24 Hrs Crypto Update, 03 Aug: Crypto Markets Stuck in Sideways Stasis
- During the past 24 hours, cryptocurrencies such as BNB, XLM, BCH, and others have shown slight upside movements
- Around 228,000 people filed for unemployment benefits in the week ending April 1, below the market's 240,000 job creation prediction (previously 191,000)
Top crypto tokens experienced sharp declines in trading
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $29190 | 0.05% |
| ETHEREUM | $1837 | 0.27% |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.21 T | 0.40% |
| TRADING VOLUME | $36.30 B | 11.67% |
| Indices | LTP | Change (%) |
|---|---|---|
| UkraineDAO Flag NFT | $0.0023 | 3556.84% |
| Hector Network | $0.98 | 2307.15% |
| Gem Exchange and Trading | $0.0031 | 1043.42% |
| Revomon | $0.020 | 845.79% |
| World of Defish | $0.00042 | 175.05% |
| Indices | LTP | Change (%) |
|---|---|---|
| WaultSwap | $0.0000081 | 99.54% |
| TracerDAO | $0.0015 | 54.05% |
| ZenithChain | $0.0011 | 43.65% |
| HaloDAO | $0.000000025 | 37.47% |
| Tomb | $0.0064 | 32.64% |
On Friday morning, Before Asian equity markets opened on Friday, Bitcoin showed little movement in response to the latest macroeconomic developments. However, major altcoins, which had experienced a drop during U.S. trading hours, stabilized, though many remained in negative territory. Additionally, Hong Kong has now allowed retail trading of cryptocurrencies, following a new regulatory framework that granted exchange licenses to two platforms.
Major Events Around the World
The Bank of England made a significant move on Thursday, raising its key interest rate for the 14th consecutive time. The rate was hiked by a quarter-point to 5.25% due to the ongoing high UK inflation. This brings the interest rate to its highest level in 15 years. The central bank issued a strong warning, stating that borrowing costs are likely to remain elevated for an extended period. Unlike the U.S. Federal Reserve and the European Central Bank, which also raised rates by a quarter-point last week, the Bank of England's Monetary Policy Committee did not suggest that rate hikes were nearing their end.
Digital Licensing Inc, a startup based in Draper, Utah, has been issued a restraining order by the United States Securities and Exchange Commission (SEC). Along with the company, the SEC has also filed the restraining order against four executives: Jason Anderson, Jacob Anderson (his brother), Schad Brannon, and Roydon Nelson. Additionally, 13 other defendants are included in the order.
Following reports of potential fraud charges by the US Department of Justice against cryptocurrency exchange Binance, the company's CEO CZ raised concerns about the credibility of the news source, Semafor, which first broke the story. CZ alerted the crypto community with a "4" warning, suggesting that the news might be an attempt to spread fear, uncertainty, and doubt (FUD). The previous day, CoinGape had reported on the DOJ's alleged interest in charging Binance with fraud.
COIN GABBAR Views: How will the US SEC's restraining order against the firm accused of crypto fraud impact the cryptocurrency market? Is XRPL considered better than Proof-of-Stake, according to Ripple's CTO? What potential effects will Binance CEO's warning of a 'massive conflict of interest' in the US DOJ charges report have on the crypto industry? Stay tuned for the latest news at www.coingabbar.com
Also read: Musk's Twitter: Hide Your Blue Ticks, Wave Bye to the Bird!
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.
