Crypto News Today: Bitcoin Soars $67K, Ondo Shines in Rally

Cryptocurrency market cap hits $2.56T, rising 2.80% in value

• Bitcoin ETFs surged in May with $1.3B inflows, reversing April's outflows, reaching $12.3B since launch.

• The DOJ unveiled charges against two Chinese individuals involved in a $73 million cryptocurrency scam.

Crypto Fear and Greed Index:

The Fear and Greed Index has decreased by 1 point, reaching 73 out of 100, indicating sustained high buying activity in the cryptocurrency market.

Cryptocurrency prices have surged over the last 24 hours

TOP 5 Gainers Coins0

Latest Market Update: 

• #Bitcoin (BTC) has surpassed the $67,000 mark for the first time in nearly a month.

• Various coins, such as #Ethereum ($ETH), #Avalanche ($AVAX), #Fetch.ai ($FET), #Solana ($SOL), and #Ethereum Classic ($ETC), have demonstrated an uptick in value.

• #ONDO stands out with a notable 24-hour increase of almost 17.30 percent.

• Conversely, #Immutable ($IMX) has experienced the most significant decline, dipping nearly 4.60 percent over the same period.

• The total crypto market volume over the last 24 hours is $74.5 billion, marking a 2.71% decrease.

• The total volume in DeFi is $7.16 billion, which is 9.62% of the total crypto market 24-hour volume.

• Volume of all stablecoins: $69.08B, representing 92.72% of the total crypto market 24-hour volume.

• Bitcoin's dominance has slipped to 54.26%, marking a decrease of 0.32% within the day.

Major Worldwide News Update:

• Spot Bitcoin ETFs saw significant May inflows, rebounding from April's outflows, with $1.3 billion inflow, offsetting the $344 million outflow. Bloomberg's Eric Balchunas noted the positive trend, advising against overreaction to fluctuations. Despite April challenges, May saw strong rebound, indicating growing investor confidence. Largest ETFs include Grayscale's GBTC and BlackRock IBIT, with rapid asset accumulation.

• Two Chinese nationals are facing charges from the DOJ in a $73 million crypto scam. Daren Li was apprehended at Atlanta airport in April, while Yicheng Zhang was captured in Los Angeles. They are accused of money laundering and could potentially serve 20-year sentences if found guilty. Regulatory efforts to combat crypto fraud are ongoing, though challenges persist due to regulatory uncertainties such as SEC lawsuits.

• Dennis Lockhart, ex-Atlanta Fed President, supports interest rate cuts this year but downplays early September reductions. He addresses sticky inflation and the Fed's cautious stance. Though positive CPI data doesn't raise alarms, Lockhart expects one or two cuts later, contrary to September projections. Market sentiment remains bullish amid delayed rate cut expectations.

• Congress overwhelmingly rejects SEC's SAB 121 with bipartisan support. President Biden threatens veto, facing pressure from both parties and sectors like banking. Democrats' support signals a shift in crypto policy, potentially forcing White House reassessment. Biden faces a complex decision amid close elections.

• Vitalik Buterin , Ethereum's co-founder, lauds technological advancements, including OpenAI's GPT-4 passing the Turing Test. Research from UC San Diego indicates GPT-4 fooled humans in 56% of cases. This showcases AI's progress towards human-like communication, sparking interest from tech giants like Google and individuals like Elon Musk.

• Thomas John Sfraga, a cryptocurrency figure, pleads guilty to wire fraud, deceiving victims into investing in nonexistent ventures. Promising high returns, he allegedly operated a Ponzi scheme, swindling over $1.3 million. Recent crackdowns on crypto fraud include charges against others, such as brothers Anton and James Peraire-Bueno.

COIN GABBAR Views: Is a new all-time high in sight as Bitcoin pushes above $67K? Will Bitcoin witness a massive surge as it holds above $67K? Are bulls back in control with Bitcoin shooting past $67,000 resistance? What's the Bitcoin price prediction amidst this upward movement? To get latest news Stay tuned us at coingabbar

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