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Bitcoin Falls Below $65,000 Amid Market Decline and Fed Rate Speculations

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  • The cryptocurrency market has witnessed notable fluctuations, with Bitcoin currently trading below its $65,000 resistance level and Ethereum below its $3,200 support level.
  • Overall, the market experienced a 3.10% decline, dropping the total market capitalization to $2.40 trillion.
  • Highlights include a potential rate cut by the Fed in September, an SEC warning about AI and crypto fraud, and Bitcoin-themed sneakers launched by Donald Trump.

Stay updated with the latest in cryptocurrency as the market continues to evolve amid regulatory and technological changes.

Bitcoin and Ethereum Trends: Key Movements

Bitcoin’s current trading position below the $65,000 resistance level marks a significant phase for the leading cryptocurrency, continuing its downward trend early Wednesday. Similarly, Ethereum’s drop below its $3,200 support level indicates substantial market shifts that have impacted major altcoins like XRP, Solana, and Cardano, all of which also saw declines.

Market Capitalization and Volume Insights

The overall cryptocurrency market capitalization fell by 3.10%, taking it down to $2.40 trillion. This decline comes as the total crypto market volume for the past 24 hours surged by 21.29%, reaching $76.27 billion. Notably, DeFi volume accounts for $3.89 billion, while stablecoin volume stands at $70.36 billion, comprising 92.25% of the total market volume. Additionally, Bitcoin’s dominance slightly increased to 54.92%.

Regulatory Updates and Market Sentiment

The Federal Reserve’s decision to maintain current interest rates in the 5.25%-5.5% range has kept markets eagerly awaiting September’s economic indicators for further guidance on a potential rate cut. Fed Chair Jerome Powell emphasized a data-driven and apolitical approach to future decisions, with a 50 basis points cut being unlikely. Meanwhile, the Crypto Fear and Greed Index illustrates a market sentiment shift from 61 to 52, reflecting rising caution among investors.

SEC’s Warning on AI and Crypto Fraud

SEC Chair Gary Gensler has issued a stern warning about the increasing risks of AI and cryptocurrency fraud. As AI technologies become more widespread, the potential for scams exploiting these tools grows. In response, major AI firms have established the Coalition for Secure AI (CoSAI) to enhance security measures and address rising concerns about AI-related fraud.

Crypto Adoption by Influentials: Trump’s Bitcoin-Themed Sneakers

Highlighting a shift in political enthusiasm towards cryptocurrencies, Donald Trump has introduced limited-edition Bitcoin-themed sneakers as part of his 2024 presidential campaign. Promoting a national Bitcoin reserve and envisioning the U.S. as a global crypto leader, the move represents a notable pro-crypto stance by a major political figure.

Future of Crypto ETFs: Industry Perspectives

Despite some skepticism from BlackRock executives, experts like VanEck’s Head of Digital Assets, Matthew Sigel, express optimism about the debut of Solana ETFs on Wall Street. Sigel believes that regulatory changes will soon pave the way for more crypto ETFs in the U.S., reflecting trends already seen in Europe’s diverse crypto ETP market.

Regulatory Developments in South Korea

South Korea’s new Virtual Asset User Protection Act mandates crypto exchanges such as Upbit, Bithumb, and Coinone to pay supervisory fees based on operating income. With fees totaling approximately 300 million won ($220,000), these funds will support inspections by the Financial Supervisory Service, showcasing an increased regulatory focus on the virtual asset market.

XRP Ledger and Tokenized Treasury Bills

The XRP Ledger, in collaboration with OpenEden, now offers tokenized US Treasury bills (T-bills). This initiative aims to merge traditional finance with decentralized finance, providing new investment opportunities while prioritizing rigorous KYC and AML screenings to enhance security and regulatory compliance.

Conclusion

The cryptocurrency market continues to face dynamic changes influenced by regulatory decisions, market sentiments, and innovations. With significant movements in Bitcoin and Ethereum, growing attention to security against fraud, and increased regulatory scrutiny globally, stakeholders should stay informed and prepared for future developments. The integration of traditional financial systems with DeFi highlights exciting possibilities for the market’s evolution.

The post Bitcoin Falls Below $65,000 Amid Market Decline and Fed Rate Speculations appeared first on COINOTAG NEWS.

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