The global crypto market cap is down by 1.65%, hovering around $2.27 trillion with an FGI of 56 points for neutral sentiments. The range within which most cryptocurrencies are moving on the price chart is a notable factor. For instance, Bitcoin and Ethereum tokens can be seen exchanging hands between $66,000-$64,000 and $2,750-$2,550, respectively. The community is focusing on two other developments: a warning from Dutch regulators about the pump-and-dump scheme in the crypto market and reports about FTX’s low payouts to creditors.
BTC and ETH Slip
Briefly, the last 24 hours have shown a downward trajectory for both tokens. BTC has lost almost 1.97% of its value in a single day, while ETH has shed 1.59% of its weight during the same time frame. Their token values are $64,428.20 and $2,626.78, applicable in the same order. It is uncertain whether warnings regarding the pump-and-dump scheme will be disseminated to other markets, as it is not uncommon for investors or whales to inflate and withdraw.
The Dutch Authority for the Financial Markets (AFM) has issued a warning, stating that the implementation of MiCAR, set to take effect from December 30, 2024. Authorities at AFM called it a form of manipulation, adding that the implementation of MiCAR will ban organizations and participants in order to prevent victims’ losses.
Top Meme Coins Fall the Highest
The top two meme coins have experienced a decline of more than 5% in the last 24 hours, which is less of an exaggeration and more of a truth serum to consume. This has happened before, and it has happened again, raising the question of whether it is time for others, such as PEPE, to take control or if these few incidents should be dismissed as a phase. Dogecoin is down by 5.17% and is listed at $0.1223. Shiba Inu is down by 6.23%, exchanging hands at $0.00001858. The difference between their market caps has widened, with DOGE taking a lead of approximately $7 billion over SHIB.
While a lot of other meme coins have fallen in the last 24 hours, the focus is more on SHIB and DOGE. WIF, ranked 38th on the chart, is up by 4.70%. PEPE has absorbed a lot of hard blows, resulting in a fall of 0.28%.
Other Gainers and Losers
XRP is up by 5.19% in anticipation that there is no window left for the SEC to file an appeal against Ripple. This paves the way for the upcoming regulated cryptocurrency investment vehicle, potentially SOL tokens. XRP is currently trading at $0.6468, while Solana tokens are trading at $155.98, a decrease of 0.62%. SOL and XRP are vying to launch their ETFs after Ether did.
POPCAT and MEW are a few winners in the meme coin segment. They are up by 5.51% and 2.59% for values of $0.9896 and $0.006277, respectively. Suffice it to say, cat-themed meme coins are up at a time when dog-themed meme coins are falling. WIF is certainly an exception, as it has surged by 4.65% in the same duration to $2.44.
Conclusion
It is relatively safe for cryptocurrencies to move within a range, as this reduces volatility. The same aspect could become a stage for the upcoming surge, which could happen when the Federal Reserve cuts the rate for the second time.
Disclaimer: Values were true at the time this article was written. This content is not investment advice.
