Crypto News Today:Market in Turmoil Before Fed Rate Decision

Crypto market down 2.70%, market cap $2.60 trillion

• Elon Musk aims to prohibit Apple products in his firms due to security concerns from Apple's integration of OpenAI's ChatGPT into Siri.

• Bitcoin ETF inflows halt after 19 days, aligning with forecasts of Fed maintaining higher rates post strong job data.

Major Events To Watch

Crypto Fear and Greed Index:

The Crypto Fear and Greed Indicator shows high greed at 74, up from 72 yesterday but down from 75 last week.

Crypto market dropped significantly in the last day

TOP 5 Losers Coins

Latest Market Update: 

• Bitcoin , the largest cryptocurrency, faces selling pressure ahead of the Fed’s interest rate decision.

• Altcoins such as #Wormhole ($W), #JasmyCoin ($JASMY), #Floki ($FLOKI), #Ethena ($ENA), and #BNB ($BNB) experience significant losses.

• #Akash Network ($AKT) token surges by over 9.03% in 24 hours, emerging as the top gainer.

• #Notcoin ($NOT) records the most significant loss, dropping nearly 16.03% in the same timeframe.

• Total crypto market volume in the last 24 hours reaches $83.3B, marking a 68.43% increase.

• DeFi volume stands at $6.96B, accounting for 8.35% of the total crypto market 24-hour volume.

• Stablecoin volume hits $80.92B, representing 97.15% of the total crypto market 24-hour volume.

• Bitcoin dominance currently stands at 54.15%, showing a 0.10% increase over the day.

Major Worldwide News Update:

• Bitcoin faces selling pressure ahead of the Fed's interest rate decision, slipping below $68,500. Fed likely to maintain higher rates after ECB, Bank of Canada rate cuts. Bitcoin's recent record high struggles to sustain. Analysts warn of miner capitulation's impact, while Bitcoin ETFs see first outflows after 19 days of strong inflows.

• Canada-based DeFi Technologies plans to allocate 110 Bitcoins ($5 million) to pay off its subsidiary's debt, aligning with the trend of institutional Bitcoin adoption. Share prices surged post-announcement. This mirrors moves by other firms like Semler Scientific and governmental entities like Wisconsin's pension fund and Japan's Government Pension Investment Fund, indicating rising institutional and governmental interest in Bitcoin.

• Elon Musk threatens to ban Apple products across his companies due to security concerns over Apple's integration of OpenAI software. Musk deems Apple incapable of developing its AI and raises privacy worries. Tensions between Musk and Apple escalate amid strained relations, despite past attempts to alleviate disputes.

• SEC updates website to include ProShares' Ethereum ETF filing, suggesting swift action. ProShares chooses Coinbase Custody Trust Company as custodian. ETF's potential gradual entry contrasts with recent approvals. ProShares introduces Ethereum futures ETFs, not featuring staking rewards in line with SEC guidelines.C

• UK's Lykke cryptocurrency exchange halts trading after $22 million hack, raising concerns about exchange security. Funds reportedly include Bitcoin, Ether, Litecoins, and Bitcoin Cash. Lykke reassures customers of fund safety, but industry faces repeated security breaches. Recent hacks highlight urgent need for improved digital platform security.

• Floki's Name Service launches on BNB Chain mainnet, allowing creation of decentralized .floki domain names for various uses. Utilizes SPACE ID infrastructure, integrating major DApps. Payment in native token FLOKI enhances coin's utility and fundamentals. Aimed at challenging Shiba Inu's dominance, expected to add value and potentially boost token price.

• Metaplanet boosts Bitcoin holdings with $1.59 million purchase, signaling confidence in cryptocurrency. Shares surge as company expands into digital assets, now owning 141.07 Bitcoin. Move aligns with Japan's digital finance push. Bitcoin price down, but Metaplanet's strategic move poised to capitalize on future gains amidst market dynamics.

COIN GABBAR Views:What factors are dampening bullish sentiment despite Bitcoin's second-highest weekly close? Why did BTC plummet below $70K, and is the downward trend ending? Can we expect Bitcoin to reach $80,000 amid the FOMC meeting? How will the FOMC meeting and other major data affect the market? To get latest news Stay tuned us at coingabbar

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