Crypto
Cryptocurrency price on August 1: Bitcoin falls below $65,000; Solana, XRP drop up to 8%
Overnight, the US Federal Reserve maintained its key interest rate at 5.25–5.5% for the eighth consecutive time, as expected, while signaling the possibility of a rate cut in its next meeting in September. The Federal Open Market Committee’s unanimous decision reflects a continued wait-and-watch approach as it monitors inflation trends.
CoinSwitch Markets Desk, said, “Bitcoin fell below $65,000 after the US Federal Reserve announced it would keep interest rates unchanged. However, with markets now anticipating rate cuts in the upcoming Federal Reserve meeting in September, the outlook for a Bitcoin rally by the end of the year has strengthened.”
Crypto Tracker
Meanwhile, CoinDCX Research Team, said, “The crypto market tumbled after the Fed’s decision. Tomorrow’s U.S. unemployment rate announcement is expected to induce more volatility, with an ‘Actual’ figure greater than ‘Forecast’ being good for crypto.”At 12:21 pm IST, Bitcoin (BTC) was trading 3.2% lower at $64,285, while Ethereum fell nearly 4.5% to $3,313. Meanwhile, the global cryptocurrency market cap dropped by 3.6% to around $2.3 trillion in the last 24 hours.”Bitcoin needs to break above its 200-day EMA at $64,510 to consolidate further. Else, a retest of $62,000 may be on the cards,” said Vikram Subburaj, CEO of Giottus.Altcoins and meme coins, such as BNB (3%), Solana (8%), XRP (5.7%), Dogecoin (5%), Cardano (4.6%), Avalanche (4.3%), Shiba Inu (3.8%), Polkadot (3.4%), and Chainlink (4%) also declined.The volume of all stablecoins is now $71.64 billion, which is 92.19% of the total crypto market 24-hour volume, as per data available on CoinMarketCap. Bitcoin’s dominance is currently 54.99%. BTC volume in the last 24 hours rose 23.3% to $35.7 billion.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Crypto
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Crypto
Former NYC Mayor Eric Adams unveils ‘NYCToken’ cryptocurrency he claims will fight antisemitism
Swagger remains his currency.
High-flying Eric Adams returned from his post-mayoralty travels to unveil the “NYC Token” on Monday, moving forward on his bizarre vow to tackle antisemitism with cryptocurrency.
Adams announced the crypto coin in Times Square, surrounded roughly a half dozen reporters curious to see what the former mayor would say in his first public appearance since leaving office not even two weeks ago.
“One focus we have on this New York City coin is to use the revenue generating to address anti-Americanism, antisemitism, to teach our children how to embrace the blockchain technology of how to run cities correctly,” Adams said.
“As Walmart is using blockchains to deal with their food chain and transparency, we know cities can run better, and by using this New York City token, this New York City token, we’re going to continue to invest in making our city a safer city.”
While the former Hizzoner was still vague on details, the broad strokes of his grand plan are essentially that profits from the “NYC Token” will go into a still-unnamed nonprofit, which will then fund groups that combat antisemitism.
Historically black colleges and universities also will somehow be involved in Adams plans, he said.
“I’ve talked about it often, I want to get on our college campuses and make sure that we start the process of having our young people appreciate our country today,” he said.
The crystal-loving, ghost-believing Adams made clear early in his first and only term that he was a devotee of the magic of cryptocurrency. He famously took his early paychecks in cryptocurrency and cultivated close ties with Bitcoin billionaire and former “The Mighty Ducks” star Brock Pierce.
Adams is one of three creators behind the “NYC Token,” he said, noting Pierce was not involved.
He said the other creators are listed on the crypto coin’s website, but the page remained blank Monday other than two slogans and a link to follow the token’s X account.
For those worried the whole venture could be a money-making scam, Adams promised he wouldn’t take a salary — at least at first.
“I’m not taking a salary at this time,” he said. “Down the line, if you take the determination of doing so, we will reveal that.”
The famous frequent-flyer-mile-collector said he had been spending his days since leaving office in Dubai and the Congo.
The jet-setter ex-mayor teased that he will be working with other countries across the globe and bringing the Big Apple’s “levels of services” abroad.
Mayor Zohran Mamdani didn’t seem too jazzed about his predecessor’s plans. When asked if he’d buy one of Adams’ crypto tokens, the new mayor had a one-word reply.
“No,” Mamdani said with a smile.
Crypto
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