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Crypto News Today: Crypto Prices Slide Ahead of FOMC Minutes

Key Takeaways
  • Bitcoin is currently trading below $70,000, while Ethereum is hovering around $3,750
  • The cryptocurrency market experienced a 0.60% decline, reducing the total market capitalization to $2.73 trillion
22-May-2024 By: Lokesh Gupta
Crypto News Today: C

Crypto market capitalization dipped 0.60% to $2.73 trillion

  • Today's crypto prices showed subdued activity after yesterday's strong bullish trend.

  • Sources say the Biden administration is advocating for the spot Ethereum ETF to score political points before the 2024 Presidential Elections.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Fear and Greed Index remains steady at 76 out of 100, signaling extreme greed and ongoing robust buying activity in the cryptocurrency market.

Crypto experienced a surge, signaling substantial growth

TOP 5 Gainers Coins

Indices LTP Change (%)
Pepe $0.00001378 23.40%
FLOKI $0.0002355 9.80%
Ronin $3.18 6.10%
Gala $0.04407 5.90%
Mantle $1.07 4.60%

Latest Market Update: 

  • #Bitcoin ($BTC) hovers around the $70K mark, displaying price fluctuations.

  • #Ethereum ($ETH), #Floki ($FLOKI), #Uniswap ($UNI), #Kaspa ($KAS), and #Binance Coin ($BNB) all show positive gains.

  • #Pepe Memecoin emerges as the top performer with a remarkable 24-hour increase of nearly 21.90%.

  • On the downside, #Beam ($BEAM) experiences the most significant decline, dropping nearly 6.70% over the same period.

  • Total crypto market volume in the last 24 hours stands at $120.07 billion, reflecting an 8.78% decrease.

  • DeFi's total volume is presently $8.15 billion, constituting 6.79% of the total crypto market 24-hour volume.

  • The volume of all stablecoins amounts to $112.35 billion, representing 93.57% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is currently at 53.03%, marking a decrease of 0.65% over the day.

Major Worldwide News Update:

  • Ethereum saw a significant surge amid growing anticipation for the approval of a spot Ethereum ETF. Speculation arose regarding the SEC's unexpected review of filings, with suggestions of potential political influences. Experts are divided on whether the SEC's change in approach is purely political or part of a premeditated strategy for approval. As a result, timelines for approval remain uncertain.

  • Grayscale Investments, in line with other entities, decided to remove staking from its Ethereum ETF proposal. Fidelity similarly omitted staking from its application. Grayscale's objective is to transition its Ethereum Trust into an ETF. The SEC has requested amendments from Nasdaq and CBOE, impacting the potential approval of ETFs. Deadlines for these revisions are looming.

  • Following a security breach, Gala Games received $22 million in Ether from the perpetrator. Gala promptly froze the affected Gala tokens and involved law enforcement. Gala's CEO identified the attacker, proposing to repurchase and burn tokens with the returned ETH. A governance vote may decide the fate of frozen tokens. DWF Labs purchased GALA to stabilize its value amid the incident.

  • The SEC and Coinbase made a joint request to the Southern District of New York to seal confidential documents, citing potential harm to their businesses. The case revolves around allegations by the SEC against Coinbase for violating securities laws. Both sides contend that revealing specific details could put them at a disadvantage and impact market dynamics.

  • Robert F. Kennedy, a US Presidential Candidate, has joined the GameStop retail revolution, promising to tackle market manipulation if elected. Investing $24,000 from a lawsuit settlement against Monsanto into GameStop, he supports retail investors and criticizes Wall Street. Some experts doubt the sustainability of GameStop's rally.

  • Uniswap Labs responded to an SEC Wells notice, challenging jurisdiction over its decentralized protocol and alleging unclear definitions of securities. They argue against proposed rule changes, citing violations of constitutional clauses and lack of consideration for the DeFi sector's impact. Legal experts support their defense strategy.

  • Donald Trump's presidential campaign now accepts cryptocurrency donations, including Bitcoin and Ethereum, positioning him as the first major candidate to embrace crypto contributions. Trump aims to attract support from the crypto community, countering anti-crypto sentiments, and diversifying his campaign funding sources.

COIN GABBAR Views: Is ETH poised to surpass $5000 this year? Is BTC heading towards an all-time high amid whale activity? Are we on the brink of a Bitcoin breakout? Is bullish momentum propelling Bitcoin towards an impending all-time high? To get latest news Stay tuned us at coingabbar

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Also Read: Is the Ethereum Spot ETF a Game-Changer or Just Speculation?

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