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24 Hrs Crypto Update, 31 July: Crypto market bleeds, turns red

Key Takeaways
  • Coinbase CEO Brian Armstrong said the SEC asked them to stop trading in all cryptocurrencies except bitcoin before the June lawsuit
  • Over the last 24 hours, several cryptocurrencies, including BTC, ETH, SOL, and TRX, have faced substantial selling pressure, resulting in a downturn as their prices turn red
01-Aug-2023 By: Lokesh Gupta
24 Hrs Crypto Update
BENCHMARK
Indices LTP Change (%)
BITCOIN $29230 0.75%
ETHEREUM $1855 1.01%
CRYPTO STATS(24H) 
Indices VALUE Change (%)
MARKET CAP $1.21 T 2.00%
TRADING VOLUME $39.00 B 16.76%
TOP 5 GAINERS
Indices LTP Change (%)
CPChain $0.0077 317.15%
Polaris Share $0.015 73.58%
CryptoTycoon $0.19 55.81%
SolDoge $0.000015 47.19%
SaTT $0.00013 42.55%
TOP 5 LOSERS
Indices LTP Change (%)
FortKnoxster $0.00026 97.88%
Energi $0.15 67.93%
TimeNewBank $0.000010 57.40%
dfohub $0.00052 53.88%
EDEN $0.018 45.67%

Top crypto tokens traded mixed in the early morning.

On Tuesday, the cryptocurrency market experienced a downward trend, with Bitcoin and other major crypto tokens trading at lower levels. Altcoins, in particular, suffered significant declines. The market sentiment has been impacted by negative news, leading to a sense of uncertainty. Additionally, the absence of major macroeconomic events has contributed to the lack of support for the overall movement in the digital token market.

Major Events Around the World

On July 20, Alex Spiro, an attorney representing X (formerly known as Twitter), sent a letter to the Center for Countering Digital Hate (CCDH) cautioning them about potential legal action. The letter addressed the CCDH's research, which reported an alleged increase in hate speech following Elon Musk's acquisition of the social media platform. According to the letter, X believed that the CCDH's claims were inflammatory and intended to harm the company's business.

Reuters reported that a German data watchdog has been conducting an investigation into Worldcoin, the project led by OpenAI CEO Sam Altman, since late last year. The regulatory body expressed concerns about the project's extensive handling of sensitive biometric data. Worldcoin, which was recently launched, mandates users to provide iris scans in return for a digital ID and, in certain regions, offers free cryptocurrency. The project aims to establish a novel "identity and financial network."

There are indications that Elon Musk, the former CEO of Twitter, might attend the upcoming Blockchain Futuristic Conference, during which Shiba Inu's Layer-2 scaling protocol, Shibarium, will be officially launched. Shytoshi Kusama, the lead developer of Shiba Inu, hinted at the possibility of Musk's presence at the eagerly anticipated event scheduled to take place in Toronto, Canada, from August 13 to 17, 2023.

COIN GABBAR Views:Will the crypto market continue consolidating, or is it on the verge of breaking its zone? Could we see crypto shrinking or sinking in the days to come? Stay tuned for the latest news at www.coingabbar.com

Also read: Ethereum Celebrated 8th Anniversary: A Journey of Innovation & Growth

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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