Major cryptocurrencies were largely unchanged at the time of writing as the global cryptocurrency market cap decreased by 0.2% to $1.06 trillion.
What Happened: Bitcoin, Ethereum, and Dogecoin didn't show any major movements into a fresh trading week.
| Cryptocurrency | Gains +/- | Price Recorded (9:31 p.m. EDT) |
| Bitcoin BTC/USD | -0.2% | $26,399.74 |
| Ethereum ETH/USD | 0% | $1,724.15 |
| Dogecoin DOGE/USD | +0.1 | $0.06 |
Top Gainers (Over 24-Hours)
| Cryptocurrency | Gains +/- | Price Recorded (9:31 p.m. EDT) |
| Shiba Inu (SHIB) | +3.65% | $0.0000072 |
| Kava (KAVA) | 3.2% | $0.081 |
| XRP (XRP) | 1.6% | $0.50 |
The top 24-hour gainer was Shiba Inu, which has seen a 926.08% increase in its 24-hour token burn rate. Over the past 24 hours, 11.01 million SHIB have been burned.
The Crypto "Fear & Greed Index" was seen as "Neutral" at the time of writing. Last week, the index flashed Neutral as well.
Last week, the Federal Reserve opted for a hawkish hold on further interest rate hikes. OANDA Senior Market Analyst Edward Moya noted that despite talk of further interest rate hikes yet to come, the S&P 500 index had one of its best weeks since March. The U.S. stock markets are closed for a long weekend due to the Juneteenth holiday.
On the cryptocurrency front, BlackRock Inc BLK filed an application for a Bitcoin exchange-traded fund with the Securities and Exchange Commission.
Over the weekend, Changpeng-Zhao-led cryptocurrency exchange Binance and the SEC reached a crucial agreement that would ensure that only employees of Binance.US will have access to customer funds in the near future.
The SEC had expressed concerns over the possibility that the funds could be moved abroad if the regulator wasn't issued a temporary restraining order. The SEC is suing Binance for offering and trading unregistered securities and is alleging the exchange mingled funds and engaged in other malpractices.
Analyst Takes: Cryptocurrency intelligence platform Santiment said that Stablecoins are showing "potential of a turnaround." The platform shared a chart of the top 6 stablecoins market cap on Twitter and said it had seen the largest increase since March 12.
Santiment noted that this jump may be a signal o increased crypto "buying power."
Cryptocurrency trader Justin Bennett said that the $1,726.27 level for Ethereum "feels significant."
Meanwhile, On-chain data analytics platform CryptoQuant noted the increased stablecoin supply and said that "the moment when stablecoins contribute most to a price increase is when prices are falling."
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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