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Crypto News Today: Crypto Market Fluctuations Puzzle Traders

Key Takeaways
  • Bitcoin is valued at over $68,500, while Ethereum is priced above $3,750
  • The cryptocurrency market saw a 0.10% decrease, bringing the total market capitalization down to $2.68 trillion
31-May-2024 By: Lokesh Gupta
Crypto News Today: C

Crypto market dips slightly, total value at $2.68 trillion

  • The SEC requested spot Ethereum ETF issuers to submit updated S-1 filings by Friday, with listing expected to take weeks after additional amendments.

  • Traders are anticipating crucial April US consumer spending data to glean insights into future US monetary policies.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

Crypto investors remain greedy, with the Fear and Greed Index holding steady at 73 today, unchanged from yesterday.

Crypto markets saw a significant surge in the last 24 hours

                                                                                                                   Top 5 Gainers Coins

Indices LTP Change (%)
JasmyCoin $0.03162 23.92%
ORDI $49.27 14.72%
Arweave $44.06 8.87%
Ethena $0.9027 7.08%
Lido DAO $2.42 3.75%

Latest Market Update: 

  • #Bitcoin ($BTC) increased on Thursday after a three-day decline, propelled by a retreat in US 10-year treasury yields.

  • Various popular altcoins, including #Ethereum ($ETH), #Ordi ($ORDI), #Arweave ($AR), and #Ondo ($ONDO), witnessed rises in value.

  • #Jasmycoin ($JASMY) token emerged as the top gainer for the third consecutive day, soaring by over 20.18% within a span of 24 hours.

  • Conversely, #dogwifhat experienced the most significant loss, plummeting by over 12.03% in the same 24-hour period.

  • Total crypto market volume in the last 24 hours: $82.37 billion, reflecting a 1.69% increase.

  • DeFi volume stands at $5.92 billion, comprising 7.19% of the total crypto market 24-hour volume.

  • Stablecoins contribute $77.57 billion in volume, representing 94.17% of the total crypto market 24-hour volume.

  • Bitcoin dominance currently sits at 53.09%, marking a 0.40% increase over the day.

Major Worldwide News Update:

  • Despite a slight uptick in new unemployment claims last week, the labor market remains resilient, bolstering the economy. The Labor Department reported a rise of 3,000 claims to 219,000, slightly above economists' expectations of 218,000. Nonetheless, the underlying strength of the job market indicates ongoing support for economic growth.

  • The initial report on first-quarter US economic growth revealed a slower pace, largely due to weaker consumer spending on goods. The Bureau of Economic Analysis revised GDP growth to 1.3% annually, down from the initial 1.6% estimate. Personal spending, the main growth driver, increased by 2.0%, lower than the previous 2.5% estimate.

  • In April, pending home sales dropped by 7.7%, reported by the National Association of REALTORSĀ®. All US regions saw declines in both month-over-month and year-over-year comparisons. The Pending Home Sales Index (PHSI), an indicator of future home sales, fell to 72.3, with a 7.4% decrease year over year.

  • Lawmakers urge President Biden to reconsider vetoing the repeal of SEC's SAB 121, passed with bipartisan support. Senators Lummis and McHenry led the charge, citing concerns about crypto custody's impact on bank defenses. Congress repealed SAB 121, but Biden hesitates due to potential risks to financial regulation and crypto markets.

  • The SEC requested spot Ethereum ETF issuers to update S-1 filings by Friday, with potential delays in trading availability. Approval followed last-minute changes, possibly due to political pressure. Further amendments are expected, with multiple rounds before listing. BlackRock updated iShares Ethereum Trust's filing, while Hashdex withdrew its proposal. Many issuers proceed with spot Ether ETFs.

  • Ahead of US elections, a16z Crypto donates $25 million to Fairshake, part of their $47 million total political contributions. Emphasizing US leadership in blockchain, the move aligns with previous donations by a16z founders. Ripple also donates $25 million, adding to Fairshake's $52 million fund, supporting crypto-friendly candidates in key races.

  • Trump-themed meme coins, including MAGA, saw significant value drops post his guilty verdict on 34 felony charges. The market reflects trader reactions, with some coins like TREMP remaining stable. Trump's trial impacted not only meme coins but also Trump Media & Technology Group shares, indicating broader market concerns.

COIN GABBAR Views: What's the deal with Bitcoin's potential for a major price shift? Could declining US inflation lead to a historic surge for Bitcoin? And what's the story behind the $3M wallet hack due to a Roboform flaw? To get latest news Stay tuned us at coingabbar

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Also Read: Is Solana Poised for a Rally with PayPal's PYUSD Expansion?

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