Crypto News Today: Crypto Market Resurges Amidst Volatility

Crypto market cap jumps 3.30%, reaching $2.28 trillion level

• Federal Reserve Chairman Jerome Powell's positive stance on inflation has sparked a bullish revival in Bitcoin's price.

• The Biden administration is set to win its crypto crackdown by keeping the SEC's SAB 121 rule on banks holding digital assets.

Major Events To Watch

Crypto Fear and Greed Index:

Crypto Fear and Greed Index is at 28, indicating fear in the market, down from 44 last week and 27 yesterday.

Crypto surged in the past 24 hours, showing significant gain

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin ($BTC) climbed above $59,000 early Wednesday.

• Other popular altcoins like #Ethereum ($ETH), #Dogecoin ($DOGE), #Layerzero (ZRO), #Solana ($SOL), and #Litecoin ($LTC) showed mixed performance.

• #Celestia ($$TIA) was the biggest gainer with a 24-hour jump of nearly 20%.

• Memecoin $PEPE was the biggest loser with a 24-hour dip of over 4%.

• Total crypto market volume in the last 24 hours is $65.89B, a 25.59% decrease.

• DeFi's total volume is $3.82B, 5.79% of the total crypto market 24-hour volume.

• Stable coins' volume is $61.02B, 92.61% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is 53.86%, an increase of 0.34% over the day.

Major Worldwide News Update:

• Reports earlier this week suggested the US House might overturn Biden’s veto on SAS 121. However, sources now indicate the resolution won't achieve the needed two-thirds majority to overturn the veto, preserving SEC’s SAB 121 rule, which restricts banks from holding digital assets in custody. Voting is on Wednesday, July 10.

• Grayscale Investments has announced that July 18, 2024, will be the record date for issuing shares of its new Grayscale Ethereum Mini Trust (ETH Trust). Shareholders who own Grayscale Ethereum Trust (ETHE) will receive shares of ETH Trust based on their current holdings. This initiative is intended to broaden investment opportunities in the cryptocurrency space, pending regulatory approval for listing on NYSE Arca with the ticker symbol "ETH."

• Uniswap Labs petitioned the SEC to revisit proposed rule changes to the Securities Exchange Act, arguing they overstep authority on DeFi platforms. They cite a recent Supreme Court decision, asserting the SEC's interpretation of "exchange" is unsupported. Uniswap urges a reopened comment period, emphasizing potential harm to innovation and legal ambiguities. 

• Katherine Dowling, Bitwise's CLO, expressed optimism about near-term approval of spot Ethereum ETFs in the US, citing SEC progress. In a Bloomberg interview, she highlighted reduced regulatory issues and anticipated a summer launch. Dowling emphasized Ethereum's market structure and the benefits of multiple ETF issuers for investors, enhancing market investment opportunities.

• Cardano (ADA) jumped 4% with the introduction of Cardano node v9.0, marking a step towards decentralized governance. Intersect announced the launch, emphasizing its significance in achieving CIP-1694 proposal goals. The Chang Hard Fork upgrade, a strategic milestone for community governance, is expected soon, fueling ADA's price increase.

• Circle launched its euro-backed stablecoin, EURC, on the Base network, marking its first availability on an Ethereum layer-2. Previously, EURC was only on Avalanche, Ethereum, Solana, and Stellar. The new version facilitates global e-commerce and complies with MiCA regulations. Some decentralized exchanges have yet to list the new coin.

• On July 9, DeFi Technologies agreed to buy Stillman Digital in an all-stock deal worth CA$4.22 million, aiming to transform into a "smaller Galaxy Digital." This strategic acquisition enhances DeFi's trading capabilities and diversifies revenue. The platform manages $600M in assets and includes Valor's crypto ETPs and markeAt-neutral trading strategies.

COIN GABBAR Views: Will Bitcoin surpass the $60K mark? Is the BTC bull market over as a key Bitcoin price metric drops to a 2-week low? Can Bitcoin overcome major roadblocks as it strives for recovery, or is Robert Kiyosaki's Bitcoin crash prediction coming true? To get latest news Stay tuned us at coingabbar

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