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Crypto Prices May 04: Bitcoin Tops $63,000 on Rate Cut Hopes

Key Takeaways
  • Bitcoin rebounds, surpassing $63,000, while Ethereum maintains its position above $3,100
  • The cryptocurrency market sees a 4.40% surge, elevating its total market capitalization to $2.45 trillion.
04-May-2024 By: Lokesh Gupta
Crypto Prices May 04

Crypto market cap hits $2.45T, surging 4.40% in value

  • In April, nonfarm payrolls rose by 175,000, and the unemployment rate remained steady at 3.9%, according to the U.S. Bureau of Labor Statistics.

  • Services sector shrank in April, breaking 15 months of growth, according to the latest ISM® Report On Business®. Services PMI® hit 49.4%

Major Events To Watch

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Cypto Fear and Greed Index

fear and greed index

With a 19-point surge, the Fear and Greed Index now stands at 67 out of 100, positioning it in the greed zone. This suggests a potential buying opportunity within the cryptocurrency market.

Latest Market Update: 

  • #Bitcoin ($BTC) exceeded the $63,000 mark prior to the release of U.S. jobs data.

  • Other notable altcoins such as #dogwifhat ($WIF), #Dogecoin ($DOGE), #Toncoin (TON), #Bitcoin Cash (BCH), and #Stacks (STX) experienced positive gains.

  • #Nervos Network ($CKB) token, the previous day's biggest gainer, surged over 17.35 percent in the last 24 hours, emerging as the top gainer.

  • Conversely, #Sui ($SUI) token experienced a nearly 3.18 percent dip over the same period, making it the biggest loser.

  • Over the past 24 hours, the total volume of the crypto market has reached $73.98 billion, marking a 3.01% uptick.

  • DeFi's total volume stands at $6.39 billion, constituting 8.64% of the overall 24-hour crypto market volume.

  • Stablecoins contribute $68.13 billion to the total market volume, representing 92.10% of the 24-hour crypto market volume.

  • Bitcoin maintains dominance at 53.17%, reflecting a 0.50% increase throughout the day.

Major Worldwide News Update:

  • The recent release of non-farm payroll (NFP) data prompted swift analysis, as it offers insights into the US economy's health and potential Federal Reserve actions. April's figures fell short of expectations, with 175,000 new jobs compared to the forecasted 238,000. Unemployment edged up to 3.9%, while wage growth slowed.

  • In April, the services sector experienced a contraction in economic activity, marking the first decline since December 2022. This ended a streak of 15 consecutive months of growth, according to the latest Services ISM® Report On Business® from the nation's purchasing and supply executives. The Services PMI® recorded 49.4 percent, signaling expansion in the sector for 45 of the previous 47 months.

  • On May 3, Bitcoin surged post-US jobs data, reversing seven days of outflows from US Bitcoin ETFs. Grayscale Bitcoin ETF saw its first inflows since January 2024, with $63 million. Notably, Hong Kong investors contribute to growing interest in cryptocurrency ETFs. Bitcoin now trades over $63,000 with a $1.250 trillion market cap.

  • Alexander Vinnik, a Russian national, pleaded guilty to money laundering via BTC-e, a cryptocurrency exchange involved in illegal activities from 2011 to 2017. Vinnik led transactions exceeding $9 billion and served over a million users globally. His case highlights efforts to combat crypto-related crimes, amid tightening global regulations.

  • IOG founder Charles Hoskinson responded to Michael Saylor's concerns over regulatory challenges for altcoins like Cardano (ADA). Saylor predicted SEC classification as unregistered securities. Hoskinson's retort on social media highlighted tensions between Bitcoin supporters and altcoin advocates, defending Cardano's status and addressing earlier criticisms from Ben Armstrong.

  • 7RCC Global awaits the SEC's decision on its spot Bitcoin ETF application, now delayed for two more months until June 24, 2024. The proposed ETF includes carbon credit futures, aiming to diversify investor portfolios. The SEC's trend of delaying crypto ETF decisions continues, with Ethereum ETFs also under scrutiny.

  • In Singapore, 11 people were robbed, including cryptocurrency and fiat, during a house break-in. Suspects, believed to be from Malaysia, were extradited for charges. Victims, including poker players, knew each other. Authorities continue the investigation, while Singapore tightens regulations to protect investors from crypto-related scams.

COIN GABBAR Views: Is the recent surge in Bitcoin to reclaim the $63K level indicative of the market bottoming out? With Bitcoin price surpassing $63K amid optimistic US jobs data, are rate cut expectations boosting its momentum? What can we anticipate in the next moves? Furthermore, amidst the rebound in meme coin market, is it an opportune moment to consider buying? 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.

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