24 Crypto Update,26 Oct: Crypto token plunges after widespread selling

Cryptocurrency market's value dips 1.60% to $1.30 trillion

Cryptocurrency prices dipped on Thursday, with decreased enthusiasm surrounding a potential Bitcoin exchange-traded fund (ETF). Market participants were also eagerly awaiting the release of the United States Core Price Consumption Expenditure (PCE) data by the US Bureau of Economic Analysis (BEA). This data is a crucial indicator for the Federal Reserve's inflation assessment, and expectations suggest an upcoming upward trend in the report.

In the last 24 hours, the overall crypto market volume was $46.97 billion, marking a 6.98% decrease. DeFi's total volume stands at $4.5 billion, constituting 9.58% of the entire crypto market's 24-hour volume. Stable coins contribute $41.7 billion, making up 88.77% of the total crypto market volume over the same period. Bitcoin's dominance is currently at 53.02%, down by 0.20% within the day.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets experienced a modest uptick in profit-taking, leading to a one-point downtick on the "Greed and Fear Index." Consequently, the index now registers at 70 on its 0 to 100 scale.

Latest Market Update: 

On Friday morning, Bitcoin, the world's oldest and most valuable cryptocurrency, displayed early signs of a decline. Popular altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin all saw losses. Floki Inu emerged as the top gainer, posting a 24-hour increase of more than 27 percent, while Bitcoin SV was the biggest loser with a 24-hour decline of over 7 percent.

Major Worldwide News Update:

• Senator Cynthia Lummis and US lawmakers have urged the Department of Justice (DOJ) to investigate Binance and Tether following allegations in a Wall Street Journal report of illicit financial activities, potentially linked to terrorism. Binance operates without regulation, while Tether disputes the claims and stresses its commitment to compliance. Ongoing developments are expected.

• Ethereum developers delay Dencun upgrade due to consensus issues between execution and consensus layer client teams. The delay could impact Ethereum's price as thorough testing before year-end seems unlikely. Ethereum's scaling project Scroll has been successful, surpassing $15 million in DeFi TVL.

• Sam Bankman-Fried, the defendant in a significant legal case, recently testified in court. He affirmed his belief that transferring FTX deposits via Alameda was legal. This testimony is seen as a bold move by the defense, hoping for a favorable outcome in the case that alleges misuse of customer assets by FTX executives.

• Sam Bankman-Fried's legal team is requesting FBI agents' court appearance due to inconsistencies in the testimonies of Gary Wang and Nishad Singh, who had previously cooperated with the government. Their conflicting statements in court have raised doubts about their credibility as witnesses, and the defense seeks to introduce their original FBI interviews as evidence.

• Hamas, Palestinian Islamic Jihad, and Hezbollah have been alleged to have received funding through crypto assets since August 2021, though the reported level of funding is disputed. Two U.S. lawmakers, Sen. Cynthia Lummis and Rep. French Hill, have called for the prosecution of Binance and Tether for their potential involvement in terrorism financing related to these groups.

• LooksRare, a decentralized NFT marketplace, saw its monthly trading volume plummet by 97% from $71.9 million in September to just $2.1 million in October 2023. This decline occurred despite the broader crypto market recovery, with monthly volume steadily decreasing since April 2023. The drop followed a spike in activity in April, coinciding with the release of LooksRare v2, but has since declined dramatically, affecting the native token, LOOKS.

• dYdX, a layer-2 exchange, plans to migrate to its standalone blockchain on Cosmos called dYdX Chain. This move aims to enhance security, decentralization, and efficiency, allowing for trustless trading. The exchange developer is transitioning to a Public Benefit Corporation to prioritize the public good, and the community will govern the protocol's evolution in the future. The upgrade to dYdX v4 on Cosmos will bring off-chain order book and support for new asset classes like equities, commodities, and real estate.

• Rug pulls, a prevalent crypto scam, are easy to detect if investors look for certain red flags, says Hacken's security insights report. In Q3 2023, rug pulls accounted for over 65% of all crypto hacks. Hacken recommends verifying independent third-party audits as many projects lack them or have low-quality audit reports. Despite risks, FOMO and a desire for quick returns often lead investors to overlook such red flags.

COIN GABBAR Views: Could the ongoing correction be a catalyst for a forthcoming upswing in the cryptocurrency market? Is Bitcoin currently exhibiting signs of overheating? Will the impending golden crossover potentially ignite a fresh rally in BTC? What are the chances of the BTC ETF gaining approval in the near 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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