Crypto News Today: Crypto Prices Plummet, More Pain Expected

Crypto market cap dropped 0.50%, now at $2.48 trillion

• Claims fell to 238,000 from 243,000 last week, the government reported Thursday, marking the highest since August 2023 two weeks ago

• Judge Hamilton ruled XRP could be a security in retail sales, greenlighting a lawsuit over Ripple CEO Brad Garlinghouse's statements.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a "63 Greed" sentiment today, slightly higher than yesterday's 60 but down from last week's 74.

Cryptocurrency experienced a decline in the past 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• Bitcoin (BTC), the world's oldest and most valued cryptocurrency, dipped below $65,000 early Friday.

• Other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) saw declines.

• CORE token was the biggest gainer, with a 24-hour jump of nearly 11%.

• LayerZero (ZRO) was the biggest loser, with a 24-hour dip of over 13%.

• Total crypto market volume in the last 24 hours is $69.71B, a 22.09% increase.

• Total DeFi volume is $4.91B, accounting for 7.05% of the total crypto market 24-hour volume.

• Stablecoin volume is $64.53B, making up 92.57% of the total crypto market 24-hour volume.

• Bitcoin's dominance is 54.07%, a decrease of 0.03% over the day.

Major Worldwide News Update:

• A US federal court judge allowed a securities lawsuit against Ripple Labs to proceed, rejecting its bid for summary judgment. The suit alleges Ripple's CEO violated California securities laws with misleading statements about XRP, including claims made in a 2017 interview. The judge ruled XRP could be considered a security under certain conditions, differing from previous rulings.

• New US jobless claims slightly decreased last week, contrasting with a sharp decline in new housing construction, signaling a moderate economic pace for the second quarter. Despite recent tepid retail sales, Thursday’s data keeps the possibility of a Federal Reserve interest rate cut in September open, amid markets expecting reductions despite policymakers' cautious stance on rates.

• US lawmakers Chrissy Houlahan and French Hill visited Kuje Prison in Nigeria, advocating for the release of Tigran Gambaryan. Despite cleared tax evasion charges, he faces money laundering accusations and health issues, prompting diplomatic efforts for his humanitarian release amid ongoing legal proceedings.

• Gemini co-founders Cameron and Tyler Winklevoss each donated $1 million in Bitcoin to Donald Trump's reelection campaign, citing his support for cryptocurrency. They criticized President Biden's regulatory stance on crypto, with Tyler Winklevoss accusing Biden of targeting the industry with regulatory actions akin to "Operation Choke Point 2.0."

• 3iQ has filed for a Solana exchange-traded product (ETP) listing on Canada’s Toronto Stock Exchange (TSE), marking a North American first if approved. The ETP, named QSOL, aims to provide exposure to Solana's SOL with potential staking rewards. Coinbase Custody and Tetra Trust will serve as custodians.

• Target Corporation is deploying a new AI tool called "Store Companion" to aid its nearly 400,000 U.S. employees in almost 2,000 stores. Set for full rollout by August, the AI chatbot will assist with on-the-job queries and streamline store operations, enhancing customer service and employee efficiency.

COIN GABBAR Views: Is Bitcoin Facing a 'Do or Die' Moment at Month End: Will It Close Bullish or Bearish Amid Downside Risks? 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: Former OpenAI Experts Launch SSI for Secure AI Development