Crypto News Today: Market Plunge Follows U.S. Data Release
- Bitcoin is hovering near $67,000, while Ethereum is maintaining a level above $3,500
- The cryptocurrency market saw a 0.40% decline, bringing its total market capitalization to $2.57 trillion
Crypto market cap drops 0.40%, now at $2.57 trillion
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US Bureau of Labor Statistics reported a 2.2% yearly rise in May's Producer Price Index (PPI) for final demand.
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The Labor Department reported a seasonally adjusted increase to 242,000 initial claims for state unemployment benefits.
Major Events To Watch
Crypto Fear and Greed Index:
The Crypto Fear and Greed Indicator is currently at a greed level of 74, rising from 70 yesterday and 72 the previous week.
Crypto Market saw a significant decline in the last 24 hours
TOP 5 Losers Coins
| Indices | LTP | Change (%) |
|---|---|---|
| Stacks | $2.10 | 9.75% |
| Akash Network | $3.25 | 7.47% |
| Arweave | $31.61 | 7.39% |
| Theta Network | $1.75 | 5.76% |
| Bittensor | $320.23 | 5.39% |
Latest Market Update:
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Crypto market continued its bearish trend, sparking investor concerns. Bitcoin dropped to $66K, affecting ETH and altcoins similarly.
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Altcoins like #Toncoin ($TON), #Litecoin ($LTC), #Mantle ($MNT), and #Conflux ($CFX) saw moderate increases.
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#Uniswap ($UNI) token stood out with a notable 8.29% surge over 24 hours.
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#Stacks ($STX)experienced the largest decline, dropping by 9.63% within the same period.
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Total crypto market volume in the last 24 hours: $69.85 billion, marking a decrease of 23.78%.
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DeFi volume accounts for $5.15 billion, constituting 7.38% of the total crypto market's 24-hour volume.
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Stablecoins contribute $65.14 billion in volume, comprising 93.26% of the total crypto market's 24-hour volume.
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Bitcoin dominance stands at 54.15%, having decreased by 0.05% over the day.
Major Worldwide News Update:
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New unemployment claims rose to a 10-month high of 242,000 for the week ending June 8, surpassing expectations and suggesting a weakening labor market. Additionally, producer prices fell unexpectedly in May. This data fuels speculation of a possible Federal Reserve interest rate cut in September.
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The PPI report revealed a -0.2% drop in headline PPI, against an expected 0.1% rise, and flat core PPI, against an expected 0.3% rise. This suggests a likely second consecutive 0.2% or lower MoM core PCE deflator, with medical care, airline fares, portfolio management fees, and insurance contributing to this trend.
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SEC Chair Gary Gensler anticipates Ethereum spot ETF approvals by summer, sparking varied reactions. Speaking at a Senate hearing, he noted the timeline depends on issuers' responsiveness. Gensler also highlighted challenges DeFi poses to AML laws due to its permissionless nature, drawing global regulatory concerns.
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Congressman Thomas Massie, inspired by "The Bitcoin Standard" by Saifedean Ammous, has filed a bill to abolish the Federal Reserve, gaining support from the Bitcoin community and Republican co-sponsors. Massie argues that the Fed's policies harm retirees and benefit the wealthy, advocating for a decentralized financial system.
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Charles Hoskinson, Cardano's founder, detailed the blockchain's governance plans, highlighting the role of decentralized representatives (dReps) in controlling the treasury within 90 days of the Chang hard fork. The adoption of CIP-1694 enhances community involvement through a coordinated system of dReps, the Constitutional Committee, and Stake Pool Operators, emphasizing the importance of community feedback.
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The European Banking Authority (EBA) finalized technical standards under MiCA, setting high financial standards for crypto firms in the EU. The standards include liquidity provisions, stress tests, and recovery plans. This move aims to enhance financial stability and transparency, boosting confidence in EUR-stablecoins and fostering a secure digital asset market.
COIN GABBAR Views: Will Bitcoin (BTC) break free from consolidation below $71,000? Can it reach $100,000 by 2024 despite Fed rate decisions impacting price trends? How will the market respond to the Fed's stable policy with only one rate cut expected this year? To get latest news Stay tuned us at coingabbar
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