Crypto News Today: ETH ETF Launch Date Sparks Market Frenzy

Crypto market cap increased by 3.3%, reaching $2.49 trillion

• Jerome Powell, the Federal Reserve Chair, indicated that the central bank is considering slashing rates before inflation cools to 2%.

• The US Presidential race is intensifying, and Mark Cuban has warned about the impact of AI algorithms on political discourse.

Major Events To Watch

Crypto Fear and Greed Index:

Crypto Fear and Greed Indicator shows a shift from 28 Fear last week to 65 Greed now, indicating rising market optimism.

Cryptocurrency prices have risen during the past day

TOP 5 Gainers Coins

Latest Market Update: 

• Bitcoin (BTC) climbed above the $64,500 mark early Tuesday, continuing its rally.

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

• Memecoin FLOKI emerged as the biggest gainer with a 24-hour increase of over 27%.

• Tron (TRX) was the biggest loser with a 24-hour decrease of over 1%.

• Total crypto market volume over the last 24 hours is $83.2 billion, a 41.69% increase.

• Total volume in DeFi is currently $5.06 billion, accounting for 6.08% of the total crypto market 24-hour volume.

• Stablecoin volume has reached $76.49 billion, accounting for 91.93% of the total 24-hour crypto market volume.

• Bitcoin’s dominance is currently 53.73%, a decrease of 0.19% over the day.

Major Worldwide News Update:

• Federal Reserve Chair Jerome Powell indicated rate cuts before inflation reaches 2%, citing macroeconomic conditions. Recent U.S. Labor Department data shows inflation at 3%, boosting market sentiment. Powell emphasized avoiding delays in rate cuts due to "long and variable lags." This could positively impact Bitcoin and other markets.

• Institutional crypto data provider Kaiko projects Ethereum to outperform Bitcoin after the launch of spot ETFs in the U.S. The Ether-Bitcoin price ratio rose to 0.05 from 0.045 post-SEC approval, indicating Ethereum's growing value. Institutional inflows and Ethereum's smart contract functionality drive investor interest.

• Billionaire Mark Cuban cautions that AI algorithms could significantly affect social discussions about Trump and Biden during the election campaign. He highlighted that uncensored narratives on social media might sway the election outcome and stressed the importance of those managing these algorithms.

• The third week of July started strong with Bitcoin reaching $65,000 and US Bitcoin ETFs seeing $300 million in inflows for the second day. Spot Bitcoin ETFs have had seven consecutive days of strong inflows, indicating reduced long-term volatility and surpassing $16.1 billion in total assets under management.

• In a CNBC interview, BlackRock CEO Larry Fink acknowledged his initial skepticism about Bitcoin but now considers it "digital gold" and a valid financial instrument. BlackRock's iShares Bitcoin Trust has become the largest Bitcoin ETF, with inflows exceeding $18 billion. Bitcoin investment vehicles received $1.35 billion in weekly inflows.

• Bloomberg’s ETF analyst James Seyffart shared that the launch of spot Ethereum ETFs in the U.S. is likely next week. The SEC may grant final approval by Wednesday, with a potential launch on Tuesday, July 23, coinciding with The Bitcoin Conference in Nashville. This strategic timing aims to capitalize on heightened consumer focus and growing institutional interest.

COIN GABBAR Views: Is a bull rally on the horizon? Are the BTC bulls back in town, or is this just a dead cat bounce? With the recent pickup in Bitcoin's price, can it break above $65K? To get latest news Stay tuned us at coingabbar

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