Crypto News: Crypto Soars on Jobless Claims, Rate Cut Buzz

Crypto market cap reaches $2.44T, rising 1.80% in value

• Unemployment claims increased by 22,000 to 231,000 for the week ending May 4, up from the previous week's 209,000, per Labor Department.

• Eclipse founder Neel Somani withdraws from public role amidst sexual misconduct allegations, refutes claims, and pledges to uphold company standards.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index has surged by 11 points to hit 66 out of 100, indicating a prevalent sentiment of greed. This hints at a potential uptick in buying pressure within the cryptocurrency market.

Cryptocurrency values surged in the past 24 hours

TOP 5 Gainer Coins

Latest Market Update: 

• #Bitcoin ($BTC) reached nearly $63,000 following favorable U.S. data.

• Various popular altcoins, including #Aioz Network ($AIOZ), #Thorcoin ($RUNE), #Toncoin ($TON), #dogwifhat ($WIF), and #Worldcoin ($WLD), saw gains exceeding 10%.

• The Akash Network stood out with a remarkable surge of over 21.98% within 24 hours.

• Conversely, #Cosmo ($ATOM) experienced the largest decline, dropping by 1.94% during the same period.

• The total volume of the crypto market in the past 24 hours stands at $64.11 billion, indicating a decrease of 1.94%.

• DeFi volume stands at $6.26B, comprising 9.77% of the total crypto market's 24-hour volume.

• Stable coins contribute $59.12B to the total volume, accounting for 92.21% of the crypto market's 24-hour volume.

• Bitcoin dominance is at 53.27%, experiencing a 0.10% increase over the day.

Major Worldwide News Update:

• US jobless claims surged to an eight-month high, hitting 231,000, up by 22,000 from the previous week. Despite this, layoffs remain relatively low. The four-week average rose to 215,000. Job market indicators suggest a possible softening, with only 175,000 jobs added last month, pushing the unemployment rate to 3.9%.

• The Bank of England, leaning towards lowering interest rates, saw a 7-2 vote to maintain rates at 5.25%. Governor Andrew Bailey expressed optimism. However, Deputy Governor Dave Ramsden and Swati Dhingra voted for a cut to 5%. The MPC hints at a possible cut in June, keeping an eye on economic data. Prime Minister Rishi Sunak seeks to bolster the economy amid political challenges.

• The US Treasury auctioned $125 billion in notes and bonds, allocating $25 billion to 30-year bonds. Investors showed strong interest, evident in a bid-to-cover ratio of 2.41. The closing yield stood at 4.635%, indicating robust demand for these long-term securities.

• Crypto gifts are gaining popularity as blockchain adoption rises. Mother’s Day 2024 presents an opportunity to gift crypto-branded items or bonuses. From traditional to digital, merchandise ranks high. Digital asset-based merchandise and NFTs are top choices, with blockchain games also in demand for their rewards. Other ideas include metaverse event tickets and crypto tutorials.

• Eclipse CEO Neel Somani takes temporary leave amid sexual misconduct allegations but remains active in company affairs. Eclipse reaffirms commitment to ethical standards and advancement in blockchain technology. Despite controversy, Eclipse secures $50 million funding for Ethereum scaling solution. Transparency efforts continue with forthcoming disclosures about senior leadership.

• Crypto scammer behind $71 million WBTC theft returns 51 ETH after victim demand. Communication via Ethereum blockchain. Victim warns about traceability. Scammer given ultimatum. Theft occurred May 3rd. Poisoning attack tactic used. WBTC price at $62,410. Scammer's motives unclear. Unusual partial repayment noted by investigator ZachXBT.

• Binance faces a $4.3 million fine from FINTRAC for money laundering violations in Canada. Allegations of permitting market manipulation surfaced. Regulatory challenges extend to Nigeria, with accusations of tax evasion. Binance's executive faces trials, amid claims of bribery attempts. The exchange refutes allegations, emphasizing compliance efforts amid intensified scrutiny.

COIN GABBAR Views: When will Bitcoin hit $70,000? Is BTC on the verge of crashing towards $56,000, or will the bulls intervene shortly? Are the Bitcoin bulls attempting to reclaim momentum, and should one rush to accumulate Bitcoin now? Is there a Bitcoin price prediction amid the slowdown in ETF outflows - is the market possibly forming a bottom? 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.

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