24 Hrs Crypto Update, May 17: Janet Yellen's Cryptic
- Crypto remained relatively stable following a successful rally in regular trading on Wednesday. Reports indicate that progress has been made in talks to raise the U.S. debt ceiling, which would prevent a default
- Over the last 24 hours, the market value of several prominent cryptocurrencies, including XRP, LTC, and TRX, has experienced a substantial surge
Bitcoin prices experienced a surge, while Ether saw a slight decline.
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $27361 | 0.78% |
| ETHEREUM | $1823 | 0.38% |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.19 T | 0.40% |
| TRADING VOLUME | $40.10 B | 24.15% |
| Indices | LTP | Change (%) |
|---|---|---|
| TosDis | $3.05 | 19644.09% |
| Rvaendex | $0.00022 | 228.86% |
| AirSwap | $0.55 | 77.25% |
| Zenith Chain | $0.0055 | 48.64% |
| e-money ERU | $1.04 | 37.37% |
| Indices | LTP | Change (%) |
|---|---|---|
| Tokenplace | $0.0015 | 58.36% |
| Friendz | $0.0000082 | 43.71% |
| Populous | $0.012 | 42.23% |
| MicroMoney | $0.0019 | 41.48% |
| dfohub | $0.00049 | 36.67% |
However, the other top 10 non-stablecoin cryptocurrencies by market capitalization experienced gains. Among the winners was Polygon's Matic, which reported a record high in transaction volume on its zero knowledge scaling solution.
Major Events Around the World
Coinbase, the leading cryptocurrency exchange in the United States, has made a significant announcement regarding its trading platform. The firm has recently declared its support for Sui (SUI), a credible crypto asset, in line with its core principle of providing reliable digital assets to its retail customers and promoting the use of Web3. In a recent statement, Coinbase revealed that it would launch trading on the SUI-USD pair in phases, provided that sufficient liquidity requirements are met. The trading is expected to commence after 9 AM PT on May 18, 2023.
The CEO of Binance, Changpeng Zhao (CZ), has shed light on the potential reasons behind the United States' hesitancy to implement a comprehensive policy for the cryptocurrency market. These comments were made in response to the recent lawsuit filed by the Commodity Futures Trading Commission (CFTC) against Binance and CZ. It is worth noting that the US regional banking crisis has actually bolstered the argument for a decentralized financial network governed by blockchain technology, which was the very reason Bitcoin was created in the first place.
The global cryptocurrency industry is making strides towards obtaining regulatory clarity regarding the classification of digital assets. This progress comes as a result of a recent verdict from the United States District Court regarding the infamous Hinman documents. Judge Analisa Torres's decision to reject the U.S. Securities and Exchange Commission's (SEC) motion is being hailed as a victory for Ripple Labs and other defendants.
COIN GABBAR Views: In the near term, bitcoin is expected to remain range bound between the $26,500 and $28,000 levels. The recent price decline has favoured bitcoin bears and potentially confirmed the presence of a head and shoulders pattern. However, if bitcoin manages to break the $28,400 resistance, it could test the $30,000 mark. Taking into account the current price hike, there is uncertainty about the likelihood of a wider market realignment. Stay tuned for updates and the latest news us at www.coingabbar.com
Also read: Elon Musk Aims to Revolutionize Finance with DeFi and Crypto
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.
