Crypto Prices May 03: Market Takes Off After a Bumpy Ride

Cryptocurrency market cap reaches $2.35T, rises by 3.60%

• On Thursday (May 2), the Labor Department announced steady unemployment claims at 208,000 for the week ending April 27.

• After the US Federal Reserve's policy announcements, focus shifts to the influential Nonfarm Payrolls data scheduled for Friday at 12:30 GMT.

Major Events To Watch

Crypto Fear and Greed Index:

The Fear and Greed Index has increased by 5 points, reaching 48 out of 100, placing it within the fear zone. This indicates a potential buying opportunity following widespread panic selling in the cryptocurrency market.

Latest Market Update: 

• #Bitcoin ($BTC) surpassed the $59,000 mark in an attempt to recover from earlier losses this week.

• Other popular altcoins like #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Litecoin ($LTC) all saw gains.

• #Arweave ($AR) token, the previous day's biggest loser, surged over 21 percent in the last 24 hours, emerging as the top gainer.

• Conversely, #Cosmos ($ATOM) token experienced a nearly 1 percent dip over the same period, making it the biggest loser.

• Total crypto market volume in the last 24 hours: $71.74B, showing a decrease of 32.45%.

• DeFi's total volume stands at $6.01B, comprising 8.38% of the total crypto market 24-hour volume.

• The volume of stablecoins amounts to $67.56B, representing 94.18% of the total crypto market 24-hour volume.

• Bitcoin's dominance has risen to 52.68%, marking an increase of 0.25% throughout the day.

Major Worldwide News Update:

• The count of Americans filing new claims for unemployment benefits remained stable at lower levels last week, indicating a relatively tight labor market. According to the Labor Department's report on Thursday, initial claims for state unemployment benefits held steady at 208,000 for the week ending April 27, unchanged from the previous period.

• The US Non-Farm Payroll report remains pivotal for global markets, influencing the Fed's future monetary policy decisions. Despite expectations of a slowdown, the labor market has shown sustained strength, confounding economists. The Fed faces a dilemma, hesitant to cut rates without clearer evidence of inflation control.

• Bitcoin's price rebounds by 4% in 24 hours, nearing $60,000 ahead of its weekly options expiry. However, market indicators hint at a subdued summer for derivatives. Bitcoin and Ethereum options expiries loom, showing decreased implied volatility. Lawmakers push SEC for Bitcoin ETF options approval, mirroring success with spot ETFs.

• MicroStrategy's Michael Saylor labels Ethereum a security, doubts SEC approval for a spot Ethereum ETF. He predicts similar classifications for altcoins like BNB, Solana, XRP, and Cardano. Saylor emphasizes Bitcoin's institutional acceptance, highlighting MicroStrategy's $1.65 billion BTC purchase and Bitcoin-focused initiatives. Despite interest, market analysts temper expectations for a spot Ethereum ETF amid SEC scrutiny.

• Formerly Square, Block Inc., led by Jack Dorsey, commits to reinvest 10% of Bitcoin-related profits into Bitcoin, reflecting confidence in its value. Dorsey advocates Bitcoin as the internet's native currency. Block's Q1 revenue surged 22%, driven by a 160% growth in Bitcoin investment. Regulatory scrutiny prompts operational enhancements.

• Tether partners with Chainalysis to bolster surveillance on USDT transactions, aiming to curb illegal activities and sanctions violations. Amid regulatory pressure, Tether proactively enhances compliance. The collaboration provides advanced tools like Sanctions Monitoring and Illicit Transfers Detector to identify risky transactions. CEO Paolo Ardoino stresses transparency and compliance.

• Ryan Salame, ex-co-CEO of FTX Digital Markets, agrees to transfer his $5.9 million Bahamas property as part of a plea deal, settling $5.6 million in restitution. Legal troubles arose from allegations including unlawful political contributions and operating an unlicensed money-transmitting business. Sentencing scheduled for May 28, 2024, awaits further developments amid cryptocurrency legal scrutiny.

COIN GABBAR Views: Is Bitcoin's price recovery hindered by obstacles around $60K? Is Schiff's bearish warning valid as BTC eyes $54K? Is it time to buy as meme coin market rebounds? What can we anticipate in the upcoming Nonfarm Payrolls report? To get latest news Stay tuned us at coingabbar

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Also Read: Crypto Update: Market Surges as Fed Rate Hike Threats Ease