WHAT HAPPENED IN CRYPTO MARKET IN LAST 24 HOURS?
Market Movements:
Bitcoin (BTC): The leading cryptocurrency is currently trading at approximately $94,718, reflecting a decline of about 2.18% over the past day. Earlier, Bitcoin had reached an intraday high of $96,828 before retreating.
Ethereum (ETH): Ethereum's price stands at around $3,357, marking a decrease of approximately 1.68% in the same period. The cryptocurrency saw an intraday high of $3,415.
Altcoins: Other major cryptocurrencies have also faced declines. BNB is trading at $704 (down 0.22%), XRP at $2.17 (down 1.81%), and Solana at $187 (down 1.99%).
Regulatory and Legal Developments:
Do Kwon's Extradition: Do Kwon, co-founder of Terraform Labs, is set to be extradited to the United States to face federal fraud charges related to the collapse of TerraUSD and Luna, which led to a $40 billion loss for investors. The Montenegro Ministry of Justice announced this decision, highlighting the legal challenges faced by key figures in the crypto industry.
Wall Street's Involvement: Bitcoin's significant rise in 2024 has prompted major Wall Street banks, including Barclays, Citigroup, Goldman Sachs, and JPMorgan, to reconsider their stance on cryptocurrency-related capital raising. These institutions have begun underwriting substantial deals related to Bitcoin companies, indicating a shift in traditional finance's approach to the crypto market.
Geopolitical Influences:
Russian Endorsement: Russian President Vladimir Putin's favorable comments about Bitcoin earlier this month have influenced the crypto market. He questioned the necessity of accumulating dollar reserves compared to Bitcoin, suggesting that Bitcoin cannot be prohibited. Such endorsements may drive Bitcoin prices higher by increasing demand.
