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Crypto News Today: Mt. Gox movement Sparks Panic Selling

Key Takeaways
  • Bitcoin is trading below $68,000, and Ethereum has also fallen below $3,850
  • The cryptocurrency market saw a 1.90% decline, reducing the total market capitalization to $2.67 trillion
28-May-2024 By: Lokesh Gupta
Crypto News Today: M

Crypto market fell by 1.90%, reaching $2.67 trillion

  • Mt. Gox transfers Bitcoins for first time in 5 years amid repayment progress, causing selling pressure on BTC.

  • Grayscale's upcoming Eth ETF might lose $110 million daily, paralleling Bitcoin Trust's initial month.

Major Events To Watch

forex factory

Crypto Fear and Greed Index:

fear and greed index

The Fear and Greed Index has decreased by 2 points, currently sitting at 72 out of 100.

Cryptocurrency saw a significant surge in the past 24 hours

TOP 5 Gainers Coins

IndicesLTPChange (%)
Notcoin$0.00787944.84%
Floki$0.00026310.06%
Chainlink$18.267.06%
dogwifhat$3.216.72%
Bitget Token$1.185.66%

Latest Market Update: 

  • Bitcoin (BTC), the world's oldest and most valued cryptocurrency, experienced a drop below the $68,000 mark early Tuesday.

  • Other popular altcoins and Memecoins, including #Floki ($FLOKI), #Dogwifhat ($WIF), #Chainlink ($LINK), #Core ($CORE), and #Polygon ($MATIC), all saw gains.

  • #Notcoin ($NOT) token emerged as the biggest gainer, with a remarkable 24-hour surge of over 50 percent.

  • Conversely, #Ethena ($ENA) suffered the most significant loss, dipping over 6 percent within the same timeframe.

  • In the past 24 hours, the total volume of the crypto market amounted to $89.92 billion, reflecting a significant increase of 40.18%.

  • DeFi volume stands at $7.28 billion, comprising 8.10% of the total crypto market's 24-hour volume.

  • Volume of all stablecoins now amounts to $83.89 billion, representing 93.29% of the total crypto market 24-hour volume.

  • Bitcoin's dominance currently sits at 52.48%, having decreased by 0.04% over the day.

Major Worldwide News Update:

  • Recent activity involving Mt. Gox's wallets saw the transfer of 43,000 Bitcoins, valued at $3 billion, marking progress in returning assets to creditors after the exchange's collapse. Mt. Gox plans to distribute remaining holdings, totaling 142,000 BTC and 143,000 BCH, by October 31, 2024. Bitcoin's price fluctuates around $68,000, with $70,000 as a crucial level for bullish momentum.

  • Grayscale's upcoming Ethereum ETF might see daily outflows averaging $110 million, similar to Bitcoin's ETF debut. With an AUM of $11 billion, such outflows could equal 30% of Ethereum's Coinbase volume. As Ethereum's discount to NAV narrows post-ETF launch, potential redemptions could occur, though approval signals positive regulatory clarity for Ether's future.

  • Dfinity's Dominic Williams hints at integrating facial recognition technology into Internet Computer's AI smart contract demo. This innovation aligns with Internet Computer's vision of merging blockchain and AI. Meanwhile, projects like SingularityNET, Fetch.ai, and Ocean Protocol form the ASI Alliance, aiming to rival big tech in AI. With AI tokens surging, bullish trends loom.

  • Caitlyn Jenner reaffirms loyalty to $Jenner token amid confusion over third-party ad, clarifying her exclusive involvement. She withdrew the misleading ad and pledges transparency in crypto engagements. $Jenner's migration to Ethereum aims for enhanced functionality and wider adoption. Despite skepticism, Jenner's promotion and market performance signal confidence in the token's potential.

  • Sphere Labs introduces a Telegram extension enabling seamless bank-to-wallet transfers, targeting users with USD or EUR accounts in non-sanctioned countries. The service, costing 0.1% per transaction, enhances Telegram's financial capabilities, aligning with trends of integrating fintech into messaging apps like Telegram, bolstering accessibility to banking services globally.

  • Ethereum's surge, driven by US ETF anticipation, marks a 20% uptrend, reflecting growing investor optimism. Market analysts predict ETH's upward trajectory, buoyed by significant bets and contrasting volatility with Bitcoin. Institutional involvement, though cautious, hints at Ethereum's market potential, while challenges persist in attracting older investors to spot ETFs.

COIN GABBAR Views: Will Bitcoin (BTC) hit a new all-time high (ATH) this week? Is there a Bitcoin price prediction amidst Biden's decision on SEC crypto rules? Could BTC rally? Is Bitcoin (BTC) slowly climbing back to the $70,000 range? And the big question: Will it surpass $74,000? 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.

Also Read: Ethereum Prediction: Is ETH Ready to Smash Its All-Time High

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