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

Key Takeaways
  • Investors are closely monitoring the upcoming US CPI data, anticipated to surpass initial projections.
  • Bitcoin remains above $69,000, with Ethereum trading above $3,500.
  • Despite stability, the cryptocurrency market witnesses a 3.40% decline, leading to the total market capitalization dropping to $2.71 trillion.
10-Apr-2024 By: Lokesh Gupta
Crypto News April 09

Crypto market dropped by 3.40%, hitting $2.71 trillion

  • Recent bullish momentum in crypto prices waned in anticipation of the April 10 Consumer Price Index (CPI) release.

  • Ethereum enthusiasts are encountering obstacles in their pursuit of ETF approval, with limited updates from the SEC on the issue.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed

The "Fear and Greed Index" dropped by 2 points to reach 78 out of 100, indicating Extreme Greed. Despite this, the overall market sentiment remains largely positive, maintaining stability above 70.

Latest Market Update: 

  • #Bitcoin ($BTC) fell below the $70,000 mark early Wednesday following high selloffs among investors.

  • Other popular altcoins like #Ethereum (ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) saw declines while #Ethena ($ENA) took the lead.

  • The #Bittensor ($TAO) token emerged as the top gainer, showing a 24-hour increase of over 7 percent.

  • Conversely, #dogwifhat ($WIF) experienced the most significant loss, with a 24-hour decline of nearly 16 percent.

  • Total crypto market volume in the last 24 hours stands at $100.14 billion, reflecting a decrease of 0.68%.

  • DeFi volume is currently at $9.7 billion, constituting 9.68% of the total crypto market 24-hour volume.

  • Stablecoins' volume amounts to $91.77 billion, comprising 91.64% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is presently at 52.60%, marking an increase of 0.26% compared to the previous day.

Major Worldwide News Update:

  • Investors will closely watch the US inflation data release. The US Department of Labor is anticipated to announce a 3.5% year-on-year increase in headline consumer prices for March, up from February's 3.2%. Additionally, the March FOMC Meeting Minutes will be disclosed, featuring discussions on Fed's monetary policies by Governor Michelle Bowman and Chicago Fed President Austan Goolsbee.

  • Hayes challenges the bullish narrative of halving events, anticipating a market downturn due to excessive optimism. He doubts the upcoming Bitcoin halving, fearing positive sentiment might provoke a price drop. Economic factors like US dollar tightening and tax payments could exacerbate liquidity issues, further pressuring Bitcoin prices downward.

  • US spot Bitcoin ETFs launched in January attracted over $12.3 billion from institutional players, notably drawing wealthy investors from India. Despite warnings from India’s central bank, investors utilize the Liberalized Remittance Scheme to access ETFs, seeking tax benefits. Indian family offices increasingly embrace this approach, despite RBI's crypto caution.

  • Hong Kong is set to launch Bitcoin ETFs following the SEC's approval of Spot Bitcoin ETFs in the US, signaling growing acceptance of digital assets in traditional finance. The Hong Kong SFC fast-tracks approval for four ETFs, with firms like Harvest International and China Asset Management leading the revolution.

  • ZA Bank in Hong Kong plans to support stablecoin rise by offering specialized accounts for issuers, requiring HKMA license. CEO Devon Sin aims to address stablecoin challenges, promoting Web3 growth. With $1 billion transactions for Web3 in 2023, ZA Bank targets legitimacy and trust in crypto, paving the way for mass adoption.

  • Bitcoin's halving event on April 20 is anticipated to boost its price to $80,000, following a historical pattern of doubling after each event. With mining costs rising to $49,902, profitability for miners hinges on surpassing previous Bitcoin prices. Substantial price hikes post-halving events reinforce this expectation.

  • John Deaton, a prominent XRP advocate, challenges Senator Elizabeth Warren's stance on crypto regulations, highlighting a growing rift between proponents and policymakers. Warren calls for stricter oversight of validators and stablecoin users, sparking controversy. Deaton critiques her understanding of blockchain, emphasizing the need for nuanced regulations balancing innovation and accountability.

COIN GABBAR Views: Before the upcoming halving, will Bitcoin chart a new all-time high? Are bears defending $72K while Bitcoin is itching for a new all-time high? Post-halving, will the BTC price cross the $100K milestone? Is the bull market over, with BTC possibly dropping around halving time? 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 9: US Data Frenzy Sparks Crypto Turbulence

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