Cryptocurrency Financial News

Blockchain analytics firm Santiment's recent blog post suggests that the cryptocurrency markets may be on the verge of a substantial upswing.

Despite positive developments in the broader crypto market, Terra Luna has been unable to halt its continuous decline, as technical indicators suggest a bleak outlook for the cryptocurrency's future. The once respected crypto is currently trading at $0.0000916 with a 1.43% decline over the past 24 hours, and indicators suggest the near future may not be great for the LUNC price either.

In the semi-annual policy review conducted by the House of Representatives Financial Services Committee on June 21, the discussion took a turn towards the regulatory landscape of payment stablecoins. 

cryptocurrency markets were trading mixed in Tuesday's trade. Bitcoin, Solana, and Polygon were trading with gains, while BNB, XRP, and Cardano were trading with cuts. Bitcoin (BTC) rose 1% to $26,796, whereas Ethereum (ETH) was above the $1,700 level. BTC volume stood at approximately $14.7 billion, rising nearly 57% in the last 24 hours. «Bitcoin’s price consolidated above the US$26,600 level in the past 24 hours. BTC even spiked above the US$27,000 forming a high near the US$27,184 and the price is now correcting gains. However, there is a back of bullish momentum and currently, BTC is trading at the US$26,900 level,» Edul Patel, Co-founder and CEO at Mudrex, said. BTC’s current resistance now lies at the US$27,200 and support at the US$26,700 level, Edul added.

cryptocurrency markets were trading mixed in Monday's trade. Bitcoin, Ethereum, and BNB traded with cuts, while XRP, Dogecoin, and Shiba Inu traded with gains. Bitcoin (BTC) fell 0.43% to $26,431, whereas Ethereum (ETH) was above the $1,700 level. BTC volume stood at approximately $9.3 billion, falling 1.91% in the last 24 hours. «Crypto markets traded in a tight range over the weekend, and in the last 24 hours. The crypto fear and index continues to stand below 50 for the last 10 days; currently at 47, down 2 points from yesterday. The fact that market capitalization and BTC prices remain above $1.1 trillion and $25k, respectively, hints towards slight resilience building amongst investors after last week,» Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said. The global cryptocurrency market cap was trading around $1.07 trillion, falling 0.35% in the last 24 hours.

XRP's price has been consolidating above the key psychological level of $0.50 for more than two weeks, coinciding with the Fib 0.382 level at $0.5031. On June 14, XRP broke down from this level, sparking concerns about a potential trend reversal.

Germany’s largest financial institution Deutsche Bank AG is seeking regulatory permission to operate a custodial platform to offer cryptocurrencies. 

cryptocurrency trading platform Coinswitch, which is funded by the likes of Tiger Global and Andreessen Horowitz, is planning to foray into Indian stock trading. This will see it go toe-to-toe with new-age investment players like Zerodha, Groww, Upstox, and Paytm Money. The company had earlier announced its plans to offer conventional investment products like mutual funds, US stocks, etc., widening its scope beyond cryptocurrencies, which have taken a battering over the last few years. Even though the price of bitcoin has recovered in the last six months, it is still half the highs it hit in November 2021. “The company is planning to apply for a stockbroker’s licence with SEBI (Securities and Exchange Board of India). There are also conversations going on with non-banking financial companies (NBFCs) and banks for offering fixed deposits,” a person aware of the matter said. For Coinswitch, the focus turned to Indian stocks after its plans to enable retail investment in US stocks were put on the backburner following the hike in tax collected at source (TCS) on foreign remittances under the Liberalised Remittance Scheme (LRS).

Earlier today, the BTC dominance index reached 50%, a level not seen since the turbulence of May 2021 when China's ban on crypto mining and Tesla's environmental concerns caused Bitcoin to plummet.

Solana (SOL) appears to be on the rise, experiencing a steady increase in price that signals a notable recovery. Will the wider crypto market slowdown in recent hours put a damper on its momentum?

cryptocurrency market experienced a volatile week, driven by the release of the Consumer Price Index (CPI) data for May and discussions surrounding Monetary Policy. Throughout the week, the trading range of Bitcoin (BTC) fluctuated between the levels of US$24,900 and US$26,250. Initially, Bitcoin started the week above the US$26,000 mark, but it later dropped below US$25,000, reaching its lowest point since March. This drop was influenced by the Federal Reserve's decision to maintain unchanged interest rates. Surprisingly, the Fed also projected two additional interest rate hikes in the current cycle, which aligned with investor expectations. However, contrary to expectations, the crypto market changed course and resumed the sell-off that had been ongoing for the past three weeks. Additionally, after a series of ten consecutive rate hikes, the Fed's benchmark interest rate currently stands between 5% and 5.25%. This signifies the highest rate since 2007 and determines the interest charged on short-term loans by banks and other depository institutions. In the last 24 hours, Bitcoin (BTC) witnessed a notable surge, surpassing the US$25,500 level and rebounding from its three-month low reached on Wednesday. This recovery could be attributed, at least in part, to the submission of a crypto-backed exchange-traded fund (ETF) application by BlackRock. BTC's gain of over 1% halted its three-day losing streak. These developments occurred concurrently with legal actions initiated by the U.S. Securities and Exchange Commission against Binance and Coinbase. Despite a 6% decline in its performance for the month, Bitcoin has exhibited a remarkable 53% growth since the beginning of the year.

The recent crypto platform bankruptcies trapped customer assets now worth around $34 billion, according to Xclaim, which allows creditors to trade such claims. To protect themselves, institutional crypto investors are switching to exchanges that offer stronger asset protection, boosting due diligence on trading partners, and executing trades in smaller chunks, among other new risk management measures, according to executives and industry data. «Investors in this asset class have learned their lessons the hard way and now are being much much more picky about who to deal with,» said Samed Bouaynaya, a digital asset portfolio manager at London-based hedge fund Altana Wealth.

Bitcoin is currently up about 3% in the past 24 hours, thanks in part to investment management corporation BlackRock's commitment to creating a Bitcoin exchange-traded fund (ETF).

cryptocurrency markets were trading mixed in Friday's trade. Bitcoin, Ethereum, and Litecoin were trading with gains, while XRP, Polygon, and Polkadot were trading with cuts. Bitcoin (BTC) rose 2% to $25,472, whereas Ethereum (ETH) was above the $1,650 level. BTC volume stood at approximately $15.42 billion, rising 4% in the last 24 hours. «The crypto market recovered from yesterday’s dip as selling pressure showed signs of cooling down. The rate hike pause announced by the Fed failed to cheer the market as the Fed made it clear that it will not refrain from taking tough steps in the coming months to tackle inflation. We can expect the market to remain choppy if the hawkish stance on monetary policy continues,» Shivam Thakral, CEO of BuyUcoin, said. The global cryptocurrency market cap was trading around $1.04 trillion, rising 1.22% in the last 24 hours.

The U.S. Federal Reserve's recent decision to maintain its key lending rate has surprised many, as it breaks the trend of rate hikes observed in the past year and a half.

cryptocurrency markets were trading mixed on Wednesday ahead of the Federal Reserve policy meeting which concludes later on in the day. Bitcoin, XRP, and Solana were trading with cuts, while BNB, Polygon, and Shiba Inu were trading with cuts. Bitcoin (BTC) fell 0.88% to $25,881, whereas Ethereum (ETH) was below the $1,750 level. BTC volume stood at approximately $13.02 billion, rising 12.48% in the last 24 hours. «The crypto market remained upbeat as a crypto community is anticipating a breather from continuous rate hikes in today’s FOMC meeting. The crypto market may react sharply to the outcome of the FOMC meeting today as any relaxation in monetary policies will prove beneficial for the financial markets in the long term,» Shivam Thakral, CEO of BuyUcoin, said. The global cryptocurrency market cap was trading lower around $1.06 trillion, falling 0.49% in the last 24 hours.

cryptocurrency markets were trading in the red on Thursday after the US Federal Reserve left rates unchanged as anticipated but hinted at the possibility of more hikes later this year. Bitcoin (BTC) fell 3.7% to $24,918, whereas Ethereum (ETH) was below the $1,650 level. BTC volume stood at approximately $15.28 billion, rising 17.54% in the last 24 hours. «Bitcoin experienced a drop to $24,990, marking its first time hitting this level since March. This decline came in the midst of a turbulent week, triggered by a hawkish announcement from the Federal Reserve,» Edul Patel, Co-founder and CEO at Mudrex, said. Other top crypto tokens were also trading lower. XRP and Litecoin fell by over 6%. Meanwhile, BNB, Dogecoin, Polygon and Polkadot traded with cuts.

cryptocurrency markets were majorly trading higher on Tuesday ahead of key US inflation data later on the day and a two-day Fed monetary policy meeting on Wednesday. Bitcoin (BTC) surged 0.91% to $26,100, whereas Ethereum (ETH) was above the $1,750 level. BTC volume stood at approximately $11.59 billion, rising 0.26% in the last 24 hours. “Most cryptocurrencies rose in the past 24 hours ahead of the release of CPI data for May which is scheduled for today,” Edul Patel, Co-founder and CEO at Mudrex, said. «Bitcoin traded at the US$26,000 level over the weekend following the low at US$25,675. BTC sees bulls attempt to break the resistance of US$26,300 level. However, currently the market sentiment remains largely bearish,» Edul added.

A slight deviation in Tether's (USDT) stablecoin earlier today has caught the attention of cryptocurrency traders.

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cryptocurrency markets were trading mixed on Monday ahead of key inflation data later in the day. Bitcoin, XRP, Cardano, and Polygon were trading with gains, while Ethereum, BNB, Solana, and Shiba Inu were trading with cuts. Bitcoin (BTC) rose 0.28% to $25,864, whereas Ethereum (ETH) was below the $1,750 level. «The crypto market is yet to respond to the US Fed's decision to pause rate hikes. It is important to note that the US Fed has increased interest rates by 500 basis points since it started its war against inflation and prevented the economy from slipping into possible recession,» Shivam Thakral, CEO of BuyUcoin, said. «The crypto market may respond positively to the latest development related to rate hikes in the coming weeks but the real relief will come if interest rates are brought down to boost market liquidity,» Thakral added.