Crypto News Today: Crypto Hold Breath Ahead of Powell Speech

Crypto market cap fell by 0.50%, reaching $2.44 trillion

• Bahamas mandates Sand Dollar CBDC adoption within two years, prompting banks to upgrade IT systems for seamless integration.

• Circle, a payment firm, receives regulatory approval from the EU for its USDC and EURC stablecoins under MiCA regulations. 

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Index indicates a shift to 51, up from 53 yesterday and 46 last week.

Crypto market surges in last 24 hours, experiencing gains

TOP 5 Gainers Coins

Latest Market Update: 

• Bitcoin (BTC) surpassed $63,000 during the weekend, marking a significant rise.

• Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) all showed gains.

• The Ethereum Name Service (ENS) token saw the largest increase, rising by nearly 30% in 24 hours.

• Kaspa (KAS) experienced the largest decline, with a nearly 2% dip over the same period.

• The total crypto market volume over the last 24 hours is $53.67B, a 3.01% increase.

• Total volume in DeFi is $3.85B, accounting for 7.17% of the total crypto market 24-hour volume.

• The volume of all stablecoins is $49.64B, representing 92.49% of the total crypto market 24-hour volume.

• Bitcoin’s dominance stands at 53.55%, marking a 0.01% increase from yesterday.

Major Worldwide News Update:

• The Bahamas plans to mandate Sand Dollar CBDC adoption within two years, requiring commercial banks to integrate it into operations. John Rolle, Governor of the Central Bank, emphasizes regulatory frameworks over incentives for broader digital currency use, aiming to modernize financial transactions and bolster the digital economy's infrastructure globally.

• Circle has secured the first EU stablecoin license, making USDC and EURC compliant under MiCA regulations. This milestone positions Circle as a leader in stablecoin compliance, facilitating seamless integration for European customers. The move underscores regulatory clarity and sets a precedent for stablecoin adoption in global financial systems.

• GameStop's biggest promoter, Roaring Kitty, aka Keith Gill, sees a lawsuit dismissed over allegations of a "pump and dump" scheme with GME shares. Gill's return in May caused a frenzy, briefly boosting GME stock. His influence and market moves have sparked legal scrutiny amid ongoing stock fluctuations.

• Charles Hoskinson, founder of Cardano (ADA), criticizes President Biden’s crypto policies as stifling innovation. He urges voters to prioritize crypto-friendly candidates in upcoming elections to support blockchain's growth. Other industry leaders echo concerns, calling for better regulatory conditions. Hoskinson seeks to influence public opinion on crypto policy.

• Binance confirms support for USDC in the EEA following Circle's EMI license approval. USDC, now MiCA-compliant, assures availability on Binance for EEA residents. The move marks a positive step for crypto regulation in the EU, contrasting Tether's skepticism towards MiCA's impact on stablecoins like USDT.

• The EU's Markets in Crypto-Assets Regulation (MiCA) partially took effect in June, enforcing new rules for stablecoins as of June 30. Exchanges like Uphold, Binance, Kraken, and OKX have begun delisting noncompliant stablecoins such as Tether USDT and Euro Tether (EURT). Meanwhile, the IRS finalized new crypto broker reporting requirements, exempting decentralized exchanges and self-custody wallets, aiming to address tax compliance issues.

COIN GABBAR Views: Is the BTC correction over following the latest move to $63K? Will Bitcoin price hit $70,000? Are bulls unable to sustain momentum, risking a crash below $60K again? What are the key factors influencing BTC price this week? 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.

Also Read: Roaring Kitty Faces Securities Fraud Claims Over GME