Crypto responded positively to Moody's downgrade of US banks
Unlike the stock market, cryptocurrencies surged as Moody's highlighted the U.S. banking sector by lowering ratings for 10 banks. This sparked a crypto rally on Tuesday, particularly impacting institutions like Bank of New York Mellon, U.S. Bancorp, State Street, and Northern Trust.
Leading cryptocurrency Bitcoin, along with other prominent tokens, exhibited upward movement on Wednesday, in anticipation of significant economic data scheduled for release later in the week. The focus has recently pivoted towards the Bitcoin ETF, resulting in decreased volatility as it approaches the crucial $30,000 milestone. However, broader economic factors still exert influence.
Top Crypto Currency Updates:
Bitcoin (BTC)
As of the current writing, the price of Bitcoin is $29,754, showing a 24-hour gain of 1.90 percent. In India, the value of Bitcoin is Rs 25,65,737.
Ethereum (ETH)
At the time of writing, the price of Ethereum was $1,856, showing a 24-hour gain of 1.30 percent. In India, the price of Ethereum stood at Rs 1,59,670.
Binance (BNB)
At the time of writing, the price of Binance was $244.50 showing a 24-hour gain of 0.80 percent. In India, the price of Binance stood at Rs 20,896.
Cardano (ADA)
At the time of writing, the price of Cardano was $0.2976, showing a 24-hour gain of 2.10 percent. In India, the price of ADA stood at Rs 25.50.
Dogecoin (DOGE)
DOGE recorded a 24-hour gain of 1.50 percent, with its current price at $0.07494. In India, the price of Dogecoin stood at Rs 6.36.
Litecoin (LTC)
Litecoin registered a 24-hour increase of 1.60 percent. As of the current time, it was trading at $84.01. In India, the price of LTC stood at Rs 7250.
Ripple (XRP)
XRP's price, recorded at $0.6425, experienced a 24-hour rise of 3.01 percent. In India, Ripple's price stood at Rs 55.24.
Solana (SOL)
The price of Solana was recorded at $24.45, reflecting a 24-hour increase of 5.50 percent. In India, the price of SOL stood at Rs 2014.
Crypto Fear and Greed:
In the last 24 hours, cryptocurrency markets displayed selling sentiment, falling the crypto greed and fear index by 4 points to a score of 50 out of 100.
Major Event to be watch
Worldwide News Update:
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Lok Sabha approves Digital Data Personal Protection Bill 2023, bolstering individual data rights and regulating data processing in India, covering both online and offline data breaches. New law replaces the previous system under IT Act 2000.
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PayPal unveils its stablecoin, tied to the US dollar's value, signaling a strong commitment to digital money's future. The move could impact global transactions and prompt broader cryptocurrency adoption.
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The US Department of Justice (DoJ) confirms the 7-count charge against Sam Bankman-Fried, former CEO of FTX, with indictment expected next week. The charges include involvement in illegal finance schemes, wire fraud, and money laundering. The 8th count of campaign finance charge will not proceed due to treaty obligations with the Bahamas. Bankman-Fried's request to dismiss charges was denied by Judge Kaplan.
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Binance secures licenses from El Salvador's Central Bank and National Commission of Digital Assets, becoming the first exchange with dual approvals. This move highlights Binance's compliance efforts and its entrance into the growing Salvadoran crypto market.
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Shytoshi Kusama, Shiba Inu's lead developer, announces the forthcoming Shibarium mainnet release at the Blockchain Futurist Conference in Canada next week. Meanwhile, speculation rises due to Shibarium testnet pause and validators going live. SHIB and BONE prices show positive momentum.
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DeFi faces Tether (USDT) imbalance on platforms like Curve and Uniswap. Selling of USDT spiked in July, impacting pools. Reasons for selling unclear, potentially linked to FDUSD listing on Binance.
COIN GABBAR Views: Is BTC/USD stuck in dormancy or has it discovered a price floor? How far off is the $30,000 mark and can the CPI be considered an ineffective catalyst? Did the crypto surge ignited by Moody's bank ratings affect specific institutions significantly—Bank of New York Mellon, U.S. Bancorp, State Street, and Northern Trust? Stay tuned for the latest news at www.coingabbar.com
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.
For More News: Lok Sabha Boosts Data Protection: Bill Now Heads to Rajya Sabha
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