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Crypto News Today: Market Rallies Ahead of U.S. Data Release

Key Takeaways
  • Bitcoin is currently trading around the $62,500 level, while Ethereum maintains its position above $2,900
  • The cryptocurrency market has experienced a 2.30% increase, bringing its total market capitalization down to $2.41 trillion
14-May-2024 By: Lokesh Gupta
Crypto News Today: M

Crypto market cap reaches $2.41T, climbing 2.30% in value

  • Upcoming US CPI and PPI data, along with Fed remarks, will guide crypto market amidst ongoing volatility.

  • Persistent inflation worries FOMC, with Vice Chairman Phillip Jefferson and Loretta Mester expressing mixed views on rate cuts.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Fear and Greed Index rose by 9 points to reach 66 out of 100, suggesting a slight increase in cryptocurrency buying.

Cryptocurrency prices increased over the last 24 hours

TOP 5 Gainers Coins

Indices LTP Change (%)
Pepe $0.00001018 21.71%
FLOKI $0.0001939 21.44%
Near Protocol $7.25 10.22%
Dogecoin $0.1498 9.76%
Bonk $0.0002361 8.79%

Latest Market Update: 

  • #Bitcoin ($BTC) price saw a rebound on Monday in anticipation of upcoming US inflation data for April.

  • Major altcoins including #Toncoin ($TON), #XRP ($XRP), #Jupiter ($JUP), and #Solana ($SOL) registered gains.

  • Notably, #Pepe ($PEPE) surged impressively by over 21.20% within a 24-hour period.

  • Conversely, #Lido DAO ($LDO) suffered the most significant decline, plummeting by 5.80% during the same timeframe.

  • The past 24 hours saw a $70.13B total crypto market volume, marking a nearly 60% increase.

  • DeFi volume stands at $6.27B, representing 8.94% of the total crypto market 24-hour volume.

  • Stablecoins contribute $64.24B, constituting 91.61% of the total crypto market 24-hour volume.

  • Bitcoin's dominance is 53.84%, up by 0.05% compared to the previous day.

Major Worldwide News Update:

  • Crypto market trades higher as investors pause cautiously before key inflation data and earnings reports this week. Investor sentiment on risk assets remains wary, eyeing upcoming producer and consumer price index releases on Tuesday and Wednesday, which could influence the Federal Reserve's monetary policy stance.

  • Hong Kong's Bitcoin and Ethereum exchange-traded funds saw their largest-ever outflow on May 13, erasing gains since launch. Bitcoin ETFs, managed by Bosera, ChinaAMC, and Harvest Global, lost $32.7 million, led by ChinaAMC's $15.5 million withdrawal. Ether ETFs faced $6.6 million in outflows, signaling waning confidence amid market volatility.

  • GameStop Corp (NYSE: GME) sparks a frenzy on Wall Street, with its stock soaring 75% to $30.45 and meme coin surging 2300% in 24 hours. The memecoin market sees a 34% surge in trading volumes, adding $5 billion to investors' wealth. GameStop's rally inflicts nearly $1 billion in losses on short sellers.

  • The Group of Central Bank Governors and Heads of Supervision (GHOS) postponed the deadline for implementing Basel Committee's prudential standard on banks' crypto-asset exposures to January 1, 2026, allowing jurisdictions more time to develop unified regulatory frameworks. This strategic move aims to enhance market stability amid varied regulatory speeds globally.

  • OpenAI unveils GPT-4o, available to all ChatGPT users regardless of plan. CEO Sam Altman declares it the best model yet, boasting enhanced text, vision, and audio capabilities. Features include real-time user emotion recognition and a desktop app for seamless interaction. Improved multilingual performance and API efficiency anticipate widespread adoption.

  • Bank of Montreal reveals exposure to Bitcoin ETFs in SEC filing. Holding positions with Fidelity, Franklin Templeton, BlackRock, and Grayscale, the move signals traditional finance's growing interest in crypto. Wells Fargo and JP Morgan Chase also disclose ETF holdings, sparking bullish sentiment across social media.

  • Former SEC executive John Reed Stark criticizes Coinbase's lawsuit, stating the company can no longer claim regulatory uncertainty. Coinbase plans to appeal Judge Failla's ruling, as SEC alleges it offered securities. Stark cites precedents from cases like Ripple's as clarity. Industry debates continue on crypto regulation's unpredictability and legal implications.

COIN GABBAR Views: Is Bitcoin heading towards $70,000 or $56,000 this week? Is the bull run reigniting as Bitcoin surges towards $63,000? Has Bitcoin found its bottom? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

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