BENCHMARK
| Indices | LTP | Change (%) |
|---|---|---|
| BITCOIN | $30012 | 0.32% |
| ETHEREUM | $1880 | 1.82% |
CRYPTO STATS(24H)
| Indices | VALUE | Change (%) |
|---|---|---|
| MARKET CAP | $1.21 T | 1.20% |
| TRADING VOLUME | $43.30 B | 35.27% |
TOP 5 GAINERS
| Indices | LTP | Change (%) |
|---|---|---|
| OrionMoney | $0.0057 | 208.17% |
| SolDoges | $0.000022 | 98.92 % |
| FutureCoin | $0.15 | 96.36% |
| Enigma | $0.0100 | 78.27% |
| Rizon | $0.0029 | 48.56% |
TOP 5 LOSERS
| Indices | LTP | Change (%) |
|---|---|---|
| ShadeProtocol | $2.77 | 90.55% |
| X | $0.000028 | 65.14% |
| SMARTCASH | $0.000017 | 64.02% |
| Singularity | $0.00025 | 52.35% |
| ZenithChain | $0.0014 | 41.79% |
Bitcoin experienced a slight drop of approximately 0.30%, but it was able to maintain its position above the $30,000 mark. Ethereum also saw a decline, falling by 1.82% and slipping below the $1,900 level. The majority of the top cryptocurrencies experienced a sharp decline during the early hours of Friday due to profit booking. Traders are still worried about the lawsuits filed by the US SEC against exchange giants Binance and Coinbase, despite three financial giants filing spot Bitcoin ETFs with the US market regulator.
Major Events Around the World
According to the Bureau of Labor Statistics, the number of individuals filing for state unemployment benefits for the first time has remained at a 20-month high for the third consecutive week. This trend may be an early indication of a weakening labor market due to the Federal Reserve's aggressive credit tightening. In the week ending June 17th, 264,000 new claims were filed for jobless benefits on a seasonally adjusted basis, which is the same as the previous week's upwardly revised level. This marks the highest level of initial claims activity since October 2021.
On Wednesday, US Federal Reserve Chair Jerome Powell addressed the House Financial Services Committee. The following day, he appeared before the Senate Banking Committee to discuss the state of the economy. During the hearing, Powell made it clear that interest rate cuts were not on the horizon due to the economy's inflation being "consistently more persistent" than anticipated.
Last week, BlackRock, the world's largest asset manager, made a bold move by filing for a spot Bitcoin ETF, which caused a surge in the cryptocurrency market. This was followed by a flurry of Bitcoin ETF filings, indicating a growing interest in institutional crypto adoption. However, BlackRock remains cautious about the participation of institutional players in decentralized finance (DeFi), believing that it will take several years to gain traction. Despite this, the company's foray into the crypto market is a significant development that could have far-reaching implications for the industry.
COIN GABBAR Views: Could this higher high today or within the week signal the end of the bear market and the resumption of the bull run? Or is it merely a bear market rally that will ultimately result in new lows? Stay tuned for updates and the latest news us at www.coingabbar.com
Also read: Jerome Powell: Cryptocurrencies Emerging as Mainstream Investments
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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