Crypto News Today: Powell's Words Trigger Market Sell-Off

Crypto market cap falls 3%, now valued at $2.37 trillion

• US inflation is decelerating following earlier peaks, stated Federal Reserve Chair Jerome Powell.

• Job openings held steady at 8.1 million on the final business day of May, per the U.S. Bureau of Labor Statistics.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows a shift from 51 (Greed) yesterday to 50 (Fear) today, indicating market sentiment.

Crypto prices fell in 24 hours, marking significant losses

TOP 5 Losers Coins

Latest Market Update: 

• #Bitcoin fell to $60K following Fed Chair Powell's speech.

• #Ethereum Name Service ($ENS), #Notcoin ($NOT), #Pepe ($PEPE), #Aave ($AAVE), and #BOOK OF MEME ($BOME) all registered gains.

• #Conflux ($CFX) token recorded the largest increase, rising by nearly 1.26% in 24 hours.

• #Bittensor ($TAO) saw the largest decline, dropping by nearly 14.33% over the same period.

• Total crypto market volume in the last 24 hours: $56.25 billion, showing a 4.88% increase.

• DeFi volume: $4.05 billion, constituting 7.21% of the total crypto market 24-hour volume.

• Stablecoin volume: $52.45 billion, accounting for 93.24% of the total crypto market 24-hour volume.

• Bitcoin dominance: 53.18%, down by 0.35% from the previous day.

Major Worldwide News Update:

• Federal Reserve Chair Jerome Powell noted that US inflation is slowing post early 2024 highs, aiming for a return to a disinflationary trend with caution on interest rate cuts. The Fed seeks further data supporting sustained lower inflation towards their 2% target before considering rate reductions, mindful of economic impacts.

• In May, US job openings unexpectedly rose to 8.14 million, up from a revised 7.91 million in April, defying economist expectations for a decline. The job openings-to-unemployed ratio matched pre-pandemic levels, signaling a resilient labor market despite varying industry performance noted in the report.

• Mike Novogratz, founder of Galaxy Digital, is optimistic about bipartisan U.S. crypto regulation support, predicting positive changes regardless of the next presidential election outcome. He highlights growing political recognition of crypto's benefits, foreseeing regulatory stability crucial for industry growth amid economic uncertainties and Bitcoin's role as a hedge.

• The SEC is nearing approval for the first American Ethereum ETFs, with a decision expected by mid-July. Major asset managers like BlackRock and Fidelity are hopeful after positive feedback and initial exchange approval. Ethereum's recent price decline amidst volatility adds uncertainty amid anticipation of ETF launches. 

• Circle urges US regulators to swiftly enact stablecoin regulations for innovation and investor protection. Emphasizing stablecoins' role in modern finance, Circle suggests clear laws can enhance market competitiveness and safeguard the dollar's global status, akin to road rules enabling safer travel.

• Cobo now supports The Open Network (TON), offering custody solutions including wallets for TON's Toncoin (TON), Notcoin (NOT), and stablecoins like Tether (USDT). This enhances digital asset management for institutional clients amid regulatory compliance efforts and addresses challenges posed by TON's multichain and sharding technology.

COIN GABBAR Views: Is BTC poised for a surge? How long will Bitcoin's price consolidation last? Will Bitcoin price hit $70,000? Are bulls unable to sustain momentum, risking a crash below $60K again? What are the key factors influencing BTC price this week? To get latest news Stay tuned us at coingabbar

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