24 Crypto Update, 09 Aug: Crypto Jittery in Anticipation of CPI Data

Mixed Performance in Crypto Market Ahead of Key US Economic Data

Bitcoin dipped 0.7%, held $29,500; Ethereum stayed $1,850

Ahead of significant economic data release from the US later in the day, Thursday witnessed a mixed performance among top crypto tokens, including Bitcoin. Despite the Securities and Exchange Commission (SEC) revealing its plans to appeal the outcome of the Ripple case, the crypto market demonstrated a tendency to overlook the news.

After a fleeting rebound, Bitcoin turned negative again, dropping around 0.5% but staying above $29,500. Ethereum, its main counterpart, also dipped slightly but held above $1,850. Other major altcoins showed mixed price actions.

Top Crypto Currency Updates:

Bitcoin (BTC)

As of the current writing, the price of Bitcoin is $29,504, showing a 24-hour loss of 0.80 percent. In India, the value of Bitcoin is Rs 25,20,000.

Ethereum (ETH)

At the time of writing, the price of Ethereum was $1,850, showing a 24-hour loss of 0.30 percent. In India, the price of Ethereum stood at Rs 1,59,460.

Binance (BNB)

At the time of writing, the price of Binance was $243.00 showing a 24-hour loss of 0.60 percent. In India, the price of Binance stood at Rs 20,650.

Cardano (ADA)

At the time of writing, the price of Cardano was $0.2995, showing a 24-hour gain of 0.50 percent. In India, the price of ADA stood at Rs 26.00.

Dogecoin (DOGE)

DOGE recorded a 24-hour gain of 0.80 percent, with its current price at $0.07564. In India, the price of Dogecoin stood at Rs 6.40.

Litecoin (LTC)

Litecoin registered a 24-hour decrease of 0.01 percent. As of the current time, it was trading at $84.00. In India, the price of LTC stood at Rs 7100.

Ripple (XRP)

XRP's price, recorded at $0.6374, experienced a 24-hour fall of 1.00 percent. In India, Ripple's price stood at Rs 55.00.

Solana (SOL)

The price of Solana was recorded at $24.15, reflecting a 24-hour decrease of 1.40 percent. In India, the price of SOL stood at Rs 2026.

Crypto Fear and Greed:

In the last 24 hours, cryptocurrency markets displayed buying sentiment, rising the crypto greed and fear index by 3 points to a score of 53 out of 100.

Major Event to be watch

Worldwide News Update:

• BRICS countries like China and Russia are challenging the dominance of the US dollar in global trade and finance. They're making deals using their own currencies and exploring a shared digital currency to reduce reliance on the US dollar, altering global business dynamics.

• SEC Chief Gary Gensler cautions about financial instability from fast AI integration in finance. Worries include opaque AI models and privacy concerns from data dependence. Gensler urges cooperation between finance and regulators for responsible AI adoption.

• The SEC filed a letter explaining its move for an interlocutory appeal regarding programmatic sales of XRP to buyers. This coincides with Judge Analisa Torres' pretrial order, following the SEC's intent to appeal the XRP ruling.

• Litecoin's LITE token gains traction post-halving with a listing on Gate.io, expanding accessibility and showcasing potential for innovative digital currencies. Despite the current price at $83.54, experts anticipate bullish growth in the mid-to-long term.

• Curve Finance urges CRV/ETH exploiters to return funds to Curve DAO ownership address. A 10% reward of remaining exploited funds offered for identifying culprits leading to a conviction. Founder Michael Egorov's debt being managed through CRV token sales. Aave community blocks CRV borrowing to avert potential DeFi crash.

• Microsoft partners with Aptos Labs for AI and web3 integration. Aptos Labs' blockchain aids AI training, enhancing content transparency. Collaboration addresses industry challenges, bridging the gap between web3 and established tech.

COIN GABBAR Views: Is the Market Rally a Deceptive Prequel to the Risky Run-Up Prior to Key US CPI Data? Are Investors Awaiting Consumer Price Index Figures to Gain Clarity on Future Federal Reserve Decisions? Stay tuned for the latest news at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: BRICS Nations Challenge US Dollar, Reshaping Global Trade