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What happened in the crypto market – current events today

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what happened on the crypto market

What happened on the crypto market today? The CAR authorities launched the sale of national cryptocurrency; there is information in the media about the investigation of US regulators against Kraken; analysts predict the change of leader in the Stablecoin market — these and other news in our review the morning of July 27

What happened on the crypto market today: events that are important to consider. 

Want to know what happened on the crypto market during the day while you were busy? Bitcoin (BTC), according to the resource CoinMarketCap, began Wednesday with a small correction. The cryptocurrency is trading at $21,180. The minimum bitcoin value in 24 hours was fixed at $20,776; the maximum – at a height of $21,266.

The second most capitalized cryptocurrency, Ethereum, also started the day with a slight correction. As of the time of writing this news, the coin is trading at $1,438.

In the top 10 most capitalized cryptocurrencies, Binance Coin (+3.88%) had the best results in 24 hours. The only coin to lose in value during the day was Cardano ( 0.711%). During the week, all cryptocurrencies, except for a few of the stablecoins, were losing in value. Solana (-20%) posted the biggest losses.

In the top 100 most capitalized cryptocurrencies, the best result for the day was recorded for Monero (+8.2%), for the week – for BitDAO (+5.6%). Radix (-4.9%) was the most actively losing in price over the last 24 hours. Arweave (-21.2%) had the highest weekly losses.

The popular crypto exchange Kraken has been under investigation by the U.S. Treasury Department since 2019. This was reported by The New York Times.

According to the publication, the crypto-exchange violated U.S. sanctions laws. We are talking about giving users from Iran, Cuba, and Syria access to trade in digital assets. The New York Times writes that Kraken faces a fine for violating the law.

The Central African Republic (CAR) has launched a public sale of its central bank digital currency (CBDC), Sango Coin. Information about it appeared on the official website of the project.

The sale of Sango Coin was launched on July 25, 2022. A total of 200 million coins have been allocated for the sale. The initial value of CBDC CAR is set at $0.10. Against the background of the completion of sales, representatives of the initiative expect a growth in the value of tokens to be $0.45.

The minimum purchase volume of Sango Coin is $100 in bitcoin, Ethereum, Binance Coin, Tether, USD Coin, Binance USD or DAI cryptocurrency.

Recall that in April 2022 the CAR authorities were the second in the world, after El Salvador, to legalize bitcoin. A few months later – in early July, local regulators launched Sango Coin. The release of the national cryptocurrency was broadcast online.

In the fall of 2022, the most capitalized Stablecoin could be USD Coin, which Circle is responsible for issuing. These are the conclusions reached by analysts at Arcane Research.

The authors of the study believe that USD Coin could surpass its main competitor, Tether, in October. This, in their opinion, is indicated by the growth rate of Circle’s stablecoin capitalization on the background of the rival’s falling indicators.

Previously, experts called USD Coin the best stablecoin on the market. According to our interlocutors, the token surpasses Tether regarding security because its issuer regularly reports on the security of coins. Recall, earlier the U.S. authorities, according to the media, postponed the regulation of stablecoin until September. 

Now you know What happened on the crypto market and you can use this information to make good investment decisions. 


Cryptocurrency

Coinbase Says Goodbye to 4 Altcoins and Their Prices Plunge Hard: Details Here

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TL;DR

  • Certain digital assets recorded substantial price declines following the latest delisting spree announced by the US-based crypto exchange.
  • In contrast, some of the company’s previous listing disclosures have triggered double and even triple-digit rallies.

Heading South

The leading cryptocurrency exchange Coinbase announced that it will terminate trading services with Helium Mobile (MOBILE), Render (RNDR), Ribbon Finance (RBN), & Synapse (SYN) on June 26. The delisting effort was attributed to updated token versions, which no longer meet the platform’s listing requirements.

Coinbase has also moved its order books involving the four altcoins to limit-only mode. “Limit orders can be placed and canceled, and matches may occur,” the company stated. 

The prices of the affected assets plunged following the disclosure. RNDR has dropped by 7% on a daily scale, while the rest are down by double digits. The biggest loser is SYN, whose valuation declined by almost 15%.

SYN Price
SYN Price, Source: CoinGecko

Such price reactions are somewhat expected. After all, ceased support from a major player like Coinbase leads to reduced liquidity and visibility. Additionally, it can spark fear and doubt among investors, hurt the asset’s reputation, and drive more people to sell.

Render is the biggest cryptocurrency in terms of market capitalization from the affected ones, and some X users commenting on the post were left surprised that Coinbase decided to suspend trading services with it. The company initially added support for the altcoin at the beginning of last year, placing it in its roadmap section and later listing it on the platform. 

The Opposite Effect

Usually, the observed price dynamics are much different when Coinbase backs certain cryptocurrencies in one way or another.

Earlier this year, the exchange listed the meme coin TOSHI on its roadmap, a vital step before an official listing. The valuation of the token skyrocketed by over 100% shortly after the inclusion.

A similar occurrence took place in 2024 when Coinbase added Tensor (TNSR), the native token of Solana’s top NFT marketplace, to its roadmap. The announcement triggered a 70% spike in the asset’s price.

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100 Million People Will Own BTC Soon: JD Vance at Bitcoin 2025

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Speaking at the largest annual Bitcoin conference, this time held in Las Vegas, the Vice President of the United States addressed the entire cryptocurrency community in what was undoubtedly a pro-crypto speech.

jd_vance_btc2025

JD Vance outlined that he is bullish on technology, equating the cryptocurrency industry to “genuine, ground-up innovation that is already improving the well-being of tens of thousands of people.”

He also outlined that he believes 100 million people will own Bitcoin “before not too long.”

Speaking on the broader industry, he said that:

Crypto is a hedge against bad policy at Washington, regardless of which party is ahead, against skyrocketing inflation, which has eroded people’s savings, hedge against the private sector that’s willing to discriminate against consumers on the basis of their basic belives, including their politics.

Going forward, Vance also touched on ending the controversial operation Chokepoint 2.0, while also vowing that the Trump administration wii never “try to handicap” the crypto community.

We reject weaponized regulators. We fired Gary Gensler – and we’re going to fire everyone like him. We know their type, and we know the game they play: under the pretense of consumer protection, they attacked every single effort to democratize our financial markets.

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US SEC Commences First Formal Review of Spot XRP ETF

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The possibility of trading spot XRP exchange-traded funds (ETFs) in the United States just went a notch higher. This is because the U.S. Securities and Exchange Commission (SEC) just commenced its first formal review of an application seeking to launch an XRP ETF in the country.

According to a filing from the securities agency, it has initiated proceedings to determine whether it will approve or deny an application to list and trade shares of the WisdomTree XRP ETF on the Cboe BZX Exchange. WisdomTree is an asset management firm that issued one of the eleven spot Bitcoin ETFs in the U.S.

SEC to Review WisdomTree Spot XRP ETF

The SEC is evaluating whether the proposed rule change to list WisdomTree’s XRP ETF on Cboe BZX is designed to prevent fraudulent and manipulative practices. The proposal must implement measures that protect investors and serve the public interest before it can be considered for approval.

Additionally, the SEC noted that the proposal may raise new concerns not previously considered by the agency, and these issues need to be addressed. While the proceedings continue, the Commission has asked interested persons to submit their views regarding the approval or disapproval of the application.

“The Commission asks that commenters address the sufficiency of the Exchange’s statements in support of the proposal, which are set forth in the Notice, in addition to any other comments they may wish to submit about the proposed rule change,” the SEC stated.

Notably, the initiation of proceedings for the proposal does not guarantee that the SEC will approve the product. The agency has roughly 240 days to decide whether the proposal is worth approving or not.

Not the First

It is also worth mentioning that the WisdomTree ETF, if approved, will not be the first XRP fund to be listed in the U.S. Early last month, the Vermont-based asset manager Teucrium launched the first leveraged XRP ETF in the U.S. on NYSE Arca. Towards the end of the month, the fund management company ProShares listed three futures ETFs. The funds provide investors with leveraged and inverse exposure to XRP through derivatives.

The SEC approval of a spot XRP ETF would pave the way for the launch of similar products. This would be a huge win for the XRP community, considering that the token’s issuing company, Ripple, was involved in a tedious legal battle with the SEC for years.

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