📰 Major Headlines
China Imposes Full Crypto Ban
China has enacted a comprehensive ban on all cryptocurrency activities, including trading, mining, and individual ownership. This move has intensified the country's crackdown on digital assets and is seen as an effort to bolster the digital yuan initiative.
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Market Downturn Amid Trade Tensions
The cryptocurrency market experienced a significant decline over the weekend, attributed to escalating trade tensions. Notable drops include Dogecoin falling over 8%, PEPE by 12%, Bitcoin decreasing by more than 2% to just above $103,600, and Ethereum declining nearly 4%. Other major cryptocurrencies like Ripple (XRP), BNB Chain (BNB), ADA, and SOL also saw declines between 2% and 5%.
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Rumors of Federal Reserve Chair Resignation
Speculation is circulating that Federal Reserve Chair Jerome Powell may resign today. If this occurs, it could lead to interest rate cuts, potentially ushering in a bullish phase for cryptocurrencies. However, such a development might not bode well for the overall health of the U.S. economy.