The cryptocurrency market had a fairly stagnant week, with global economic considerations continuing to influence traders. The market remained careful ahead of significant financial announcements such as US Non-Farm Payrolls (NFP) and Core Personal Consumption Expenditures (PCE), as well as the UK budget, and the Bank of Japan meeting. Investors are also keen on the presidential election season in the U.S.
In terms of market performance, the cryptocurrency business’ market capitalization fell by 2.02% to around $2.28 trillion. This fall coincides with a spike in 24-hour trading volume, which surged 29.86% to $96.31 billion. The Fear and Greed Index is presently at a neutral score of 50. Successively, Bitcoin price trading at roughly $67,006.77, witnessed a 1.63% drop over. Ethereum fell 6.43% to $2,467.49. Solana was the week’s top performer, up 8.91% to $168.86, while XRP fell 6% to $0.5121.
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Gary Gensler, Chairman of the Securities and Exchange Commission in the United States, marked the 16th anniversary of Bitcoin’s whitepaper, commenting on the financial landscape’s evolution. Gensler’s statements emphasized the SEC’s commitment to developing clear and comprehensive regulatory frameworks for digital assets. His comments underscored the SEC’s ongoing focus on Bitcoin and the broader cryptocurrency sector, reminding the community that regulation remains a primary priority as Bitcoin grows.
Ripple co-founder Chris Larsen made headlines for contributing $10 million in XRP to Vice President Kamala Harris’ political campaign. This significant investment illustrates not only cryptocurrency’s growing influence in political circles but also Ripple’s bigger goal of strengthening crypto-friendly legislative frameworks.
According to BlackRock’s Samara Cohen, more than 75% of Bitcoin ETF investors are new to Wall Street’s cryptocurrency sector. This influx of new investors marks a shift in traditional investing dynamics, as more investors see Bitcoin’s potential in the context of growing institutional acceptance. BlackRock’s ETF has likely increased Bitcoin’s credibility in the eyes of institutional investors.
The crypto community observed an unusual $20 million transfer from a US government-controlled wallet to a dubious address, raising questions about the security of government-held digital assets. The incident exposed flaws in digital asset management and sparked debate about increasing security standards for government-issued cryptocurrency.
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