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Crypto News Today: Crypto Markets Plunge in Bloodbath Frenzy

Key Takeaways
  • Bitcoin is trading below the $61,000 mark, while Ethereum also remains under $2,900
  • The cryptocurrency market has seen a 1.20% decline, reducing its total market capitalization to $2.35 trillion
13-May-2024 By: Lokesh Gupta
Crypto News Today: C

Crypto market cap at $2.35 trillion, down 1.20% in value

  • The forthcoming economic data, including U.S. CPI and PPI, alongside Fed officials' remarks, will steer the crypto market amidst persistent volatility.

  • On Monday, Bitcoin's price dropped, testing crucial support levels amid persistent negative sentiment before U.S. inflation data.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Fear and Greed Index has climbed 1 point, now standing at 57 out of 100, indicating a slight stumble in the cryptocurrency market.

Cryptocurrency values decline in the past 24 hours

TOP 5 Losers Coin

IndicesLTPChange (%)
Ribbon Finance$1.048.60%

Latest Market Update: 

  • #Bitcoin ($BTC) dipped below $61k, with uncertain recovery amid U.S. inflation anticipation.

  • Several major altcoins, such as #Wormhole ($W), #Fetch.Ai ($FET), #Jupiter ($JUP), and #Solana ($SOL), recorded losses in the market.

  • Notably, the #Toncoin ($TON) exhibited an impressive surge of over 1.60% within a 24-hour period.

  • Conversely, #Immutable ($IMX) suffered the most significant decline, plummeting by 2.06 during the same timeframe.

  • Total crypto market volume in the last 24 hours: $45.06B, marking a 21.41% increase.

  • DeFi volume stands at $4.54B, representing 10.07% of the total crypto market 24-hour volume.

  • Stablecoin volume amounts to $41.16B, comprising 91.35% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is at 53.73%, up by 0.53% compared to the previous day.

Major Worldwide News Update:

  • Amidst crypto market volatility, investors await key economic indicators including U.S. CPI and PPI data, alongside remarks from Federal Reserve officials. Declining consumer sentiment and rising inflation expectations highlight market uncertainties. Fed commentary this week, including from Chair Powell and Vice Chair Jefferson, will shape market sentiment and policy direction.

  • Entrepreneur Mark Cuban advocates for U.S. lawmakers to emulate Japan's crypto regulations, criticizing the SEC's stringent approach. He warns of America's risk of innovation stifling and falling behind. Cuban applauds Japan's proactive measures post-Mt. Gox collapse, contrasting it with the SEC's reactive stance, urging regulatory clarity to foster innovation.

  • Robert Kiyosaki advises buying Bitcoin to hedge against potential US Dollar crash fallout. He highlights BRICS Crypto's potential impact, possibly backed by Gold, and its implications on USD and hyperinflation. Kiyosaki advocates for assets like Gold, Silver, and Bitcoin, emphasizing Bitcoin's deflationary nature and potential $300,000 value.

  • North Korean hackers deploy new malware, "Durian," targeting South Korean crypto firms. Kimsuky group employs Durian in persistent attacks on at least two firms, exploiting legitimate security software. The malware enables backdoor access, file exfiltration, and deploys other tools like LazyLoad, linking Kimsuky to Lazarus Group.

  • Ripple CEO Brad Garlinghouse predicts U.S. government scrutiny on Tether could impact crypto markets unpredictably. He views Tether as vital to the ecosystem but is uncertain about regulatory actions' effects. Ripple plans to launch its stablecoin amid Tether's legal concerns about transparency and reserve backing.

  • Bitcoin Asia 2024 conference in Hong Kong drew a significant mainland Chinese attendance, showcasing Asia's crypto investment landscape. Discussions included Hong Kong's launch of the first spot Bitcoin ETFs and bridging with China's regulatory environment. Participants anticipate Hong Kong becoming a secure gateway for Chinese investors into Bitcoin and crypto tech.

COIN GABBAR Views: Is $64,300 crucial for Bitcoin's price rally? Amid correction, will it surge beyond? Is Bitcoin bound for $55K? Will $BTC maintain $60K support or undergo prolonged correction? To get latest news Stay tuned us at coingabbar

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