Crypto News Today: BTC Holds Ground, LINK’s Remarkable Gain

Cryptocurrency market cap reaches $2.49T, fell 1% in value

• According to the Labor Department, unemployment benefit claims dropped to 222,000 for the week ending May 12, slightly surpassing the forecast of 220,000.

• India's market regulator has proposed that multiple regulatory bodies supervise cryptocurrency trading, as per Reuters.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index increased by 4 points, reaching 74 out of 100, indicating heightened buying activity in the cryptocurrency market.

Cryptocurrency values have risen in the past 24 hours

TOP 5 Gainers Coins

Latest Market Update:

• #Bitcoin ($BTC) maintains its position above $65,000 early Friday.

• Several coins including #Ethereum ($ETH), #Dogecoin ($DOGE), #Fantom ($FTM), Solana ($SOL), and #Litecoin ($LTC) showed an increase.

• Memecoin #FLOKI leads the pack with a significant 24-hour gain of nearly 11 percent.

• #Worldcoin ($WLD) experiences the most significant decline, with a 24-hour dip of nearly 10 percent.

• The total crypto market volume over the last 24 hours is $76.58 billion, marking a 22.47% decrease.

• The decentralized finance (DeFi) sector commands a total volume of $7.08 billion, representing 9.24% of the entire cryptocurrency market's 24-hour volume.

• The volume of all stable coins is $71.36 billion, representing 93.18% of the total crypto market 24-hour volume.

• Bitcoin’s dominance is currently 54.58%, an increase of 0.13% over the day.

Major Worldwide News Update:

• The Labor Department announced that 222,000 individuals filed for new unemployment benefits in the week ending May 11, a decrease of 10,000 from the revised figure of 232,000 in the previous week, which represented an eight-month peak. Around 1.8 million workers are still receiving unemployment benefits. These weekly claims suggest a generally low level of job reductions.

• India's market regulator, SEBI, suggests multiple authorities oversee cryptocurrency trading. SEBI proposes supervision by various regulators, including the RBI for stablecoins. India's crypto policy is under review amid national elections, with potential legislative action not expected before mid-2025. Recent signals indicate a credibility shift towards crypto, despite regulatory ambiguity.

• John Deaton, a pro-XRP lawyer, criticizes the SEC and Senator Elizabeth Warren for prioritizing political agendas over investor protection. Deaton accuses SEC Chairman Gary Gensler of failing to safeguard investors, citing regulatory inconsistencies and alleged ties between Gensler and Sam Bankman-Fried. He views Warren's focus on stablecoins as misplaced amid other pressing issues.

• Pump.Fun, a Solana-based token launch platform, suffered a $2 million exploit. The attacker utilized flash loans to manipulate bonding curve contracts, causing financial losses. Pump.fun halted trading, updated contracts, and initiated investigations. The attacker, known as 'Stacc', claimed the exploit was a protest. Pump.fun charges users for token minting.

• The digital currency ecosystem celebrates as the U.S. Congress repealed SEC rule SAB-121, benefiting Bitcoin and altcoins. Despite this win, Bitcoin's price fell 0.71% to $65,277.86, and Ethereum dropped 1.33%. President Biden's potential veto looms, complicating corporate access to crypto. Crypto stocks like Coinbase and Robinhood also saw declines.

COIN GABBAR Views: Could Bitcoin (BTC) reach $72K based on its current trajectory? With Bitcoin rebounding from the $60,000 support threshold, is a climb to $100,000 within reach before 2025? And what about surpassing the $100,000 mark before 2024? 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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