Here is what happened yesterday in the crypto market:
Bitcoin Stabalizes Following Fed Rate Decision
Bitcoin is showing signs of stabilization around $61,000 after experiencing volatility due to the Federal Reserve’s decision to hold interest rates steady. Concerns about inflation persist, influencing investor sentiment. Technical analysis suggests potential support and resistance levels to watch. Traders are awaiting further economic data and central bank communications for clearer market direction.
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Ethereum’s Dencun Upgrade Reduces Gas Fees on Layer-2 Networks
Ethereum’s Dencun upgrade is significantly reducing gas fees on layer-2 networks, boosting activity . This upgrade introduces “blobs” to lower transaction costs, making Ethereum more competitive for smaller transactions and decentralized applications.
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Hong Kong ETFs Boost Crypto Market
New Bitcoin and Ether ETFs in Hong Kong have provided a boost to the crypto market, increasing accessibility for Asian investors. Despite a slow start, these ETFs represent growing institutional interest in cryptocurrencies within the region, potentially driving further adoption and price appreciation.
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Solana Meme Coins Surge
Meme coins on the Solana blockchain, such as WIF, BONK, and POPCAT, have experienced a significant price surge, driven by increased social media attention and speculative trading. While these assets carry high risk, their recent performance has drawn considerable interest from retail investors seeking quick gains.
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