Meme coins Shiba Inu (SHIB) and PepeCoin (PEPE) lead market gains
Meme coins, such as Shiba Inu (SHIB) and PepeCoin (PEPE), have experienced significant gains in the cryptocurrency market. These tokens are inspired by internet memes or have gained popularity within online communities. According to CoinGecko data, SHIB saw a 9.8% increase overnight, while PEPE recorded a 12.7% gain.
Bitcoin briefly breaches $30,000
Bitcoin reached a new monthly peak of $30,126 on Tuesday before pulling back to around $29,780. Despite the pullback, BTC remains up by 2.2% since yesterday, while Ethereum (ETH) is trading 1.7% higher. The total crypto market capitalization also increased by around $25 billion, marking a 2% rise during the same period.
Launch of PayPal’s stablecoin and US Federal Reserve program impact market
The bullish market move coincided with the launch of PayPal’s stablecoin PYUSD and the US Federal Reserve’s initiation of a program to clarify crypto regulations. The Fed’s program aims to oversee crypto activities conducted through state-regulated banks and provide greater clarity for financial services and related technologies. This move comes in response to criticism regarding the lack of regulatory clarity in the US.
Fed focuses on DeFi risks and stablecoin issuance
As part of the supervision program, the Federal Reserve will focus on identifying and eliminating risks associated with DeFi integrations, issuance of dollar tokens, and tokenization of securities. The central bank aims to ensure that regulation and supervision allow for innovation while maintaining a safe and sound environment. The Fed’s actions will have implications for the future of the crypto industry.
All eyes on CPI and its impact on Bitcoin
Investors are anxiously awaiting the release of the CPI report, which measures inflation in the US. Economists anticipate a slight uptick in inflation to 3.3% year-on-year since last July, which is above the Fed’s target rate of 2%. These figures play a crucial role in influencing the Federal Reserve’s decisions regarding rate hikes and overall economic health. The recent surge in the US dollar may have also influenced the price of high-risk assets like Bitcoin.
Hot Take
Meme coins like SHIB and PEPE have gained significant traction in the market, reflecting the growing influence of internet culture on the crypto space. The launch of PayPal’s stablecoin and the Federal Reserve’s efforts to clarify regulations indicate a growing acceptance and recognition of the crypto industry. However, the impact of inflation and the strength of the US dollar remain key factors to watch, as they can affect the overall market sentiment and the price of cryptocurrencies.
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