Crypto News Today: Crypto Plummets Amid Economic Concerns

Crypto market cap hits $2.37 Trillion, down 3.20% in value

• In May, the University of Michigan's consumer sentiment index dropped to 67.4, below April's 77.2 and the expected 76.

• ARK Invest and 21Shares streamline their spot Ethereum ETF filing by removing staking, aiming for SEC approval by May 23, 2024.

Crypto Fear and Greed Index:

The Fear and Greed Index dropped by 13 points, reaching 53 out of 100, suggesting increased selling pressure in the cryptocurrency market.

Cryptocurrency values decline in the past 24 hours

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin ($BTC) dropped below $61,000 amid rising inflation concerns triggered by a decline in US consumer sentiment.

• Several major altcoins, such as #Kaspa ($KAS), #TRON ($TRX), #Toncoin ($TON), and #Monero ($XMR), recorded gain in the bearish market.

• Notably, the #Lido DAO exhibited an impressive surge of over 2.30% within a 24-hour period.

• Conversely, #dogwifhat ($WIF) suffered the most significant decline, plummeting by 10.83% during the same timeframe.

• The total volume of the crypto market in the past 24 hours stands at $67.28 billion, marking a 4.93% increase.

• DeFi's total volume: $5.97 billion, constituting 8.87% of the overall crypto market 24-hour volume.

• Volume of all stablecoins: $61.92 billion, representing 92.03% of the total crypto market 24-hour volume.

• Bitcoin's dominance stands at 53.21%, showing a decrease of 0.05% within the day.

Major Worldwide News Update:

• Satoshi Nakamoto initiated Bitcoin and foreseen miners earning through transaction fees, crucial during halving events, which reduce rewards. Applications like Ordinals and Runes aid miners amidst halving, ensuring stability. Post-halving, miners earned $78.3 million with transaction fees. Mining groups globally contribute, sustaining Bitcoin's ecosystem through advancements and cooperation.

• The University of Michigan Survey of Consumers released Friday indicated a notable decline in consumer sentiment for May, attributed to increasing inflation expectations. Despite overall positive economic indicators, the sentiment index dropped to 67.4 from April's 77.2, significantly below the Dow Jones consensus forecast of 76. This represents a month-over-month decrease of 12.7%, yet marks a year-over-year increase of 14.2%.

• The US State Department actively assists Tigran Gambaryan, a detained Binance executive and US citizen in Nigeria for over 70 days. Gambaryan's arrest under dubious circumstances raises concerns, prompting diplomatic efforts. Binance refutes market manipulation allegations, highlighting its stringent protocols. IMF advises Nigeria on cryptocurrency regulation for financial stability.

• ARK Invest and 21Shares alter their Ethereum ETF proposal, removing staking component. Analysts suggest simplification to meet SEC guidelines or avoid objections. ETF offers direct Ethereum access, tracking CME CF Ether-Dollar Reference Rate. Regulatory uncertainties impact approval likelihood, with SEC delaying decisions on cryptocurrency ETFs. Approval timeline uncertain.

• Binance and Kucoin register as Virtual Asset Service Providers (VASPs) in India after resolving compliance issues. FIU-IND confirms approval, signaling full transaction visibility. Kucoin resolves non-compliance with a fine, while Binance awaits penalty calculation. Offshore exchanges not required to establish entities in India. FIU-IND monitors 47 crypto entities locally.

• Bitcoin critic Peter Schiff warns of downward pressure from Bitcoin ETF outflows. Recent data shows U.S. Bitcoin ETFs with $230M outflows, raising concerns. Grayscale's GBTC sees major outflow, while BlackRock's IBIT records $14.2M inflow, indicating diverse investor sentiment. Other ETFs show mixed movements.

• Mark Cuban criticizes SEC Chair Gensler, warning of election consequences if crypto regulations persist. Cuban urges Congress for tailored crypto regulations under CFTC oversight. Biden administration's stance on crypto draws criticism, with support from Trump for crypto community. Former President Trump launches Mugshot NFTs, aligning with Bitcoin Ordinals.

COIN GABBAR Views: Will Bitcoin hold $60k amidst $320M BTC withdrawals from exchanges? What's next amid Fed rate cut speculation and ETF inflows? Has ETF adoption increased Bitcoin market manipulation? Will Bitcoin maintain its $60k price point or will it falter? To get latest news Stay tuned us at coingabbar

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