The global crypto market was valued at $1.63 T, down 1.40% in 24 hours
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Bitcoin's price correction persists this week with no new updates on ETF applications. A strong rally is still a possibility.
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Monday witnessed a 2% decline in BTC, attributed to rising regulatory concerns affecting buyer enthusiasm in both BTC and the broader cryptocurrency market.
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The growing support for Senator Warren's Digital Asset Anti-Money Laundering Act heightened anxieties, potentially playing a role in the drop near the $41,000 threshold.
Major Events To Watch:
Crypto Fear and Greed:
In the last 24 hours, the cryptocurrency markets faced significant selling pressure, resulting in an 8-point drop in the "Greed and Fear Index." Consequently, the current index reading has shifted to 65 on its 0 to 100 scale.
Latest Market Update:
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Bitcoin, the most valuable cryptocurrency globally, is presently hovering around the $41,000 mark.
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Notable alternative cryptocurrencies, including Ethereum, Solana, Cardano, Shib, and Pepe, encountered selling pressure in recent trading.
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Helium stands out as the top-performing altcoin among the mentioned group, boasting an impressive 8.95% increase in the last 24 hours.
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Conversely, Arweave suffered the most significant decline, emerging as the biggest loser with a substantial 12.11% loss over the past 24 hours.
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The crypto market experienced a notable 46.14% decrease in total volume over the past 24 hours, now standing at $61.40 billion.
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DeFi (Decentralized Finance) contributes $8.12 billion to the 24-hour market volume, constituting 13.83% of the overall crypto market.
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Stable coins collectively account for $52.6 billion in the last 24 hours, representing a substantial 89.65% share of the total crypto market volume.
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Bitcoin's dominance has slightly decreased by 0.17% in the last day, settling at 52.97%.
Major Worldwide News Update:
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Senator Warren's Anti-Money Laundering Act garners support, causing concerns and contributing to the crypto market dip below $41,000. CryptoLaw US founder John Deaton notes 20% Senate support but sees the 2024 election as pivotal for the bill's fate, anticipating regulatory hurdles amid Democratic control.
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The Solana Mobile Phone experiences a surge in demand, driving its price to new highs on platforms like eBay. Initially priced at $600, the device now commands premiums of up to 316.5%, reaching $3,361. Solana aims to challenge Apple's app store dominance, offering NFT incentives and attracting a dedicated user base. Despite eBay's inflated prices, Solana Mobile stands as a cost-effective alternative to high-end iPhones, with features like no transaction costs, secure data storage, and innovative crypto capabilities.
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Cardano founder Charles Hoskinson engages in a contentious debate with the Bitcoin Beach project over Ordinal Inscriptions on the BTC blockchain. Bitcoin Beach criticizes Cardano, prompting Hoskinson's sarcastic response defending Cardano. Hoskinson's recent controversies include clashes with the XRP community and Ethereum's SEC dealings.
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Bloomberg Intelligence Strategist Mike McGlone predicts the Bitcoin vs. Gold rivalry in 2024. While Bitcoin's growth potential is high, Gold may gain an edge in a US recession. McGlone notes Bitcoin's resilience but suggests a potential boost if the US Federal Reserve implements a rate cut. The pending Bitcoin ETF approval is seen as a key factor favoring Bitcoin's superior growth over Gold.
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Blockstream CEO Adam Back dismisses Bitcoin core developer Luka Dashjr's attempt to eliminate Bitcoin Ordinals, stating Dashjr "can't stop JPEGs on Bitcoin." Back believes complaining won't deter such initiatives and emphasizes high fees driving layer2 adoption and innovation. Dashjr disagrees, emphasizing exploration before dismissal. The debate continues amid growing demand for Bitcoin Ordinals.
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FTX Trading Ltd. advances its reorganization plan, proposing the return of billions to customers and creditors as it aims to conclude the crypto firm's bankruptcy. The plan faces uncertainties about FTX's revival, token valuation, and creditor returns, with approval pending creditor voting and court assessment.
COIN GABBAR Views: Is the next target for BTC reaching new milestones, particularly $50K, and will it be influenced by the $240 million market signal? How might Senator Warren's Anti-Money Laundering Act impact the bullish trend in the crypto market? To get latest news Stay tuned us at coingabbar
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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