24 Hrs Crypto, 07 July: Market highly volatile amid mixed signals
- Crypto markets showed limited trading activity with a slight downward trend influenced by macroeconomic data hinting at upcoming challenges
- Over the past 24 hours, SOL, EOS, AVAX, and TRX, along with other popular cryptocurrencies, have consistently shown positive trading trends with prices consistently in the green zone
BTC holds $30K as BlackRock refiles Spot BTC ETF application
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $30047 | 1.19% |
| ETHEREUM | $1850 | 2.84% |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.22 T | 0.40% |
| TRADING VOLUME | $34.40 B | 42.95% |
| Indices | LTP | Change (%) |
|---|---|---|
| ZOMBIEINU(OLD) | $0.00000000019 | 990.88% |
| PNETWROK | $0.15 | 43.27% |
| LUNACHOW | $0.00000028 | 62.62% |
| ADITUS | $0.00040 | 40.81% |
| ETHO PROTOCOL | $0.0037 | 33.06% |
| Indices | LTP | Change (%) |
|---|---|---|
| COINERR | $0.000011 | 74.73% |
| DARKNESS SHARE | $0.000096td> | 34.41% |
| POPULOUS | $0.027 | 34.13% |
| DFOHUB | $0.00046 | 32.88% |
| SOLIDEX | $0.00077 | 32.24% |
On July 7, the U.S. Bureau of Labor Statistics released the NonFarm Payrolls (NFP) and unemployment rate data for June. Surprisingly, the NFP for June stood at 209K, falling short of the market's forecast of 225K. This unexpected outcome had an impact on the US dollar index (DXY), causing it to drop below 102.75. This decline in the DXY is seen as a positive signal for the crypto market, suggesting that Bitcoin may reclaim its position above $31k. However, it is important to note that the tight labor market, indicated by the lower NFP, is a bearish sign for the overall economy.
Major Events Around the World
The Chairman of the US Federal Reserve, Jerome Powell, has recently grabbed attention with his positive stance on the cryptocurrency market. In a Congressional hearing, Powell confidently stated that he believes cryptocurrencies are proving their worth as a sustainable asset class in the United States. This significant declaration was made during Powell's presentation of the Federal Reserve's Semi-Annual Monetary Policy Report to the House Committee on Financial Services.
Gemini co-founder, Cameron Winklevoss, has recently announced the filing of a lawsuit against the Digital Currency Group (DCG) and its chief, Barry Silbert, on an individual basis. The lawsuit alleges that DCG and Silbert have engaged in fraudulent activities against creditors and have failed to return their funds. This significant development follows Winklevoss's recent proposal to DCG, offering to return over $1 billion to its customers' funds.
The University Blockchain Research Initiative (UBRI) by Ripple was launched approximately five years ago with the aim of providing support for academic research, technical development, and innovation in the field of blockchain and cryptocurrency. In line with this objective, UBRI has made a generous philanthropic commitment of $50 million to renowned universities worldwide. As a component of this initiative, individuals engaged in research pertaining to the XRP Ledger (XRPL) are eligible to receive XRPL Grants. In essence, UBRI stands as a prominent advocate for academic research within the crypto market ecosystem.
COIN GABBAR Views: After the release of the Non-Farm Payroll data, an intriguing question emerges: Will the cryptocurrency market achieve unprecedented record highs by the year's end, or is there a chance it will plummet towards the $1 trillion threshold? Additionally, another crucial aspect to consider is whether the Federal Reserve will opt to increase the interest rate or maintain the current level. Stay tuned for the latest news at www.coingabbar.com
Also read: BinanceBuild Introduces a New Feature with Zero Trading Fees
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.
