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Crypto News Today: Final Manufacturing PMI Fuel Crypto Surge

Key Takeaways
  • Bitcoin is trading above $69,000, and Ethereum is trading above $3,750
  • The cryptocurrency market rose by 0.80%, bringing the total market capitalization to $2.71 trillion
04-Jun-2024 By: Lokesh Gupta
Crypto News Today: F

Crypto market increased 0.80%, hitting a $2.71 trillion Cap

  • S&P Global's May Manufacturing Index has been adjusted upward to 51.3, exceeding initial projections.

  • E-Trade may bar "Roaring Kitty" for potential GameStop stock manipulation after his investments sparked a 30% surge in shares.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Crypto Fear and Greed Index is at 73 (Greed) for today and yesterday, up from 72 (Greed) last week.

Crypto experienced a significant surge in the past 24 hours

TOP 5 Gainers Coins

Indices LTP Change (%)
DOG.GO.TO.THE.MOON $0.0094 26.44%
Kaspa $0.178 22.58%
Notcooin $0.02368 15.37%
Ethena $1.01 9.11%
Floki $0.0002667 8.73%

Latest Market Update: 

  • Bitcoin briefly exceeded $70K but retreated to the $69K price level.

  • Altcoins like #Floki ($FLOKI), #Notcoin ($NOT), #Jasmycoin ($JASMY), #Wormhole ($W), and #Floki ($FLOKI) all recorded gains.

  • #DOG•GO•TO•THE•MOON ($DOG) token saw the largest gain, surging over 24.90% in 24 hours.

  • Conversely, #Axie Infinity ($AXS) experienced the most significant loss, dropping by over 5.05% in the same period.

  • The total crypto market volume over the last 24 hours is $82.45B, a 26.84% increase.

  • The total volume in DeFi is currently $5.68B, which is 6.89% of the total crypto market 24-hour volume.

  • The volume of all stable coins is now $77.05B, accounting for 93.45% of the total crypto market 24-hour volume.

  • Bitcoin’s dominance is currently 53.19%, an increase of 0.25% over the day.

Major Worldwide News Update:

  • E-Trade may suspend Keith Gill, known as ‘Roaring Kitty,’ over potential GameStop market manipulation. Gill’s recent large investment in GameStop shares and call options led to a 30% surge. His actions, reminiscent of the 2021 meme stock frenzy, are under scrutiny by Morgan Stanley’s compliance team.

  • US lawmaker Ro Khanna urges the White House to back the FIT21 bill for blockchain regulation, following Joe Biden’s veto of the SEC’s SAB 121. Amid bipartisan House efforts, Khanna stresses regulatory clarity’s importance. Pro-crypto voices, including Coinbase’s Paul Grewal, echo the call for supportive regulation.

  • Analysts at Bernstein suggest the SEC’s approval of spot Ether ETFs wasn’t driven by political pressure. Despite surprise from applicants, the approval aligns with Bitcoin ETF regulations, signaling Ether’s commodity status. The SEC approved applications from major firms, expecting Ether to see positive price action before the launch.

  • Coinbase donated $25 million to Fairshake, a crypto-focused PAC, ahead of the U.S. elections. CEO Brian Armstrong aims to support pro-crypto candidates and remove anti-crypto ones from office. Fairshake, with $160 million raised, can't donate directly but can spend on candidate support. Its lobbying efforts target key races.

  • S&P Global's manufacturing index rose to 51.3 in May, indicating a modest sector improvement, driven by growth in new orders and exports. Business confidence increased, leading to hiring and higher purchasing activity. Input costs surged, but ISM's manufacturing PMI unexpectedly decreased to 48.7, reflecting softer demand despite a rebound in employment.

  • Mo Shaikh, CEO of Aptos Labs, has been appointed by the U.S. Commodities and Futures Trading Commission to its Digital Assets Markets Subcommittee. This subcommittee, a component of the GMAC, plays a pivotal role in shaping CFTC's regulations concerning global trade. Shaikh's selection highlights the credibility of Aptos, a Layer 1 blockchain platform engineered by former Meta Platforms personnel.

COIN GABBAR Views: Is a breakout looming as Bitcoin (BTC) rises above $69K? Could this be the biggest Bitcoin bull run ever? When will the $100K magnet activate? Does US inflation relief pave the way for a September rate cut? To get latest news Stay tuned us at coingabbar

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Also Read: GME Prediction: Is the Market Ready for a Shift in Momentum?

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