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Cryptocurrency News: 18.06.24

BTC (Bitcoin):

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Bitcoin’s price saw a sharp rally after the U.S. Consumer Price Index data was released. However, it’s struggling to maintain momentum above certain price levels. The global crypto market cap is at $2.55 trillion, with Bitcoin’s price at $68,438.29, marking a 24-hour jump of 0.96%.

ETH (Ethereum):

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Ethereum is facing challenges as it failed to rise above $3,730, leading to a pullback below the 20-day EMA ($3,655). The bulls are trying to regain control, but the price dynamics suggest a cautious market sentiment.

LTC (Litecoin):

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Litecoin has recently surpassed Bitcoin and Ethereum in network activity, indicating a surge in userbase and demand. This metric is crucial as it reflects the overall health and adoption of the cryptocurrency.

XRP (Ripple):

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Ripple is currently in a legal battle with the SEC, with a settlement decision nearing. The SEC has reportedly lowered its settlement demand to $103 million, and Ripple’s legal team is responding to the allegations.
This ongoing case has created uncertainty for XRP’s future. Analysts project the average price of Ripple to stay in the range of $0.3-0.8 in 2024, with most forecasts setting the average price below $1 in 2025.

Cryptocurrency Market News:

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The overall news on the cryptocurrency market is currently experiencing a dynamic shift, characterized by several noteworthy developments. The global crypto market cap is displaying signs of recovery following a period of volatility, with Bitcoin taking the lead.

 

Investors are exercising cautious optimism in response to lower-than-expected inflation data, which has the potential to influence the Federal Reserve’s rate decisions. In regulatory news, Terraform Labs and its CEO, Do Kwon, have reached a $4.5 billion civil fraud case settlement with the SEC, potentially setting a precedent for future regulatory actions in the crypto space.

 

Additionally, industry movements indicate MicroStrategy's intention to enhance its Bitcoin holdings through a proposed $500 million in convertible notes, reflecting sustained institutional interest in cryptocurrency as an investment asset.

 

Former President Donald Trump has expressed a desire for all Bitcoin mining to be 'Made in USA', signaling a potential impact on the geographical distribution and environmental considerations of the industry.

 

Moreover, the Electric Reliability Council of Texas (ERCOT) CEO has highlighted the need for a larger-than-expected increase in the state’s power grid to accommodate the growing demand from AI and Bitcoin mining.

 

Looking ahead, the upcoming 2024 elections in the US, Asia, Europe, and Africa are anticipated to influence the global regulatory framework for Bitcoin and other cryptocurrencies, potentially leading to significant changes in how crypto is governed worldwide.

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