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24 Hrs Crypto Update, 24 July: Fed Frenzy: Crypto in Turmoil

Key Takeaways
  • In the past 24 hours, major cryptocurrencies such as BTC, ETH, XRP, and LTC have experienced a significant decline in their values
  • Bitcoin volatility at one-year low ahead of this week's Federal Open Market Committee (FOMC) meeting. Expected 25 basis points rate hike, possibly the last in the foreseeable future
25-Jul-2023 By: Lokesh Gupta
24 Hrs Crypto Update
BENCHMARK
Indices LTP Change (%)
BITCOIN $29047 3.01%
ETHEREUM $1846 1.86%
CRYPTO STATS(24H) 
Indices VALUE Change (%)
MARKET CAP $1.22 T 1.40%
TRADING VOLUME $43.90 B 43.00%
TOP 5 GAINERS
Indices LTP Change (%)
Hector Network $2.95 193.09%
blockbank $0.011 116.70%
idena $0.032 97.56%
veDAO $0.000668 67.08%
Bread 0.0090 58.67%
TOP 5 LOSERS
Indices LTP Change (%)
Xfinance $1.28 97.24%
DAVNetwork $0.00038 72.50%
MEDIAEYE $0.00028 53.80%
Polker $0.00095 42.07%
FutureCoin $0.099 40.15%

The Bitcoin volatility index reaches all-time lows.

On Tuesday, Bitcoin and other cryptocurrencies extended their decline, capturing the attention of digital token traders. Market focus shifted towards Worldcoin, an affiliate of Sam Altman, which has been prohibited in the US. Despite this, traders are now eagerly awaiting the US Federal Reserve's monetary policy meeting, which is expected to be a significant event in the financial markets.

Major Events Around the World

OpenAI, a prominent research lab in the field of artificial intelligence, has recently garnered attention for its discreet decision to shut down its AI detection tool. The closure of the AI Classifier was not accompanied by a formal announcement but rather subtly revealed through a footnote in the original blog post that introduced the tool. The note briefly explained the rationale behind the discontinuation, and as a result, the link to the AI Classifier is no longer accessible, signifying the abrupt end of its short-lived existence.

On Monday, the US Federal Reserve Board announced a hefty penalty of $268.5 million against UBS for its involvement in misconduct by Credit Suisse dating back to 2021. It is worth noting that UBS Group acquired Credit Suisse in March 2023. The United States central bank stated that the misconduct in question pertained to Credit Suisse's inadequate management of counterparty credit risk with Archegos Capital, a former business partner. Consequently, a consent order has been reached to address this matter, as confirmed by the US Federal Reserve Board.

The popular social media platform, Twitter, encountered a significant outage today, causing countless users worldwide to be unable to access the platform and send tweets. As reported by Twitter Daily News, a reputable source with an impressive following of over 161,000 users, numerous individuals have faced problems with tweets and replies, as they were greeted with the frustrating message "This tweet is unavailable."

COIN GABBAR Views:Will BTC's price movement remain uncertain due to the upcoming Federal Reserve rate decision and consumer confidence data impact? Additionally, could the market's response to ETF applications also affect prices? Stay tuned for the latest news at www.coingabbar.com

Also read: Nix the CBDCs: The Battle for Monetary Sovereignty in the Digital Age

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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