Bitcoin is down by 1.65 per cent and is trading at $20,013.
Ethereum also showed downtrend and is at $ 1,087 after sliding down 5.53 per cent.
The USDT Tether showed 0.01 per cent postive change in its value in the last 24 hours.
Whereas the USDC stablecoins showed 0.04 per cent positive change and maintained its peg at $1.
The BNB token fell 4.64 per cent.
Solana fell by 8.54 per cent.
XRP Ripple witnessed a downtrend of 3.63 per cent in the last 24 hours.
The ADA token rose 2.76 per cent.
Dogecoin showed a slight uptrend. The cryptocurrency rose by 0.98 per cent.
The global cryptocurrency markets cap has crashed to $ 889 billion levels. It’s worth noting that the market cap was at $3 trillion roughly seven months ago at it’s all time high.
The Bitcoin ‘Fear and Greed’ Index has settled at 11, indicating extreme fear.
Polygon has launched Avail, a scaling system to launch blockchain applications on the Polygon chain.
Binance has donated $1 million $BUSD to support full scholarships for 1,000 Ukrainian technology students.
Blockchain forensics company ‘Elliptic Enterprises’ claims North Korean hackers are behind the recent $100 million Harmony crypto heist.
Crypto regulation efforts need to keep pace with market growth, says Bank of Canada official
Noting that the number of Canadians who own crypto assets is growing rapidly and many people may not understand the risk of investing in products like Bitcoin, Bank of Canada Senior Deputy Governor Carolyn Rogers told Reuters that crypto regulation efforts need to keep pace with market growth. “This is an area that is still small, but it’s growing really rapidly. And it is largely unregulated. We don’t want to wait until it gets a lot larger before we bring regulatory controls in place,” Rogers said. The issue is growing more pressing as crypto assets become integrated into Canada’s financial system, increasing the risk that crypto shocks – like the recent price plunge – could end up hitting the broader financial system
- The US Bureau of Labor Statistics released official data this morning showing June’s inflation rate was 9.1% higher than a year earlier, beating estimates by economists and financial experts.
- As a result, the entire cryptocurrency market was down 3% and all digital assets in the top 100 crypto rankings by market valuation were down at the time of writing, according to CoinMarketCap.
Last month’s official inflation rate beat economic estimates, setting a new record not seen since 1981. This morning, the US Bureau of Labor Statistics announced that the consumer price index, commonly known as the inflation rate , increased by 9.1%. in June compared to June 2021, representing the largest increase in 40 years.
Although that surge was a surprise, its negative impact on the faltering cryptocurrency market is not. At the time of writing, the valuation of the entire digital asset class is down more than 3%, while each of the top 100 cryptos is also trading in the red on cryptocurrency exchanges, according to CoinMarketCap. In fact, the most valuable cryptocurrency, Bitcoin, is down more than 4% since government numbers were released today.
What it means for consumers: cryptocurrencies and others
No doubt this higher-than-expected increase in the price of everything, including food, rent, and gasoline, will force the Federal Reserve to continue its aggressive monetary policies. Last month, the Fed announced a 0.75% hike in short-term interest rates to try to curb runaway inflation. The Fed also raised the possibility of another 0.75% hike this month to try to curb inflation and stem the slide into a possible recession.
It is worth noting that the total trading volume on crypto exchanges increased by almost 14% during the last 24-hour period. That could be a sign that people are exiting the crypto market or possibly an indicator that calm investors are buying digital currencies cheaply. Regardless, current macroeconomic conditions don’t hold much in the way of positives for ordinary citizens trying to make ends meet.