Crypto News Today: Crypto Bounces Back After Sharp Sell-off

Crypto Market Cap Surges 2.9% to Reach $2.16 Trillion

• Bitcoin's correction offers ETF investors a prime chance to buy dips, with Bitwise's ETF acquiring 38,000 Bitcoins this week.

• Next week, the U.S. House prepares for a crucial vote on overturning President Biden's veto of the crypto-focused SAB 121.

Crypto Fear and Greed Index:

Crypto Fear and Greed Indicator shows a fear level of 26, down from 29 yesterday and 47 last week.

Cryptocurrency prices have risen in the last 24 hours

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin ($BTC) has resumed its upward movement, stabilizing at the $56,000 level.

• Other major cryptocurrencies showing gains include #Layerzero ($ZRO), #MANTRA ($OM), #dogwifhat ($WIF), #Bonk ($BONK), and #Toncoin ($TON).

• #Akash Network ($AKT) saw the largest increase, up by 18.16% in the last 24 hours.

• #Core ($CORE) experienced the largest decline, dropping by 1.82% over the same period.

• Total crypto market volume in the past 24 hours was $99.14 billion, marking a 12.87% decrease.

• DeFi volume stood at $6.69 billion, comprising 6.75% of the total market volume.

• Stablecoin volume reached $94.09 billion, making up 94.91% of the total market volume.

• Bitcoin dominance is currently at 53.83%, down by 0.17% from the previous day.

Major Worldwide News Update:

• President Biden's veto of Staff Accounting Bulletin 121, set to be reconsidered by the House next week, faces bipartisan challenges. The rule mandates SEC-reporting entities to list cryptocurrency holdings on balance sheets, sparking concerns about bank involvement and control. A two-thirds majority is needed to overturn the veto.

• Donald Verrilli, representing the Blockchain Association, contends federal regulators aimed to sideline the digital asset industry by denying Custodia Bank a master account. Following regulatory skepticism in early 2023, Custodia's appeal challenges a March 2024 court decision affirming the Federal Reserve's rejection, amidst ongoing legal and legislative maneuvers.

• Northern Data, backed by Tether, faces serious fraud allegations in California from former executives, accusing financial misrepresentation and tax evasion. The lawsuit's potential impacts on its multi-billion dollar US IPO plans raise concerns about transparency in crypto and AI sectors, possibly triggering regulatory scrutiny and investor confidence issues.

• Next week, the U.S. House will vote to overturn President Biden’s veto of SAB 121, requiring firms to list custodied crypto as liabilities. Despite bipartisan support, achieving the necessary two-thirds majority remains uncertain, impacting crypto regulation and industry growth prospects.

• Bitcoin ETFs rebounded strongly post-July 4 holiday amid market turbulence, reversing earlier outflows. Despite Grayscale's $28 million outflow, Fidelity's ETF led with $117 million inflows, followed by Bitwise with $30 million. Bitwise CEO highlighted strategic Bitcoin acquisitions and emphasized the current dip as a buying opportunity amidst optimistic market sentiment.

• Crypto stocks failed to rally despite strong gains in the US stock market driven by positive job data. The Federal Reserve's potential rate cuts, seen as bullish, did not lift crypto assets. Coinbase and MicroStrategy recorded losses, with Marathon Digital also declining amidst bearish trends and Bitcoin's performance influence.

• GameStop stock fell since June 5 amid reduced activity from influencer Keith Gill, known as Roaring Kitty. Gill's return in May and June spiked stock briefly, but his recent silence paralleled GameStop's decline, awaiting his potential July resurgence.

COIN GABBAR Views: Will Bitcoin price crash below $50,000? Is altcoin season on the horizon as Bitcoin falls under $55,000? Could July 2024 mirror May 2021? Has the bear market officially started, and is this Bitcoin downturn an opportunity or a red flag? Where might Bitcoin bottom, given its recent 22% drop over the past month? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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