The global cryptocurrency market has not stopped treading in the red as economies around the world continue to suffer. With a further 75-basis-point hike by the Fed looming overhead, investors have dived deeper into their protective shells. Thus, the plunge in all cryptocurrency prices has pushed the global crypto market cap to $965.97 billion. The global market cap registered a decline of 5.25% in the past 24 hours.
However, despite the recent disruption, developments have continued as opportunities for growth in the market have upheld a flicker of hope. Let’s have a quick look at some of the top developments that occurred in the past week:
Bitcoin (BTC) is currently trading at a price of $21.1K after losing 3.48% in the past 24 hours. The king of the market registered a loss of 4.21% in the past seven days. Moreover, despite a huge sell-off of 75% of its Bitcoin (BTC) totaling $963 million, Tesla still owns $222 million worth of digital assets.
On the other hand, the queen of the market, Ethereum (ETH) is hovering around $1,425.14 with a drop of 6.33% in the past 24 hours. While Ethereum (ETH) has lost 7.17% in the past seven days, certain researchers are very optimistic regarding its upcoming transition to a proof-of-stake (PoS) system. They even see a chance for Ethereum to take over Bitcoin (BTC).
In the broader market, investors have entered into a frenzy over the upcoming Fed meeting. The upcoming two-day Federal Reserve meeting is expected to see a 75-basis-point rate hike. This increase in the benchmark interest rate would be the largest hike in almost three decades. Hence, it is only plausible for the plunge in cryptocurrencies.
Unhappy with Bloomberg Businessweek, Binance CEO CZ sues for defamation in Hong Kong. The case involves three defamatory statements that were published earlier in July.
Coinbase Global Inc. is facing a U.S. probe regarding improper digital assets trading. The U.S. SEC’s scrutiny over the matter has increased since the uptick in the number of tokens offered by Coinbase.
Barclays Plc is to buy a stake in Copper, a cryptocurrency company that claims to have Philip Hammond (former Chancellor) among its advisors.
Titanium Blockchain Infrastructure Services Inc. (TBIS)’s CEO pleaded guilty to a $21 million cryptocurrency fraud scheme. The said scheme involved TBIS’s initial coin offering (ICO) that lured investors to purchase its coin “BARs”.
To stronghold its foothold in the cutthroat global crypto market, DIFX has partnered with Crypto Oasis. DIFX, the blockchain-based cross-asset trading platform has joined hands with Crypto Oasis as an Ecosystem Partner.
Klaytn Lending Application (KLAP) which is the first-ever DeFi protocol on Klaytn (KLAY) blockchain, is launching its native crypto token.
In short, like always the crypto world if full of many ups and downs with the good and bad all combined making the market twist and turn.