24 Hrs Crypto Update, June 30: BTC Dips, ETH and LTH Soar
- In the past 24 hours, there has been an unexpected surge in the market value of several renowned cryptocurrencies, such as SOL, ETH, XLM, and LTC
- On Friday, there was continued growth in Litecoin, Ethereum, Solana, and other cryptocurrencies, resulting in further gains. The total market capitalization of the global cryptocurrency market reached a remarkable $1.23 trillion, accompanied by a trading volume of nearly $101 billion in the last 24 hours
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $30394 | 0.17% |
| ETHEREUM | $1845 | 4.55% |
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.23 T | 0.00% |
| TRADING VOLUME | $101 B | 155.70% |
| Indices | LTP | Change (%) |
|---|---|---|
| INFAM | $0.095 | 676.81% |
| CPCHAIN | $0.0044 | 180.20% |
| BIBOX | $0.0037 | 128.07% |
| PALGOLD | $0.000090 | 59.01% |
| ECASH | $0.000043 | 54.21% |
| Indices | LTP | Change (%) |
|---|---|---|
| RIZON | $0.0016 | 51.72% |
| EVEDO | $0.0058 | 43.90% |
| LUNACHOW | $0.00000019 | 40.36% |
| RECAST1 | $0.0000012 | 39.61% |
| BOMBMONEY | $0.020 | 37.94% |
Bitcoin drops as SEC deems spot BTC ETF filings insufficient
On Friday, Bitcoin experienced a decline after reports surfaced that the U.S. Securities and Exchange Commission had found the recent bitcoin filings from prominent entities like BlackRock and Fidelity to be insufficient. Meanwhile, the Ethereum network is currently experiencing a surge in popularity due to the recent Shanghai upgrade. This upgrade has introduced more opportunities for Ethereum (ETH) holders, leading to increased interest in the platform.
Major Events Around the World
The U.S. Securities and Exchange Commission (SEC) responded for the first time to the recent surge in filings for spot Bitcoin exchange-traded funds (ETFs) on Friday. Following the news of the regulator's comment, the price of Bitcoin experienced a significant drop. This development occurred merely a week after the SEC received numerous applications from leading asset management firms. It remains uncertain whether this could mark the start of a protracted legal and regulatory struggle for the approval of spot Bitcoin ETFs.
The cryptocurrency market is thriving despite the regulatory actions taken by the United States Securities and Exchange Commission (SEC). Recently, the price of Bitcoin has experienced growth, thanks to the introduction of spot Bitcoin ETF filings by major financial players like Bitcoin. However, it is uncertain whether the SEC will approve Blackrock's refiling, especially as we approach the 2024 US election year. In this context, the Ripple Vs SEC lawsuit holds great importance as it will determine whether many alternative cryptocurrencies can be classified as securities or not.
On Friday, South Korea successfully enacted its inaugural standalone virtual asset bill, a significant move aimed at enhancing investor protection. This development comes at a crucial juncture for the cryptocurrency industry, which is grappling with regulatory hurdles in various countries, notably the United States. The primary objective of this legislation is to bolster oversight of cryptocurrencies and shield investors from potential crises, such as the recent Terra-LUNA incident instigated by Do Kwon, co-founder of Terra. On June 30, during the plenary session, South Korea's National Assembly successfully passed the "Virtual Asset User Protection Act."
COIN GABBAR Views: Is the SEC deliberately trying to drag the markets lower or hinder Bitcoin ETFs, creating uncertainty about their actions? With the current market situation indicating a possible end to the bull run, will the crypto market collapse or surge to new highs? Stay tuned for the latest news at www.coingabbar.com
Also read: UK Aims to Become Crypto Innovation Hub with New Regulation
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.
