Crypto News Today: Crypto Tumbles Despite U.S. Inflation Dip

Crypto market cap decreased by 1.6%, reaching $2.37 trillion

• Following VanEck's lead, asset management firm 21Shares has independently applied for a Solana ETF in the United States.

• SEC sues ConsenSys over unregistered broker activities and securities offerings through MetaMask's Swap and Staking services.

Crypto Fear and Greed Index:

The Crypto Fear and Greed Index shows a market sentiment of 30 today, down from 47 yesterday and 55 last week.

Crypto market has recently undergone a decline in value

TOP 5 Losers Coins

Latest Market Update: 

• Crypto prices today have traded bearishly once again, with $BTC falling below the $61K price level.

• Other major altcoins and memecoins such as #Ethena ($ENA), #Notcoin ($NOT), #Uniswap ($UNI), #Pepe ($PEPE), and #Book of Meme ($BOME) experienced losses.

• #Mog Coin ($MOG) saw the highest gain, rising nearly 11.9% in the last 24 hours.

• #Lido DAO ($LDO) suffered the largest loss, declining by over 1% in the same period.

• The total crypto market volume over the last 24 hours is $60.14B, which represents a 2.04% decrease compared to the previous period.

• The current volume in DeFi stands at $4.46B, accounting for 7.42% of the total 24-hour crypto market volume.

• Currently, the volume of all stablecoins stands at $56.78B, constituting 94.42% of the total crypto market's 24-hour volume.

• Bitcoin currently holds a dominance of 53.13%, marking a 0.04% increase compared to the previous day.

Major Worldwide News Update:

• Swiss-based 21Shares filed for a Solana ETF in the US shortly after VanEck, anticipating regulatory clarity. They await SEC's decision on Solana's non-security status. The move aligns with shifting crypto regulations, influenced by recent legal changes challenging SEC's authority. More asset managers may follow suit amid evolving regulatory landscapes.

• The SEC has filed a lawsuit against ConsenSys Software Inc., alleging unregistered brokerage and sale of securities via MetaMask. Despite recent optimism over Ethereum's regulatory clarity, ConsenSys faces accusations of collecting over $250 million in fees without proper registration, signaling ongoing SEC scrutiny and tougher crypto industry oversight.

• Lower capital costs and higher liquidity typically favor high-growth assets like Bitcoin. Despite controlled US inflation, the cryptocurrency market isn't responding positively. The Federal Reserve's cautious approach amid slowing inflation suggests reduced expectations for interest rate cuts, impacting market sentiment and investor risk appetite.

• Cardano's ADA trading volume surged 9% in 24 hours following a strategic partnership announcement with World Mobile, integrating partnerchains for global connectivity. Founder Charles Hoskinson emphasized its impact on network security and interoperability, amid ongoing ecosystem expansions including potential collaborations with Tesla's Elon Musk.

• The Hong Kong Securities and Futures Commission (SFC) warned against Tokencan, VBIT Exchange, and HKD.com for conducting unlicensed crypto activities, misleading claims, and user issues. The SFC blocked their sites, urging caution amid rising online investment scams, emphasizing vigilance to prevent financial losses.

• Judge Amy Berman Jackson dismissed the SEC's claim that Binance's BNB and BUSD are securities, citing the economic reality of token transactions. However, the court allows the SEC to pursue allegations regarding Binance's BNB staking program and founder CZ's role. The ruling impacts the ongoing debate on crypto asset classification.

COIN GABBAR Views: Is there confirmation of a bullish reversal, or are we facing a major crash to $56k? Amid ETF hype, will Solana reach $1000? Is Bitcoin caught in a bear trap, and can its price trigger a healthy rebound? To get latest news Stay tuned us at coingabbar

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