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Ethereum gained on major regulatory win against the SEC, while Bitcoin and Dogecoin continued to move sideways on Wednesday.CryptocurrencyGains +/-Price (Recorded 8:30 p.m. EDT)Bitcoin BTC/USD +0.01%$64,890.18Ethereum ETH/USD +2.37%$3,553.22Dogecoin DOGE/USD +0.19%$0.1218

What Happened: Bitcoin trended downward, falling into the $64,000 zone after an initial rip above $65,000.

Ethereum led the cryptocurrency market's charge, following the closure of the SEC's investigation into whether the world's second-largest cryptocurrency is a security.

The rally catalyzed Ether's derivatives market, as the Open Interest soared 3.43% in the last 24 hours. The jump in OI, coming alongside a jump in price, typically reflects bullish sentiment. Bitcoin's OI growth was muted in comparison, rising 0.61%.

Bullish bets for Ether rose dramatically in the last 24 hours, forming more than 53% of all positions taken by derivatives traders for the asset.

The "Greed" sentiment in the market has cooled significantly this week, according to readings from the Cryptocurrency Fear & Greed Index, falling from 74 to 60. This could pave the way for stronger surges in the days ahead.

Top Gainer (24-Hours)CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. EDT)Fetch.ai (FET)+25.50%$1.48SingularityNET (AGIX)+23.82%$0.61Akash Network (AKT)+17.72%$3.13

The global cryptocurrency market cap stands at $2.37 trillion, growing 0.74% in the last 24 hours.

Stock futures traded sideways as of this writing, while markets remained closed on Wednesday in observance of Juneteenth. The Dow Jones Industrial Average Futures slipped 0.15% as of 8:30 p.m. EDT. Futures tied to the S&P 500 gained 0.09%, while Nasdaq 100 Futures added 0.24%.

AI giant NVIDIA Corp. NVDA has sparked a stock boom this week, causing the S&P 500 and the Nasdaq Composite to hit record highs.

Investors will now shift attention to the jobless claims figures and housing starts data, due on Thursday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency trader Mister Crypto drew attention to the contrasting trajectories of Bitcoin and the stock market.

"The last time this happened, it took BTC 15 days to reverse with an 80% pump," the trader deduced, citing historical data. "Will history repeat again?"

Well-known analyst, Michal van de Poppe, shifted focus to altcoins. He underlined that although the market has suffered heavily lately, it was similar to the pre-bull market phase in 2020.

"It crushed many altcoin portfolios & investors, however, in the year after, they provided a 20-100x return," the analyst said.

Photo by Avi Rozen via Shutterstock

Read Next: Bitcoin To Rebound In The Next Months, Will Hit $200K In 2025: BernsteinMarket News and Data brought to you by Benzinga APIs

2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Sports

Ohio State-Michigan live updates: Wolverines trying for five straight

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Ohio State-Michigan live updates: Wolverines trying for five straight

Rivalry Week has already seen one upset that will affect a conference championship and College Football Playoff seeding. Could we see another one?

On Friday, Texas upset the Texas A&M Aggies to give A&M its first loss of the season and knock the Aggies out of the SEC championship game. Michigan is in a strikingly similar position. Ohio State is undefeated and No. 1 in the CFP rankings. It needs a win to set up a meeting with Indiana in next week’s Big Ten title game.

OSU has been largely unchallenged since defeating Texas in Week 1, and now it faces its biggest rival, which is hasn’t beaten in four years. Can the Wolverines pull another upset? It’s “The Game,” and we’re tracking the top moments and biggest plays:

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Politics

Crypto self-custody is a fundamental right, says SEC’s Hester Peirce

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Crypto self-custody is a fundamental right, says SEC's Hester Peirce

Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and head of the SEC’s Crypto Task Force, reaffirmed the right to crypto self-custody and privacy in financial transactions.

“I’m a freedom maximalist,” Peirce told The Rollup podcast on Friday, while saying that self-custody of assets is a fundamental human right. She added:

“Why should I have to be forced to go through someone else to hold my assets? It baffles me that in this country, which is so premised on freedom, that would even be an issue — of course, people can hold their own assets.”

Privacy, SEC, Freedom, United States, Self Custody, Bitcoin Adoption, ETF
SEC commissioner Hester Peirce discusses the right to self-custody and financial privacy. Source: The Rollup

Peirce added that online financial privacy should be the standard. “It has become the presumption that if you want to keep your transactions private, you’re doing something wrong, but it should be exactly the opposite presumption,” she said.

The comments came as the Digital Asset Market Structure Clarity Act, a crypto market structure bill that includes provisions for self-custody, anti-money laundering(AML) regulations, and asset taxonomy, is delayed until 2026, according to Senator Tim Scott.

Related: SEC to hold privacy and financial surveillance roundtable in December

Exchange-traded funds (ETFs) challenge Bitcoin’s self-custody ethos

Many large Bitcoin (BTC) whales and long-term holders are pivoting from self-custody to ETFs to reap the tax benefits and hassle-free management of owning crypto in an investment vehicle.

“We are witnessing the first decline in self-custodied Bitcoin in 15 years,” Dr. Martin Hiesboeck, the head of research at crypto exchange Uphold, said.