Crypto News Today: Altcoin Flux Amid Bitcoin $71K Stability

Crypto market up 0.50%, hitting $2.79 trillion market cap

• Bitcoin remained above $71,000, buoyed by rising inflows into Bitcoin spot ETFs and growing open interest in the futures market.

• The ADP National Employment Report indicated a gain of 152,000 jobs in the private sector for May, with a 5.0% increase in annual pay.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a current market sentiment of 78 (Extreme Greed), up from 75 (Greed) yesterday and 73 last week.

Crypto market has seen a notable surge in the last 24 hours

TOP 5 Gainers Coins

Latest Market Update:

• Bitcoin (BTC) maintained levels above $71,000 on Wednesday, occasionally dropping to $70,000 but quickly recovering.

• Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) all showed gains.

• Stacks (STX) token saw the largest increase, surging over 9% in 24 hours.

• Toncoin (TON) experienced the biggest decline, with a nearly 7% drop in 24 hours.

• Total crypto market volume in the last 24 hours: $80.8 billion, marking an 8.68% decrease.

• DeFi volume stands at $5.93B, representing 7.34% of the total crypto market 24-hour volume.

• Volume of all stable coins is $75.44B, comprising 93.37% of the total crypto market 24-hour volume.

• Bitcoin's dominance now stands at 53.05%, down by 0.20% today.

Major Worldwide News Update:

• In May, private sector employment rose by 152,000 jobs, with annual pay up 5.0% year-over-year, as per the May ADP National Employment Report by ADP Research Institute and Stanford Lab. Based on anonymized payroll data of over 25 million U.S. employees, the report provides real-time insights into the labor market, reflecting ADP client payrolls.

• The Bank of Canada made its first interest rate cut in over four years, becoming the first G7 central bank to do so, signaling a shift in its inflation-fighting strategy. Governor Tiff Macklem expressed confidence in inflation nearing the 2% target, hinting at possible further rate cuts if this trend persists.

• The May US ISM services index surged beyond expectations to a nine-month peak of 53.8 from 49.4, driven by robust business activity (61.2 vs. 50.9 in April) and increasing new orders (54.1 vs. 52.2), notably fueled by export order strength (61.8 vs. 47.9 in April). Despite volatility, averaging May and April yields 56.1.

• SEC Chair Gary Gensler suggests Ethereum spot ETF approval via S-1 forms will take time, despite 19b-4 forms approval. This may lead to a prolonged finalization phase. VanEck and BlackRock filed updated S-1 forms, indicating market readiness. Expectations of large capital inflow into Ethereum market post-ETF launch persist.

• In Q1 2024, FDIC reports 63 U.S. banks near insolvency, up from 52 in Q3 2023. Banks hold $517B in unrealized losses, a $39B increase. Mortgage-backed securities losses persist due to rising rates since Q1 2022. Bank collapses prompted Fed's Bank Term Funding Program, igniting Bitcoin bull run per Arthur Hayes.

• Recent spot Bitcoin ETF inflows surged, with Fidelity's FBTC leading at $600 million in two days, totaling over $9.5 billion in assets. BlackRock's IBIT remains dominant but Fidelity's gains signify a shift. Grayscale's GBTC saw $14.58 million inflow. CEO sees early adopters paving way for larger institutional interest.

COIN GABBAR Views: Will the crypto market hit $3 trillion with Bitcoin surpassing $71,000? Are Bitcoin, Ethereum, and altcoins gearing up for a significant rally? Is Bitcoin's price forecast aiming for an $80,000 all-time high? When can we expect a breakout in BTC price? To get latest news Stay tuned us at coingabbar

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