Crypto News Today: FOMC Decision Wipes Out Yesterday's Gains

Crypto market cap increased by 0.30%, reaching $2.58 trillion

• Federal Reserve holds rates at 5.25%-5.5% amid 3.3% inflation in May, signaling a cautiously optimistic economic perspective in its recent meeting.

• Cardano founder Charles Hoskinson hints at a potential partnership between the protocol and Elon Musk.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator currently shows a greed level of 70, down from 72 yesterday and 77 last week.

Cryptocurrency surged significantly over the last 24 hours

TOP 5 Gainers Coins

Latest Market Update: 

• #Bitcoin and #Ethereum struggled amid market volatility, reversing previous gains.

• Altcoins like #Oasis ($ROSE), #Ondo ($ONDO), #Notcoin ($NOT), and #Toncoin ($TON) saw moderate increases.

• #Livepeer ($LPT) token stood out with a notable 17.67% surge over 24 hours.

• #Akash Network ($AKT)experienced the largest decline, dropping by 13.91% within the same period.

• The total crypto market volume over the last 24 hours is $64.04 billion, a 20.00% increase.

• DeFi volume is currently $5.87 billion, representing 9.17% of the total crypto market 24-hour volume.

• Stablecoin volume stands at $57.9 billion, accounting for 90.41% of the total crypto market 24-hour volume.

• Bitcoin's dominance is currently 52.49%, a decrease of 0.50% over the day.

Major Worldwide News Update:

• The U.S. Federal Reserve has maintained its federal funds rate at 5.25%-5.50%, citing stable inflation and economic strength. Chairman Jerome Powell noted a slight decline in inflation, with projections now anticipating minimal rate cuts, including a potential 25 basis point reduction by end-2024 and further cuts in 2025 to support inflation targets.

• Charles Hoskinson, founder of Cardano, expressed disappointment in Elon Musk's lack of response despite shared interests and attempts to collaborate. Hoskinson noted potential for integrating Midnight Protocol into Elon's X platform for privacy. Despite mutual acquaintances like Lex Fridman, Musk has not acknowledged Cardano publicly, leaving Hoskinson hopeful yet unfulfilled.

• Terraform Labs settles SEC charges for $4.47 billion, comprising $3.58 billion in disgorgement and a $420 million civil penalty. The settlement follows a jury finding the company misled investors about its crypto products, marking a resolution to the legal turmoil that began in 2022 amid market upheaval and regulatory scrutiny.

• Circle expands Web3 services by integrating Solana, offering Programmable Wallets and Gas Solutions. This move aims to simplify development of multi-chain applications, enhance security, and support scalable services amid growing crypto adoption and Solana's rising decentralized finance activity.

• MetaMask, developed by ConsenSys, introduces a new pooled Ethereum staking service allowing users to stake any amount of Ether (ETH) via StakeWise. However, the service excludes users from the U.S. and UK due to regulatory uncertainties. MetaMask also plans to integrate Bitcoin soon, aiming to bridge Ethereum and Bitcoin functionalities in one platform.

COIN GABBAR Views: Will Bitcoin (BTC) hit $100,000 before 2024 amidst the Fed's interest rate decision causing price slides? With the Fed holding policy steady and predicting just one rate cut this year, how will the market react? To get latest news Stay tuned us at coingabbar

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