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Fred Cole

An editor at FOMOdrive

  • Jul 28, 2023
  • 2 min read

Bitcoin under pressure after the US Federal Reserve meeting

BTC Bitcoin physical coin with candlestick chart

Despite the weakening of the dollar, Bitcoin is not in a rush to increase in value.

The crypto market is in a period of dormancy during the summer.

The trading volume of Bitcoin on the spot market has dropped to its lowest point in the last 30 months.

The difficulty of Bitcoin mining has decreased by 2.94%.

Rumors of mass layoffs at the KuCoin exchange have been refuted.

The hashrate for the first cryptocurrency decreased by 2.94%, rolling back from the maximum of 52.33 T to an average of 374.5 EH/s since the last recalculation.

Glassnode reported that the 7-day moving average of Bitcoin's network processing power has dropped from its all-time high of 400 EH/s in June to 366.4 EH/s.

For the past week, Bitcoin trading volume on spot exchanges has been at its lowest since the start of 2021. K33 Research has stated that the crypto market is in a state of summer hibernation. Nevertheless, these periods are usually followed by an increase in volatility.

The US Securities and Exchange Commission (SEC) has brought punitive claims against Quantstamp for conducting an unauthorized ICO.

KuCoin has once again refuted rumors of potential layoffs, following the New York Attorney's Office's recent accusation that the crypto exchange was selling tokens that are considered unregistered securities.

Italy's Central Bank is initiating a project to tokenize assets on the Polygon blockchain in order to assist financial institutions in utilizing the decentralized finance (DeFi) space.

ENF CEO Yves La Rose has announced that the non-profit organization is planning to file a class-action lawsuit against Block.one for not meeting its investment obligations. The lawsuit is intended to recover $1 billion from the firm, which launched the EOS blockchain project.

SonicWall has reported that the amount of hidden mining incidents has grown fivefold in the past year. This is likely due to the increased law enforcement and stricter regulations, which have caused cyber criminals to turn to remote hacking of servers and devices to mine cryptocurrency.

Only 37% of respondents in developed countries, according to a survey conducted by the CFA Institute, expressed support for the introduction of central bank digital currencies (CBDC).

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