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Crypto Prices April 29: Bulls vs Bears in Battle for Control

Key Takeaways
  • Bitcoin is currently around $62,500, while Ethereum is trading under $3,200
  • The cryptocurrency market has seen a modest 2.50% decrease, resulting in a total market capitalization of $2.45 trillion
29-Apr-2024 By: Lokesh Gupta
Crypto Prices April

Crypto market dips 2.50%, valuation hits $2.45 trillion

  • Bitcoin price faces selling pressure due to unchanged Fed interest rates amidst high inflation and weak GDP.

  • Australian players target $2.3 trillion pension market to emulate success of spot Bitcoin ETFs in the U.S.

Major Events To Watch

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Crypto Fear and Greed Index:

fear and greed index

The "Fear and Greed Index" has increased by 2 points to reach 67 out of 100, indicating heightened buying pressure.

Latest Market Update: 

  • #Bitcoin ($BTC) prices continued their decline, falling below the $62,500 threshold.

  • Other popular altcoins such as #Ethereum ($ETH), #Core ($CORE), #Celestia ($TIA), #Ethena ($ENA), and #Worldcoin ($WLD) also experienced declines.

  • The #Helium ($HNT) token showed the most significant gain, surging by over 14% within the past 24 hours.

  • However, the #Bonk token, previously the biggest gainer, saw the largest loss with a dip of over 8.90% in the same period.

  • The cryptocurrency market saw a surge over the past 24 hours, with its total volume reaching $53.38 billion, marking a notable 1.92% increase.

  • DeFi volume stands at $5.04B, constituting 9.45% of the total crypto market 24-hour volume.

  • Stablecoins contribute $48.07B, representing 90.05% of the total crypto market 24-hour volume.

  • Bitcoin's current dominance stands at 52.99%, marking a 0.09% uptick over the course of the day.

Major Worldwide News Update:

  • Cryptocurrency market remains under pressure; Bitcoin drops below $62,500, while top altcoins see 4-10% corrections. Key US economic events this week include Fed's interest rate decision and April unemployment rate. Speculation arises over stagflation amid weak GDP and high inflation. Market sentiment shifts, with reduced expectations for interest rate cuts. Attention shifts to potential positive catalyst of Hong Kong Bitcoin and Ethereum spot ETF trading next week.

  • Justin Sun predicts the SEC won't approve spot Ethereum ETFs in May due to regulatory education gaps. The SEC delayed decisions on ETF applications from BlackRock, Fidelity, and Franklin Templeton. VanEck and CoinShares CEOs express pessimism, anticipating rejection. Industry expects denial amid SEC's scrutiny to classify Ethereum as security.

  • Elon Musk reveals Tesla's $10 billion investment in AI development, prioritizing autonomous driving enhancements. Funds target AI training and inference, focusing on vehicle integration and potential Robotaxi service. Tesla aims to solidify its lead in vehicle navigation and reshape mobility trends, setting a high industry standard.

  • Binance Labs leads in Launchpool projects with 21 out of 30, attracting 288 investors. OKX Ventures, Coinbase Ventures, and others invest in five projects each. Binance's equitable approach follows a controversy. Individual investors like Synthetix founder Kin Warwick boast commendable hit rates. Binance maintains dominance with its 53rd project, Renzo.

  • A lone Bitcoin miner defied odds by solving a block solo, earning the full 3.125 BTC reward. With a hash rate of 120PH, they tackled block 841,286, valued at $200,000. This rare feat, akin to winning the lottery, occurred only 282 times in Bitcoin's 14-year history, showcasing the growing competitiveness of mining amid soaring hash rates.

  • Johann Steynberg, the South African bitcoin Ponzi scheme mastermind, reportedly died in Brazil from pulmonary thromboembolism. Despite doubts about his death, a death certificate was posted online. Some speculate he staged his death. Steynberg's worsening mental health was noted before his heart attack. His Brazilian wife stated he left no assets or will.

  • Google Cloud introduces Web3 portal, offering blockchain dev resources including NFT tutorials. Mixed reactions from crypto community; some criticize lack of Bitcoin support, others praise comprehensive features. Portal provides access to products, testnet tokens, and tutorials on Ethereum DApps, NFTs, and Web3 loyalty programs. Google expands Web3 initiatives amid lawsuit against crypto fraudsters.

COIN GABBAR Views: Will Bitcoin head to $75K or $55K next? What's the trajectory for BTC: a reversal to $60K or a rebound to $70K amidst price pressure? Are bulls poised to fuel a breakout? 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: Post-Halving Effects On Bitcoin Runes, Entice $135 Million

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