Claim Giveaway Token Proof of Reserve

Crypto News April 3: Fed Rate Cut Hopes Fade, Market Stumble

Key Takeaways
  • Chair Jerome Powell suggests potential reduction in benchmark interest rate despite strong U.S. economy and inflation uptick.
  • Crypto prices fell further with Bitcoin below $66,000 and Ethereum dropping under $3,300.
  • Cryptocurrency market witnesses 1.10% decline despite stability; total market capitalization at $2.59 trillion.
04-Apr-2024 By: Lokesh Gupta
Crypto News April 3:

Crypto market fell 1.10%, reaching a value of $2.59 trillion

  • ISM reported non-manufacturing PMI dropped to 51.4 from 52.6 last month, marking second consecutive monthly decline post-January rebound.

  • The Fed aims for inflation below 2% and plans to maintain current interest rates longer, as Bitcoin and altcoins face selling pressure.

Major Event to be watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

In the last 24 hours, the "Fear and Greed Index" decreased by 1 point, now standing at 70 out of 100, suggesting an increase in selling pressure. Despite this slight decline, overall market sentiment remains largely positive, holding steady at 70.

Latest Market Update: 

  •  Bitcoin and Ethereum sustained losses following the release of U.S. data.

  • While other cryptocurrencies like Apecoin (APE), Dogecoin (DOGE), Stacks (STX), Pepe (PEPE), and Floki (FLOKI) also experienced declines.

  • Ethena token emerged as the top gainer on the second day, with a remarkable surge of over 24.10% within 24 hours.

  • Conversely, Dogwifhat (WIF) token faced the most significant loss, dropping by more than 10.18% in the same period.

  • Total crypto market volume in the last 24 hours stands at $95.63 billion, marking a 23.59% decrease.

  • DeFi volume is currently at $12.17 billion, constituting 12.72% of the total crypto market's 24-hour volume.

  • Stablecoin volume amounts to $89.55 billion, representing 93.64% of the total crypto market's 24-hour volume.

  • Bitcoin's dominance is at 52.17%, showing a slight increase of 0.01% compared to the previous day.

Major Worldwide News Update:

  • Federal Reserve Chair Jerome Powell indicated a possible reduction in the benchmark interest rate later this year despite a strong U.S. economy and uptick in inflation. Powell stressed the Fed's independence from political influence and noted the delicate balance between cutting rates to spur economic growth and managing inflation concerns. Some economists project rate cuts may be delayed until after the presidential election.

  • In March, the growth of the U.S. services industry decelerated further, accompanied by a notable drop in a key measure of input prices for businesses, which signals positive prospects for inflation. The Institute for Supply Management (ISM) reported on Wednesday that its non-manufacturing PMI slipped to 51.4 last month from February's 52.6, marking the second consecutive monthly decrease following a rebound in January.

  • Irina Dilkinska, former Legal and Compliance head at OneCoin, received a four-year prison term for her role in the cryptocurrency scam, costing investors millions. Co-founders Ruja Ignatova and Karl Greenwood orchestrated the scheme, resulting in billions lost. Dilkinska pleaded guilty to wire fraud and money laundering. Mark Scott, another accomplice, received a 10-year sentence. Ignatova remains at large, pursued by the FBI.

  • Bitcoin ETFs witnessed positive inflows after a week of outflows in March, with Grayscale Bitcoin ETF GBTC showing declining outflows. Notably, GBTC recorded its lowest outflows since February 26. Blackrock's IBIT ETF and FBTC made significant purchases, totaling $113 million in inflows. Institutional interest in Bitcoin remains strong, despite potential future volatility indicated by the futures market and increasing Coinbase Premium.

  • Bitcoin Cash completed its second halving, reducing miner rewards from 6.25 to 3.125 BCH. Ahead of the halving, BCH surged by 32% in 30 days but depreciated by 3% in 24 hours, trading at $606.21. BCH's market cap and trading volume decreased by 3% and 14.10%, respectively. An upcoming mid-May upgrade aims to introduce adaptive block size limits for reduced transaction costs and spam attacks.

  • Robert Kiyosaki expressed concern over Federal Reserve Chairman Jerome Powell's acknowledgment of inflation challenges. Powell hinted at adjusting policies to stabilize inflation, amidst strong US economic indicators. Kiyosaki, a critic of the Fed, advocates investing in tangible assets like gold, silver, and Bitcoin, citing their resilience against inflation and fiat currency devaluation amid growing national debt.

COIN GABBAR Views: What can we anticipate regarding the BTC price leading up to the halving? Is Bitcoin poised to exceed $100K prior to the event? Will BCH experience a correction post-halving, or will it stabilize? Amidst BTC bouncing from $65K, is there potential for further decline? 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 03: Crypto World Awaits U.S. Data Impact

Related News
Related Blogs