew Sigel, predicts Solana ETFs will soon debut on Wall Street. Sigel counters skepticism, highlighting the diverse crypto ETP market in Europe and expressing optimism about regulatory changes that could pave the way for more crypto ETFs in the U.S.

•  South Korea's new Virtual Asset User Protection Act mandates crypto exchanges like Upbit, Bithumb, and Coinone to pay supervisory fees based on operating income, totaling around 300 million won ($220,000). These fees, effective next year, are for inspections by the Financial Supervisory Service, reflecting increased regulatory oversight of the growing virtual asset market.

• The XRP Ledger, through a partnership with OpenEden, will now offer tokenized US Treasury bills (T-bills). This initiative aims to integrate traditional real-world assets into the decentralized finance ecosystem, providing new investment opportunities. Ripple commits $10 million to support this venture, enhancing security and regulatory compliance through rigorous KYC and AML screenings.

COIN GABBAR Views: Bitcoin Price Reversal Alert: Is the Bull Run Over for BTC? Why is Bitcoin price down today? Are we facing a major correction? Bitcoin liquidations have surged to $56 million soon after the Fed meeting. What’s happening? With rising fears of a Mt. Gox dump and the FOMC's impact, will Bitcoin price break 50K? To get latest news Stay tuned us at coingabbar

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