24 Hrs Crypto Update, June 08: Crypto Rollercoaster: Bitcoin Climbs
- BinanceUS, the American division of Binance.com, has announced its intention to temporarily halt USD deposits, citing the withdrawal of support for withdrawals by its banking partners, effective from June 13
- Over the last 24 hours, there has been a notable surge in the market value of popular cryptocurrencies, including BTC, ETH, and MATIC. This surge has been driven by a significant increase in buying and trading activity, resulting in a positive trend in the market
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $26440 | 0.47% |
| ETHEREUM | $1838 | 0.55% |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.15 T | 0.60% |
| TRADING VOLUME | $29.60 B | 32.88% |
TOP 5 GAINERS
| Indices | LTP | Change (%) |
|---|---|---|
| Unitrade | $0.15 | 284.48% |
| dfohub | $0.0013 | 150.54% |
| Lucretius | $0.00020 | 103.34% |
| PalGold | $0.00019 | 84.41% |
| StrikeX | $0.053 | 81.44% |
| Indices | LTP | Change (%) |
|---|---|---|
| FutureCoin | $0.040 | 65.82% |
| DAVNetwork | $0.00048 | 29.92% |
| Bread | $0.0055 | 29.88% |
| PRivacCYCoin | $0.010 | 28.54% |
| DentaCoin | $0.0000026 | 27.88% |
Bitcoin has shown signs of recovery, gaining approximately
one percent and approaching the $26,500 mark. Ethereum has also experienced a slight increase, but remains below the $1,850 mark. This comes after a tumultuous week in the cryptocurrency market, which was marked by lawsuits filed by U.S. securities regulators against Binance and Coinbase exchanges.
Major Events Around the World
On Thursday, Binance's CEO Changpeng Zhao, also known as CZ, denied allegations that the cryptocurrency exchange had redirected up to $12 billion in user funds to other companies under his control. These claims arose after reports surfaced that CZ had transferred customer funds to a company called Merit Peak. In the meantime, US Senators Elizabeth Warren and Chris Van Hollen have urged the US Justice Department to investigate Binance following the US Securities and Exchange Commission's (SEC) complaint.
John Deaton, the attorney representing over 75,000 XRP token holders, has accused the U.S. Securities and Exchange Commission (SEC) of neglecting the best interests of Coinbase and Binance users. He is advocating for a group of users to unite and have a voice in the ongoing lawsuits. Deaton is recommending that a class of customers and crypto account holders who use these platforms come together and explore the possibility of participating in the lawsuits and potentially obtaining amicus status. Despite the legal battles, the crypto market remained relatively stable, with Bitcoin only experiencing a minor weekly loss of 1.73%.
Ethereum (ETH), the second-largest cryptocurrency in the world by market capitalization, is experiencing a challenging week. This comes after the industry was rocked by the US Securities and Exchange Commission's (SEC) filing of securities violation charges against Binance and Coinbase Exchanges. As of now, Ethereum is trading at $1,844.24, representing a 0.84% decline over the past 24 hours and a 1.2% drop in the last seven days.
COIN GABBAR Views: Bitcoin traders and investors can find confidence in the possible formation of a bullish bullish butterfly pattern, which suggests further upside potential for BTC. The key question now is whether bitcoin will regain its bullish momentum or whether it will test the $25,200 level again. Stay tuned for updates and the latest news us at www.coingabbar.com
Also read: Bitcoin Magazine Founder's Advice: Withdraw Funds from Exchanges for Protection
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.
