The market anticipates Powell's speech at the Economic Club of New York today, ahead of the Fed's rate decision blackout. Notably, the previous week witnessed the 10-year US Treasury yield reaching 4.88%, marking its first occurrence since 2007, while the 30-year yield hit 5.05%, a 16-year high. These shifts were driven by various factors, including geopolitical risks.
In the past 24 hours, the total crypto market volume reached $40.25 billion, reflecting an 11.19% decrease. DeFi's total volume stands at $2.31 billion, constituting 5.74% of the overall 24-hour crypto market volume. Stable coins account for $37.65 billion of this volume, making up a substantial 93.53% share. Bitcoin's dominance currently sits at 51.18%, showing a 0.07% increase during the day.
In the past 24 hours, there has been a significant uptick in purchasing activity in the cryptocurrency markets, resulting in a 2-point rise in the "Greed and Fear Index." As a result, the index currently sits at 52 on its 0 to 100 scale, marking its position above the midpoint.
Despite prevailing bearish market trends, Bitcoin, the world's oldest and most valuable cryptocurrency, held above $28,000 on Thursday. Meanwhile, popular altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin saw declines. Notably, Bitcoin SV saw a significant gain of over 5% in 24 hours, while Conflux experienced a notable setback with a 7% decline in the same period.
Vitalik Buterin, Ethereum's co-founder, refuted claims of selling ETH for personal gain since 2018, clarifying that recent wallet activity involved charitable donations and covering expenses. Concerns arose due to significant ETH transactions, but Buterin's statement aims to allay fears of undermining Ethereum's credibility or triggering a market sell-off. Charitable entity Kanro, linked to Buterin, also actively transferred funds for humanitarian causes.
Grayscale Investments' Chief Legal Officer, Craig Salm, is optimistic about the future arrival of a spot Bitcoin exchange-traded fund (ETF) after the SEC's decision not to contest a court directive. Grayscale is actively engaged in Washington, focusing on two crypto regulatory bills. Rumors of a Bitcoin ETF approval caused market turbulence, emphasizing its sensitivity to regulation. Despite progress, the launch of a spot Bitcoin ETF still faces procedural hurdles.
Tesla's Q3 earnings report revealed the company did not sell any Bitcoin during the quarter, holding 9,720 BTC valued at around $275.6 million. After initially investing $1.5 billion in Bitcoin and accepting it as payment, Tesla had previously sold off portions of its BTC holdings due to environmental concerns and cash needs. However, they have maintained their Bitcoin holdings in recent quarters.
Senator Elizabeth Warren and 100+ U.S. lawmakers sent a letter to the White House, expressing concerns about cryptocurrency's potential role in funding terrorism. They cited a report stating that Palestinian groups Hamas and Islamic Jihad received $130 million in crypto donations, urging decisive actions and increased transparency in the crypto ecosystem. The Treasury Department is actively monitoring virtual assets linked to these groups to prevent illicit activities.
In its recent quarterly financial report, Tesla revealed it still holds 9,720 Bitcoins worth over $275 million. Tesla's decision to maintain its Bitcoin holdings, despite previous sales, provides confidence for long-term investors. While Elon Musk expressed concerns about Bitcoin's environmental impact, the report doesn't clarify Tesla's conviction, leaving room for potential future additions, especially with growing institutional interest and economic uncertainties in the U.S. Investors watch Tesla closely, as Musk's influence on cryptocurrencies has historically affected market dynamics.
Coinbase Advanced now offers perpetual futures trading for non-U.S. customers, allowing them to trade BTC, ETH, LTC, and XRP contracts with leverage up to 5X (3X for XRP), settled in USDC. Regulatory approval from Bermuda's authority enables this service, and an introductory promotion offers low maker and taker fees of 0% and 0.03%, respectively.
Rumored reports suggest that France's central bank, Banque de France, is exploring Ripple's XRP technology for its digital euro initiative, aiming to revolutionize financial transactions. XRP may serve as a bridge between currencies, enhancing efficiency and transparency in payment settlements. XRP's relevance extends to the gaming industry and even the National Bank of Georgia's CBDC project, showcasing its influence beyond traditional finance.
The United States Department of Treasury's Office of Foreign Assets Control (OFAC) has added Buy Cash to its sanctions list due to its connections with the Hamas Terrorist Organization. This move is aimed at blocking Hamas's access to funds from partners in various Arab regions and disrupt its financial operations.
COIN GABBAR Views: What is the relationship between changes in US 10-Year Treasury yields and Bitcoin's performance? How might fluctuations in these yields affect Bitcoin's price? Is there evidence to suggest that the recent movements in Bitcoin, such as pump and dump scenarios, are pre-planned maneuvers? And is there a possibility of Bitcoin revisiting the $30,000 price level in the future? To get latest news Stay tuned us at www.coingabbar.com
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
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