Crypto News April 05: Bitcoin Passes $67K, ETH Exceeds $3300

Crypto market rises by 0.20%, reaching $2.65 trillion

• In March, total nonfarm payroll employment increased by 303,000, with the unemployment rate remaining relatively stable at 3.8 percent.

• Ahead of South Korea's parliamentary election, political parties compete for crypto traders' support with varied promises.

Crypto Fear and Greed Index:

The "Fear and Greed Index" dropped by 4 points to 75 out of 100, indicating selling activity. However, the overall market sentiment remains largely positive, holding steady at 70.

Latest Market Update: 

• Bitcoin maintains $67,500 level post Non-Farm Payroll Data on Saturday, exhibiting resilience amid market dynamics.

• Several altcoins, such as Near Protocol (NEAR), Dogecoin (DOGE), Pendle (PENDLE), Worldcoin (WLD), and Injective (INJ), saw increases in value over this timeframe.

• The CORE token emerged as the standout performer, boasting an impressive 24-hour surge of over 11.84%.

• Conversely, the Mantle token faced the most significant decline, experiencing a 24-hour decrease of over 5.38%.

• Total crypto market volume in the past 24 hours: $92.05 billion, indicating a decrease of 4.16%.

• DeFi volume stands at $8.44 billion, constituting 9.17% of the total crypto market 24-hour volume.

• The volume of all stable coins reaches $84.65 billion, comprising 91.96% of the total crypto market 24-hour volume.

• Bitcoin's dominance is at 52.69%, experiencing a decrease of 0.17% over the day.

Major Worldwide News Update:

• South Korea's upcoming election sees major parties focusing on crypto policies. President Yoon Suk Yeol's party vows to delay digital-asset taxes, aiming for support from crypto investors. Opposition promises to ease ETF restrictions, signaling a regulatory shift. With 6 million active traders, crypto's sway on politics grows. Regulatory ambiguity prompts tax postponements, highlighting crypto's regulatory influence.

• In March, U.S. employers exceeded expectations by adding 303,000 jobs, indicating a strong end to the first quarter. This robust hiring, coupled with wage increases, may postpone anticipated interest rate cuts by the Federal Reserve. February's job growth was revised slightly downward to 270,000 from the previously reported 275,000.

• Bloomberg reports AI chatbots like ChatGPT, mimicking human creativity, face copyright issues for using copyrighted content to generate new materials. The New York Times lawsuit against Microsoft and OpenAI highlights the debate over AI's reliability as an information source and the ethical use of copyrighted data for training.

• The CFPB highlights the merging of gaming and cryptocurrencies in its latest report, expressing concerns over consumer protection amidst rising crypto scams in virtual environments. Major gaming platforms consider treating virtual items as crypto-assets, prompting proposed regulations to oversee firms processing digital transactions, aiming to address regulatory gaps in digital finance.

• Pig butchering scams, popular in Southeast Asia, involve scammers gaining victims' trust over time before exploiting them, often through crypto. Victims, targeted through various strategies like romance or investment schemes, suffer significant losses. The scams, difficult to track due to crypto's nature, have led to global awareness and increased complaints.

• Genesis, a bankrupt crypto lending firm, sold 36 million shares of Grayscale Bitcoin Trust (GBTC) for approximately $2.1 billion to acquire more Bitcoin. The sale, initially sought at $38.50 per share, occurred on April 2 at $58.50 per share, facilitating creditor repayments.

• ZA Bank in Hong Kong plans to offer direct banking services to stablecoin issuers once approved by the HKMA. Stablecoins, backed by fiat currencies, offer stability and diverse use cases. Hong Kong aims to become a crypto hub with clear regulations, including proposed stablecoin legislation.

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Also Read: Crypto News April 05: Non-Farm Payroll Surge Plunges Prices