Here is what happened yesterday in the crypto market:
Bitcoin Rally Stalls Amid Inflation Concerns and Policy Whiplash
Bitcoin experienced a volatile period, dipping after attempting to reach a new record high. The cryptocurrency closed the weekend’s CME gap, a technical occurrence often watched by traders. This downturn is attributed to U.S. inflation data and shifting policy expectations. Read more
US Federal Reserve Ends Dedicated Crypto Oversight Program
The U.S. Federal Reserve has officially discontinued its specialized supervisory program for cryptocurrency-related issues, which was established two years prior. This move indicates a shift in its oversight strategy for banks involved with crypto assets, integrating crypto supervision into broader regulatory frameworks. Read more
Hong Kong Strengthens Crypto Custody Standards for Exchanges
Hong Kong’s securities regulator has implemented new, stricter custody requirements for licensed cryptocurrency exchanges. These measures aim to enhance the protection of client assets as Hong Kong continues its effort to become a leading digital asset hub in Asia. Read more
Crypto Hackers Liquidate Large Ethereum Sums After ETH Price Surge
Following a significant rally in Ethereum (ETH) prices, several high-profile cryptocurrency hackers have capitalized on the surge by offloading approximately $72 million worth of their ill-gotten gains. This activity impacts market dynamics as large sums of ETH are sold into the market. Read more
Coinbase Suggests Upcoming Altcoin Season as Bitcoin Dominance Wanes
According to Coinbase Institutional, a potential altcoin season could begin as early as September. Their latest monthly outlook suggests a shift in market leadership from Bitcoin to alternative cryptocurrencies, indicating a broadening interest in the crypto market beyond the largest digital asset. Read more