Crypto News Today: Crypto Gains Erased as Bears Take Control

Crypto market cap dropped by 0.5%,settling at $2.23 trillion

• Fed Chair Jerome Powell urges quick action and collaboration on U.S. stablecoin regulation.

• House delays vote to override Biden's veto on SEC's SAB 121 rule after President's letter, sparking crypto regulation debate.

Major Events To Watch

Crypto Fear and Greed Index:

Crypto Fear and Greed Indicator shows a current sentiment of 29 Fear, slightly up from yesterday's 28 Fear, unchanged from last week.

Cryptocurrency has seen a decline over the past day

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin ($BTC), the world’s oldest and most valued cryptocurrency, dipped below the $58,000 mark early Thursday.

• Popular altcoins including #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), Solana ($SOL), and #Litecoin ($LTC) all saw declines.

• #Stacks ($STX) was the biggest gainer, with a 24-hour increase of nearly 8 percent.

• #Flare ($FLR) was the biggest loser, with a 24-hour decrease of over 7 percent.

• The total cryptocurrency market volume in the past 24 hours stands at $61.05 billion, marking a 7.42% decrease.

• The total volume in DeFi is currently $3.58 billion, accounting for 5.86% of the total 24-hour cryptocurrency market volume. 

• The volume of all stablecoins is now $56.58 billion, representing 92.68% of the total 24-hour cryptocurrency market volume.

• Bitcoin's dominance is currently at 53.52%, reflecting a decrease of 0.34% over the past day.

Major Worldwide News Update:

• During a congressional hearing, Federal Reserve Chair Jerome Powell advocated for stablecoin legislation by year-end, emphasizing the need for a regulatory framework. The bipartisan Lummis-Gillibrand Payment Stablecoin Act aims to regulate payment stablecoins, balancing consumer protection and innovation, while facing mixed reactions from the financial and tech sectors.

• The House postponed the vote to override President Biden's veto on SEC’s anti-crypto rule SAB 121 after Biden allegedly sent a dramatic letter. Representative Patrick McHenry criticized the delay. The vote is rescheduled for July 11, amid concerns about securing enough votes to counter the veto.

• Bitcoin's recovery continues despite the German government selling over 25,000 BTC, causing a price dip below $55,000. Improved sentiment and bullish momentum have since driven prices up to $67,654. Additional positive factors include US job data, potential interest rate cuts, and institutional inflows into Bitcoin ETFs and Ethereum products.

• CFTC Chair Rostin Behnam reiterated before the US Senate Committee that Bitcoin and Ether are commodities and his agency should oversee them. He cited a recent court ruling and a 2022 FSOC report, urging for federal legislation to protect investors and ensure a sustainable regulatory framework for digital commodities.

• Between 2018 and 2023, illegal crypto mining in Malaysia stole $723 million worth of electricity, harming the state-controlled power operator and locals. Deputy Minister Akmal Nasrullah Mohd Nasir highlighted the issue during the disposal of seized items, emphasizing the government’s ongoing efforts to combat electricity theft and illegal mining activities.

• The US Department of Justice announced BitMEX's guilty plea to violating the Bank Secrecy Act by operating without an Anti-Money Laundering program from 2015 to 2020. US Attorney Damian Williams highlighted the exchange's role in money laundering and sanctions evasion, stressing the importance of compliance with US law for cryptocurrency companies.

• The Biden administration reappointed SEC Commissioner Caroline Crenshaw, known for her anti-crypto stance. Former Senator Pat Toomey urges Republicans to block her and Christy Goldsmith Romero's nominations. Meanwhile, crypto advocacy group Stand With Crypto is lobbying on Capitol Hill to support pro-crypto candidates and policies.

COIN GABBAR Views: Could Bitcoin surpass the $60K mark? Will bulls stumble once more as Bitcoin price is hit by rejection? Is the Bitcoin selloff streak ending? Might BTC repeat 2023’s parabolic price action? What does the plummeting Bitcoin fee to a 4-year low mean for miners and investors? To get latest news Stay tuned us at coingabbar

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