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Crypto News April 08: Market Braces for US Data, Fed Clues

Key Takeaways
  • Monday saw cryptocurrencies surge as anticipation for Bitcoin halving pushed its price over $71,000
  • Bitcoin maintains its position above $71,000, while Ethereum remains close to $3,700
  • Despite stability, the cryptocurrency market witnesses a 3.50% surge, pushing the total market capitalization to $2.81 trillion
09-Apr-2024 By: Lokesh Gupta
Crypto News April 08

Crypto market surged by 3.50%, hitting $2.81 trillion

  • March CPI data, releasing Wednesday, holds significance in Fed's rate reduction decision.

  • SEC postpones review of NYSE's Bitcoin ETF options, setting new decision deadline for May 29, 2024.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

The "Fear and Greed Index" increased by 4 points to reach 80 out of 100, signaling Extreme Greed. Nevertheless, the general market sentiment continues to be predominantly positive, maintaining stability at 70.

Latest Market Update: 

  • Bitcoin hovers close to $72,000 in anticipation of the upcoming halving event.

  • Ethereum (ETH), Nervos Network (CKB), Ripple (XRP), Ethena (ENA), and Dogwifhat (WIF) saw minor price fluctuations throughout the market.

  • Neo (NEO) token stood out with the most substantial gain, surging by over 37.62% within a 24-hour period.

  • Conversely, Bitcoin Cash (BCH) experienced the most significant decline, dropping by over 1.97% within the same timeframe.

  • The total cryptocurrency market volume in the last 24 hours amounts to $100.69 billion, indicating a significant increase of 63.68%.

  • DeFi's total volume stands at $9.84 billion, representing 9.77% of the overall cryptocurrency market volume within the past 24 hours.

  • Stablecoins contribute a substantial volume of $90.31 billion, constituting 89.69% of the total cryptocurrency market volume over the last 24 hours.

  • Bitcoin's dominance currently sits at 52.35%, reflecting a decrease of 0.46% compared to the previous day.

Major Worldwide News Update:

  • Bitcoin surged above $71,000 on Monday, driven by anticipation for its upcoming halving, marking the fourth reduction in new BTC issuance. Investors, cautious amidst rising U.S. Treasury yields and recent Fed remarks, await Wednesday's Consumer Price Index for insights on inflation and potential Fed actions. Cryptocurrency gains reflect market optimism tempered by economic data scrutiny.

  • The Bank of Canada is likely to maintain its key overnight rate amidst evidence of subdued inflation, delaying the potential first rate cut in four years, anticipated by markets for June. Despite easing inflation and weak job market indicators, a rate cut could inflate housing prices prematurely, a significant factor driving Canada's inflation.

  • Markets will analyze an editorial on the U.S. central bank's recent policy meeting, seeking insight into officials' rationale behind upgrading growth and inflation forecasts while maintaining three rate cuts in 2024. Fed Chair Jerome Powell explained the revisions were based on existing data and hinted at beginning to taper quantitative tightening soon.

  • BitMEX CEO Arthur Hayes discusses economy, Bitcoin halving's impact, predicting pre- and post-halving price declines due to liquidity constraints. Crypto expert Rekt Capital sees Bitcoin entering re-accumulation phase, aiming for sideways movement pre- and post-halving. Galaxy Digital CEO Mike Novogratz anticipates rate cuts, favoring Bitcoin, gold, silver, and copper.

  • SEC delays decision on NYSE's Bitcoin ETF options proposal, impacting Bitwise Bitcoin ETF and Grayscale Bitcoin Trust. Review extended to May 29, 2024, reflecting cautious approach towards crypto-related financial instruments. Options trading could facilitate risk management and market integration.

  • Elon Musk predicts groundbreaking AI surpassing human intelligence by 2026. In an interview, he discusses the potential of AI in reshaping humanity. Recent developments, including Cognition Labs' Devin and OpenAI's Sora and Voice, showcase significant advancements. Musk hints at future innovations with Grok but acknowledges challenges in power supply and chip shortage.

  • Nate Geraci of The ETF Store reports spot Ethereum ETF filers met with SEC, but agency's feedback remains lacking. Concerns arise over May 23 approval deadline. Bloomberg analysts note SEC's silence impacts approval odds, with Polymarket data showing divided investor sentiment. BlackRock CEO remains optimistic despite SEC's scrutiny on Ethereum's potential securities status.

COIN GABBAR Views: Will Bitcoin surpass its previous all-time high before the impending halving? Can BTC break through the $70,000 resistance, hinting at a surge towards $80,000? What is the projected peak leading up to the halving? Is there speculation surrounding Bitcoin's potential to hit $100,000 before or after the halving? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto News April 08: Bitcoin Rockets to $72K, Altcoins Soar

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