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Crypto News Apr 10: Market Tumbles as March Inflation Surges

10-Apr-2024 By: Lokesh Gupta
Crypto News Apr 10:

Crypto witnessed a significant decline over the past day

TOP 5 Losers Coins

IndicesLTPChange (%)
Bitcoin Cash$614.648.87%
Lido DAO$2.658.57%

Crypto News Key Highlights:

  • The U.S. Bureau of Labor Statistics unveiled March's Consumer Price Index (CPI), surprising analysts with a 3.5% inflation rate, surpassing the expected 3.4% and the previous month's 3.2%. This data reshapes market expectations for Federal Reserve rate cuts, previously anticipated for September following disappointing January and February figures. The persistent inflation challenges the Fed's 2% target, suggesting prolonged higher interest rates before potential rate cuts commence.

  • Hong Kong's Securities and Futures Commission (SFC) accelerates Bitcoin ETF approval, positioning the city as an Asian pioneer. Chinese institutions, like Harvest Fund and China Southern Fund, seek approval for spot Bitcoin ETFs. Approval announcements are expected on April 15, with listing on the Hong Kong Stock Exchange to follow in 10 days. This proactive move aligns with Hong Kong's growing reputation as a global financial hub, bolstering its Bitcoin-friendly stance.

  • Solana faced a significant outage, prompting scrutiny as users shifted to Ethereum. Austin Federa of Solana Foundation explained the issue, attributing it to software limitations. Despite debates, developers are actively addressing technical debt to enhance network performance. Increased transaction failures led to concerns, particularly with meme coins on Solana's DEXes.

  • Joe Vezzani, CEO of LunarCrush, noted that despite rising digital asset prices, retail investor interest remains low. Social media interactions about Bitcoin surged with ETF approval but remained steady during price peaks. Ethereum mentions have plateaued, while SOL token saw bursts, possibly driven by meme frenzy. Vezzani suggested social media data offers traders insights amid market fragmentation.

  • Taiwanese prosecutors indicted David Pan, founder of Ace Exchange, along with six others for money laundering and fraud totaling $10.6 million. Pan's involvement with the fraudulent "Alfred" crypto service led to customer losses. Ace Exchange denied association with Pan's actions, asserting normal operations and cooperating with authorities.

  • During the Bitcoin Policy Summit in Washington, Senator Gillibrand unveiled forthcoming stablecoin legislation with Senator Lummis. Aimed at aligning with Bitcoin's original vision, it emphasizes regulatory oversight to foster growth and innovation. The legislation empowers federal and state regulators, aiming for bipartisan support to ensure its passage into law.

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Also read - Crypto News April 09: Market Nervous ahead of Pre-CPI, FOMC

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