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24 Hrs Crypto Update, 06 July: BTC and ETH Prices Plummet

Key Takeaways
  • In the past 24 hours, the market value of several renowned cryptocurrencies, including ETH, LTC, and XLM, has consistently been trading in the deep red zone
  • Bitcoin and Ethereum experienced a dip below $30,000 and $1,850, respectively, during Friday morning in Asia, as traders decided to secure their gains amidst concerns over potential interest rate hikes in the U.S. market
07-Jul-2023 By: Lokesh Gupta
24 Hrs Crypto Update
BENCHMARK
Indices LTP Change (%)
BITCOIN $30047 1.19%
ETHEREUM $1850 2.84%
CRYPTO STATS(24H) 
Indices VALUE Change (%)
MARKET CAP $1.22 T 1.40%
TRADING VOLUME $60.30 B 46.71%
TOP 5 GAINERS
Indices LTP Change (%)
COINERR $0.000044 69.48%
DYPIUS $0.16 62.89%
JETCOIN $0.0025 62.62%
CLUCOIN $0.0000000022 61.15%
ROME $21.23 60.35%
TOP 5 LOSERS
Indices LTP Change (%)
Gem EXCHNAGE and trading $0.00031 93.2%
solidex $0.0012 74.12%
unitrade $0.0083 59.95%
goldenball $0.0000000022 37.40%
warena $0.0011 33.93%

Crypto falls on Fed minutes, hints at tightening.

During Friday morning trading in Asia, Bitcoin breached the crucial support level of $30,000 as traders opted to secure their profits due to concerns over potential interest rate hikes in the U.S. market. This led investors to adopt a risk-off approach, resulting in a decline in equities. Ether also experienced a decline, following the downward trend observed in most of the other leading non-stablecoin tokens within the top 10.

Major Events Around the World

Jesse Powell, the co-founder of the cryptocurrency exchange Kraken, is currently under investigation by federal authorities for allegations of hacking and harassment against a non-profit organization. As part of this criminal investigation, the Federal Bureau of Investigation (FBI) reportedly conducted a search of Powell's residence in Los Angeles. Meanwhile, the management team at Kraken has released a statement addressing the ongoing investigation. It is worth noting that in September 2022, Powell made the decision to step down from his role as the CEO of Kraken in order to shift his focus towards product development.

Ripple's enterprise blockchain and cryptocurrency solutions are gaining traction among mainstream financial institutions through new partnerships. Most recently, the company obtained in-principle approval for its 'Major Payments Institution License' application in Singapore, a crucial market in the Asia-Pacific region. This license allows Ripple to offer its payment solution, which is built on the On-Demand Liquidity (ODL) service, utilizing the XRP token as a bridge for settling payments. Consequently, these partnerships are expected to have a lasting impact on the future price of XRP.

The latest news circulating in the cryptocurrency community is  that several high-ranking officials from Binance.US have recently departed from the organization. Interestingly, this development occurred merely a month after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against the exchange for its alleged violation of securities laws. Patrick Hillmann, Binance's chief strategy officer, who joined the company in 2021, took to Twitter to announce his departure, emphasizing that it was an amicable separation. Additionally, a reliable source revealed that Steven Christie, the senior vice president for compliance, and Hon Ng, the general counsel, have also resigned from their positions. According to the same source, Eleanor Hughes has been appointed as the new general counsel at Binance.US.

COIN GABBAR Views: Amidst the growing interest from investors and enthusiasts, a compelling question arises: Will the crypto market reach new record highs by the end of this year, or is there a possibility of it plummeting towards the $1 trillion mark? We invite you to share your views on this matter in the comment section below. Stay tuned for the latest news at www.coingabbar.com

Also read: Larry Fink Supports Bitcoin as 'Digital Gold' & 'International Asset'

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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