Following a recent memecoin frenzy, Bitcoin surpasses $30,000.
As memcoins like Shiba Inu (SHIB) and Pepe (PEPE) register notable gains, the cryptocurrency market reacts positively to Bitcoin's rise above $30,000 and the US Federal Reserve's new stance on crypto regulations.
In the cryptocurrency ecosystem, memecoins have carved out a niche for themselves, gaining prominence within digital communities. Data from BitDegree reveals that SHIB recorded a 9.2% growth, whereas PEPE witnessed an impressive 13.5% jump in the last 24 hours.
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Meanwhile, the flagship cryptocurrency, Bitcoin, reached a monthly high of $30,126 on August 8th. However, the short-lived peak was soon followed by a dip, then another rise to over $30,000, showing a 1.53% price increase in the last 24 hours.
Ethereum (ETH), another major cryptocurrency, is also experiencing a positive movement, trading at $1,868.64 and recording a 1.25% gain in the last day. The entire crypto market’s valuation saw an increment of approximately $25 billion, signifying a 2% elevation during the same timeframe.
This surge in the market coincided with two significant developments: the introduction of PayPal’s PYUSD stablecoin and the US Federal Reserve's endeavor to streamline crypto regulations.
Delving deeper into the latter, the US central bank recently rolled out an innovative supervision program monitoring crypto-related activities via state-controlled banks.
Although PayPal’s stablecoin introduction might have contributed to optimistic sentiments amongst Bitcoin investors, BTC's price struggles to maintain its stance above the $30,000 mark. It is worth noting that financial enthusiasts are expecting another dip in crypto prices as they await the upcoming CPI report, a pivotal metric highlighting the nation's performance in addressing inflation.
Predictions from economic analysts expect an inflation rate of 3.3% Year to Year since the previous July, marginally higher than recent figures. Even though this is considerably smaller than the past year's inflation concerns, it exceeds the Federal Reserve's desired 2% threshold.
The cryptocurrency market showcases remarkable resilience and dynamism, with memecoins making significant strides. As the US Federal Reserve unveils its crypto oversight initiative, the crypto sphere remains in anticipation of its potential influence and the broader economic indicators that shape the sector's trajectory.
