Scams Decline, Market Cap Climbs, and Regulatory Momentum Advances are indicating a Positive Shift in Crypto

Overview

Discover the latest news in the cryptocurrency market from the past week. With a remarkable 77% decline in scams and rising expectations of higher market capitalizations, the industry shows promising signs. Regulatory scrutiny of key players has also emerged, while the market remains resilient, unfazed by the latest CPI figures. To delve into a comprehensive market outlook and gain valuable insights, continue reading and stay informed about the dynamic world of cryptocurrencies.

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Fundamental Updates

Let's delve into the significant developments shaping the crypto market landscape:

• Cryptocurrency Scams Plummet by 77% in First Half of 2023, Chainalysis Report Finds: Blockchain intelligence firm Chainalysis reports a remarkable 77% drop in cryptocurrency scams, with losses falling from $3.3 billion to $1.1 billion during the initial six months of 2023. This decline highlights improved security measures and regulatory efforts, instilling confidence in the industry's ability to protect investors from fraudulent activities.
• Crypto Hedge Funds Anticipate Higher Digital Asset Market Capitalizations in 2023, PwC Study Reveals: A PwC study reveals that the majority of crypto-native hedge funds expect increased market capitalizations for digital assets by the end of 2023 compared to the previous year. With Bitcoin's 85% year-to-date rally and a 50% surge in total crypto capitalization, despite market volatility, confidence in crypto investments remains strong.
• Blockchain Association Calls for SEC Investigation into Prometheum: The Blockchain Association has urged the U.S. Securities and Exchange Commission (SEC) to investigate crypto firm Prometheum, citing concerns over its special purpose broker-dealer (SPBD) license approval by the Financial Industry Regulatory Authority (FINRA). The association also questions how Prometheum's co-CEO secured a seat to testify before the U.S. House Financial Services Committee. Regulatory scrutiny surrounds Prometheum's activities in the crypto industry.
• Crypto Market Unfazed by CPI Figures, Disappointing Traders: The cryptocurrency market showed little reaction to the latest Consumer Price Index (CPI) figures, disappointing traders who expected a more significant impact. Despite being some of the lowest numbers in recent years, Bitcoin and other cryptocurrencies remained largely unaffected. The CPI data revealed a modest 0.2% increase in June, bringing the year-over-year inflation rate down to 3.0%, matching levels from March 2021.

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