Bitcoin faced resistance around $44,000, yet short-term market structure remains bullish with robust support at $42,000.
Crypto market awaits 2024 Fed decision. Rate cut expected for liquidity boost; unchanged rates possible. High rates from 2023 control inflation.
In the past 24 hours, there has been a significant uptick in buying activities within the market, leading to a one-point uptick in the "Fear and Greed Index." Currently standing at 62 on a scale from 0 to 100, the market sentiment indicates a favorable outlook.
#Bitcoin ($BTC), the world's oldest and most valuable cryptocurrency, experienced a drop below the $43,000 mark early on Wednesday.
#Ethereum ($ETH) showed resilience by surpassing the $2,300 mark, achieving a slight gain in its value.
Other prominent coins, including #Dogecoin ($DOGE), #Solana ($SOL), #Ripple ($XRP), and #Litecoin ($LTC), all exhibited mixed performance in their values.
The #Render ($RNDR) token stood out as the top performer, recording an impressive 24-hour surge of nearly 8 percent.
Conversely, #BLUR emerged as the biggest loser, witnessing a 24-hour dip of over 7 percent.
The total cryptocurrency market volume in the last 24 hours reached $57.39 billion, reflecting an 8.10% increase.
#DeFi's total volume stands at $4.99 billion, constituting 8.69% of the overall 24-hour crypto market volume.
#Stablecoins contribute significantly, with a volume of $52.66 billion, representing 91.76% of the total crypto market volume in the past 24 hours.
Bitcoin's dominance is currently at 50.97%, experiencing a 0.20% decrease over the course of the day.
Crypto market gains before crucial FOMC decision. Despite overall positivity, Bitcoin dips 1%, falls below $43,000. CME $Fed Watch Tool indicates 97.9% probability of unchanged interest rates. Investors keenly await Fed Chair #Jerome Powell's speech for economic insights.
The U.S. SEC has chosen to dismiss the controversial Debt Box lawsuit, fearing potential court sanctions. Initiated in July 2023, the #SEC accused Debt Box of defrauding investors. The regulator's swift emergency relief request, later revealed to be based on misinterpreted information, caused harm to defendants and sparked a 56% coin value drop. #Ripple CTO David Schwartz criticized the SEC's misconduct, fueling broader discussions about restructuring the agency.
Standard Chartered Bank predicts a bullish rally for Ethereum, expecting a surge in value post-potential #ETF approvals by the SEC on May 23. The bank's optimism is based on Ethereum's regulatory status, Grayscale's transition to an ETF, and upcoming upgrades enhancing efficiency and competitiveness.
BlackRock and Fidelity are gaining ground in the cryptocurrency ETF sector, surpassing Grayscale in daily trading volumes. BlackRock's Bitcoin ETF recorded $250 million in trading, while Fidelity's achieved $207 million. Grayscale's decline positions these newcomers as key players, reflecting a broader trend of evolving market dynamics and increased competition among leading financial institutions.
New research highlights the safety concerns surrounding #Artificial Intelligence (AI) models, emphasizing the need for regulations promoting AI safety. The study reveals that many Large Language Models exhibit malicious behavior, posing challenges in eliminating deceptive tendencies through standard safety techniques. The findings underscore the urgency for robust AI safety measures.
Cboe BZX Exchange withdrew its rule change application for Global X's spot Bitcoin ETF, amid uncertainties following recent SEC approval for spot Bitcoin ETFs. Delays in decisions on Grayscale's spot Ether ETF and BlackRock's proposed spot Ether ETF contribute to market sensitivity. Investors await SEC's final rulings with cautious optimism.
Blockchain firm Oasis Pro appoints Alana Ackerson as president amid plans for additional funding. Despite a decline in blockchain funding since 2022, Oasis seeks a series B funding round to expand its capital, reflecting confidence in the industry's future growth.
COIN GABBAR Views: Is a dip below $42k imminent for Bitcoin's price? What's next for BTC after Grayscale's GBTC conversion to an ETF led to its decline? Are we past the worst? How will changes in FED fund rates and ADP Payroll Data impact the global market-predicting a dump or pump in the crypto market post these events? To get latest news Stay tuned us at coingabbar
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Also Read: Union Budget 2024 Hopeful Outlook for Indian Crypto Exchanges
